The municipality may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall be paid into a special fund created by an issuing body for the payment or reimbursement of the debt service on other obligations. Such agreement shall be between the municipality and such issuing body and shall run to the benefit of and be enforceable on behalf of any holder of such other obligations.
Structure Delaware Code
Chapter 17. MUNICIPAL TAX INCREMENT FINANCING ACT
§ 1703. Bonds to finance development of industrial, commercial or residential area authorized.
§ 1705. Application of bond proceeds.
§ 1706. Conditions precedent to issuance of bonds.
§ 1707. Resolution creating special fund.
§ 1708. Uses of special fund; issuance of general obligation bond.
§ 1708A. Pledge of revenue from taxes on tax increment into other fund.
§ 1709. Agreements to pay revenue from taxes on tax increment into special fund.
§ 1710. Ordinance authorizing bonds.
§ 1711. Exemption of bonds from taxation.
§ 1712. Nature and incidents of bonds.
§ 1713. TIF District consistency with certified comprehensive plan.
§ 1714. Construction of chapter.
§ 1715. Taxation of leased property in TIF District.
§ 1716. Special provision applicable to the City of Dover, Delaware.