Delaware § 1705 Application of bond proceeds

Delaware Statutes

§ 1705 — Application of bond proceeds

Delaware § 1705

Title22

Ch. 17MUNICIPAL TAX INCREMENT FINANCING ACT

This text of Delaware § 1705 (Application of bond proceeds) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 22, § 1705 (2026).

Text

All proceeds received from any bonds issued and sold pursuant to this chapter shall be applied solely for:

(1)The cost of purchasing, leasing, condemning or otherwise acquiring land or other property, or an interest in them, in the designated TIF District or as necessary for a right-of-way or other easement to or from the TIF District;

(2)Demolition and site removal;

(3)Plans, specifications, studies, surveys, forecasts and estimates of cost and revenues;

(4)Relocation of businesses or residents;

(5)Installation of utilities, construction of parks and playgrounds, and other necessary improvements, including streets and roads to, from, or within the TIF District, parking, lighting and other facilities;

(6)Construction or rehabilitation of buildings;

(7)Reserves or capitalized

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All proceeds received from any bonds issued and sold pursuant to this chapter shall be applied solely for:

(1) The cost of purchasing, leasing, condemning or otherwise acquiring land or other property, or an interest in them, in the designated TIF District or as necessary for a right-of-way or other easement to or from the TIF District;

(2) Demolition and site removal;

(3) Plans, specifications, studies, surveys, forecasts and estimates of cost and revenues;

(4) Relocation of businesses or residents;

(5) Installation of utilities, construction of parks and playgrounds, and other necessary improvements, including streets and roads to, from, or within the TIF District, parking, lighting and other facilities;

(6) Construction or rehabilitation of buildings;

(7) Reserves or capitalized interest;

(8) Necessary costs of issuing bonds;

(9) Permissive costs of issuing and servicing the bonds, which may include up to 0.5% of the bond issues as origination costs incurred by the municipality, and up to 2.0% of the bond debt service payments as administrative costs if administered by the municipality;

(10) Payment of the principal, premium, if any, and interest on loans, money advanced or any indebtedness incurred by a municipality for any of the purposes set out in this section, including the refunding of bonds previously issued under this chapter; and

(11) Any costs permitted under § 1801(2) of this title, and for any purposes described in § 1802(b)(2) of this title; provided, however, that the purposes described in § 1802(b)(2) of this title shall be with reference to the designated TIF District.