Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) The Authority may adopt a resolution, provided that an application for assistance under this subchapter shall be submitted to the Authority, for the advice or, where required by this subchapter, the approval of the Council on Development Finance, requesting the issuance of bonds to finance a project or to provide another form of financing support to a project. Prior to approving such application, the Authority shall find and determine, which findings and determinations shall be conclusive, on the basis of all information reasonably available to it, that any project financed:
(1) Will tend to maintain or provide gainful employment for citizens of the State, or, in the case of a pollution control project, will reduce, abate or prevent pollution of the State’s environment or protect its natural resources, or, in the case of a medical facility, nursing facility or facility for the residence or care of the aged, will help to provide modern and efficient medical, nursing or residence facilities as the case may be for the citizens of the State;
(2) Will serve a public purpose by contributing to the prosperity, health or general welfare of the citizens of the State;
(3) In the case of a project for agricultural business will require a capital investment of at least $10,000, which funds, including the proceeds of the bonds to be issued, if any, will be available or expended on the day the Authority issues the bonds or provides another form of financing support to the project;
(4) In the case of a project for commercial business will require a capital investment of at least $10,000, which funds, including the proceeds of the bonds to be issued, if any, will be available or expended on the day the Authority issues the bonds or provides another form of financing support to the project;
(5) Will be leased to, sold to or financed for a financially responsible assisted person who has not been convicted of a major labor law violation or of illegal conduct involving moral turpitude by any agency or court of the federal government or agency or court of any state in the 2-year period immediately prior to the approval of the assisted person's application for assistance; and
(6) Will effectuate the purposes of this subchapter.
(b) The Authority may make the foregoing findings and determinations on a prospective basis prior to the receipt of any such application provided that the proceeds of bonds are not disbursed or another form of financing support is not provided to any assisted person until such findings and determinations are made specifically with respect to such assisted person's project or projects.
(c) The Authority may issue bonds to refund bonds issued pursuant to this subchapter without making any of the foregoing findings or determinations.
(d) The Council on Development Finance is delegated the authority and responsibility for conducting a public hearing following reasonable public notice prior to the issuance by the Authority of any bond or the provision by the Authority of any other form of financing support. The Council on Development Finance shall adopt such rules and procedures as it determines to be necessary or desirable in fulfilling its responsibilities.
(e) For purposes of § 147(f) of the Internal Revenue Code of 1986 [26 U.S.C. § 147(f)], as amended, the Governor of this State, or an elected official of the State designated by the Governor for this purpose as permitted by such Code, shall have the authority and responsibility for approving, or withholding approval of, the issuance by the Authority of any bond. If, in connection with an application for the issuance of any bond by the Authority, the Governor or the elected official designated by the Governor advises the Attorney General of the State that the Governor or such elected official is unable or believes it would be inappropriate for the Attorney General to consider such application, then the Attorney General shall have the authority and responsibility for approving, or withholding approval of, the issuance of such bond by the Authority.
Cite this article: FindLaw.com - Delaware Code Title 29. State Government § 8755A. Application for assistance; findings and determinations - last updated January 01, 2019 | https://codes.findlaw.com/de/title-29-state-government/de-code-sect-29-8755a.html
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