An eligible municipality in which a district is located is authorized to delegate
to any industrial development corporation within the county or counties where the
municipality is located the authority to carry out all or part of the project and
to issue revenue bonds to finance a project within a district and to incur cost for
the project; provided, that the municipality may enter into an agreement with an
industrial development corporation in which the municipality shall agree to promptly
pay to the industrial development corporation the tax revenues received pursuant to
this chapter sufficient to service the repayment of such bonds and costs incurred
by the industrial development corporation for the project. Upon receipt, that portion of such tax revenues shall be held in trust by the municipality
for the benefit of the industrial development corporation.
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