(a) Any ordinance, resolution, or other law enacted by the City of Dover, Delaware under the provisions of this chapter may not pledge the full faith and credit of the City of Dover towards the payment of any bonds authorized by this chapter.
(b) For the purpose of § 1702(c)(1) of this title of the definition of “adjusted assessed value” in the “adjusted assessed value” of any real property in a TIF District designated under this chapter by the City of Dover, Delaware, that qualifies for an agricultural, horticultural or forest use under § 8329 of Title 9 shall mean the fair market value of the property without regard to its agricultural, horticultural or forest use assessment as of January 1 of that year preceding the effective date of the resolution creating such TIF District or such later date as may be designated in such resolution by the City Council of the City of Dover.
(c) For the purpose of the definition of “original assessed value” in § 1702 of this title, the “original assessed value” of a TIF District designated by the City of Dover, Delaware under this chapter shall mean the assessed value as of January 1 of that year preceding the effective date of the resolution creating such TIF District or such later date as may be designated in such resolution by the City Council of the City of Dover.
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.