Del. Code tit. 9 § 3205

Current through 2024 Legislative Session Act Chapter 494

Section 3205 - Application of bond proceeds

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, including finance and interest charges, in the designated TIF District or as necessary for rights-of-way or other easements to or from the TIF District;

(2) Demolition, debris removal and disposal costs;

(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, playgrounds, recreational areas, establishment of open areas, and other improvements, including streets, roads, signage, landscaping, and pathways to, from, or within the TIF District, parking, lighting and other facilities;

(6) Maintenance of utilities, parks, playgrounds, recreational areas, open areas, and other improvements, including streets, roads, signage, landscaping, and pathways to, from, or within the TIF District, parking, lighting, and other facilities;

(7) Construction or rehabilitation of buildings, except schools;

(8) Remediation of property, except schools;

(9) Reserves or capitalized interest;

(10) Necessary costs of issuing bonds;

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

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

(13) Any costs permitted under § 3301(3) of this title, and for any purposes described in § 3302(b)(2) of this title; provided, however, that the purposes described in § 3302(b)(2) of this title shall be with reference to the designated TIF District.

9 Del. C. § 3205

76 Del. Laws, c. 187, § 1.;