(a)Before issuing bonds pursuant to this section, county council shall:
(1)Designate by resolution an area or areas within the Claymont Hometown Overlay District of New Castle County as a special development district;
(2)Subject to subsection (b) of this section, adopt a resolution creating a special fund with respect to the special development district; and
(3)Provide for the levy of an ad valorem or special tax on all real property within the special development district at a rate or amount designed to provide adequate revenues to pay the principal of, interest on, and redemption premium, if any, on the bonds, to replenish any debt service reserve fund, and for any other purpose related to the ongoing expenses of or security, including debt service coverage requirements, for the b
Free access — add to your briefcase to read the full text and ask questions with AI
(a) Before issuing bonds pursuant to this section, county council shall:
(1) Designate by resolution an area or areas within the Claymont Hometown Overlay District of New Castle County as a special development district;
(2) Subject to subsection (b) of this section, adopt a resolution creating a special fund with respect to the special development district; and
(3) Provide for the levy of an ad valorem or special tax on all real property within the special development district at a rate or amount designed to provide adequate revenues to pay the principal of, interest on, and redemption premium, if any, on the bonds, to replenish any debt service reserve fund, and for any other purpose related to the ongoing expenses of or security, including debt service coverage requirements, for the bonds. Ad valorem taxes shall be levied in the same manner, upon the same assessments, for the same period or periods, and as of the same date or dates of finality as are now or may hereafter be prescribed for general ad valorem real property tax purposes within the district, and shall be discontinued when all of the bonds have been paid in full. Special taxes shall be levied pursuant to § 3313 of this title.
(b) The resolution creating a special fund under paragraph (a)(2) of this section shall:
(1) Pledge to the special fund the proceeds of the ad valorem or special tax to be levied as provided under paragraph (a)(3) of this section and shall specify the priority of application with other ad valorem or special taxes; and
(2) Require that the proceeds from the tax be paid into the special fund.