§ 5090 Definitions.
The following words and terms, unless the context clearly indicates a different meaning, shall have the following respective meanings:
(1) "Authority" means the Delaware Economic Development Authority created by § 5053 of this title.
(2) "Chairperson" means the Chairperson of the Authority.
(3) "Chief elected official" means the highest elected official of any political subdivision of the State, including, but not limited to, the County Executive of New Castle County, the President of the Sussex County Council, the President of the Levy Court of Kent County and the Mayor of the City of Wilmington.
(4) "Code" means the Internal Revenue Code of 1986, as amended.
(5) "Committee" means the Industrial Revenue Bond Committee established pursuant to § 5092 of this title.
(6) "Private activity bond" has the meaning ascribed to that term in the Code.
(7) "Secretary of Finance" means the Secretary of Finance of the State.
(8) "State" means the State of Delaware.
(9) "State ceiling" has the meaning ascribed to that term in the Code.
(10) "Volume cap" has the meaning ascribed to that term in the Code.
§ 5091 Allocation of state ceiling.
(a) The state ceiling applicable to the State for each calendar year is hereby allocated, and the volume cap for the state and local governmental issuers for each calendar year after 1987 shall be as follows:
|Annual Volume Cap|
|New Castle County||17.5 Percent|
|City of Wilmington||12.5 Percent|
|Kent County||10.0 Percent|
|Sussex County||10.0 Percent|
In allocating the volume cap for state and local government issuers, the dollar amount of the allocation shall be rounded to the nearest $5,000 such that the allocation most closely approximates the percent allocation contained herein.
(b) The entire volume cap of the State for each calendar year shall be retained by the State for future allocation by the Governor among the Delaware State Housing Authority and the other governmental issuers within the State.
(c) Each issuer's volume cap may be used for any type of private activity bond and other tax-exempt obligations to which § 146 of the Code [26 U.S.C. § 146] applies.
(d) The Governor shall have the right, by executive order, to modify the allocations made under subsection (a) of this section; provided, however, that no such modification shall cause any obligation issued prior to the date of such modification to lose its qualification for tax-exempt treatment under the Code. This authority given to the Governor shall be exercisable by the Governor in the Governor's discretion, but in so doing, the Governor shall consider any recommendation by the Committee that is adopted by a majority of the Committee's members.
(e) An issuer's application and allocation of any portion of its volume cap to any obligations of such issuer shall be considered effective upon such issuer's delivery to the Secretary of Finance of a notice of the issuance of the obligations identifying the issuer, the proposed purchaser of such obligations, the amount of its volume cap allocated to such obligations and the purpose of the financing, and providing such other information as the Secretary of Finance may require. Upon the request of any issuer, the Governor or the Secretary of Finance shall certify, based on notices of issuance and notices of reassignments filed with the Secretary of Finance pursuant to this section, whether or not:
(1) Volume cap in the required amount is available for the issuer in connection with the issuance of certain of its obligations; and
(2) There is a valid allocation of volume cap for such issue pursuant to Section 146 of the Internal Revenue Code of 1986 [26 U.S.C. § 146].
(f) Subject to the provisions of subsection (d) of this section, any issuer (other than any authority, agency or instrumentality of the State) may reassign all or any portion of its volume cap to any other issuer, including the State or any of its authorities, agencies or instrumentalities. Any such reassignment shall be made by a written instrument and may be made upon such terms and conditions as may be specified in such written instruments. In the absence of any other procedure established by any political subdivision of the State, a reassignment by such political subdivision shall be made by its chief elected official. Any such reassignment shall be effective upon receipt by the assignee and receipt of a copy of the written instrument by the Secretary of Finance. The Secretary of Finance shall maintain a record of all reassignments made pursuant to this subsection.
§ 5092 Industrial Revenue Bond Committee.
(a) There is hereby established the Industrial Revenue Bond Committee, to be composed of the Chairperson, the Secretary of Finance, a representative of the Delaware State Housing Authority and 1 representative each from Sussex County, New Castle County, Kent County and the City of Wilmington, appointed by each jurisdiction pursuant to those procedures deemed by such jurisdiction to be necessary and appropriate. The Chairperson shall be the Chairperson of the Committee.
(b) The Committee shall make recommendations to the Governor of the State regarding modification of the allocation of the state ceiling made in § 5091(a) of this title. The Secretary of Finance shall be responsible for monitoring the volume of private activity bonds issued by each of the participating jurisdictions and for recommending to the Committee changes in the allocation of the state ceiling as circumstances dictate.
(c) The Committee shall meet at such times and in such places as its members determine to be appropriate for carrying out its functions and purposes. The Committee shall engage in other activities to promote the cooperation of jurisdiction on economic development projects within the State. The Secretary of Finance shall report to the Governor, the General Assembly and the Committee at the conclusion of each year on the projects financed with private activity bonds and on other matters as appropriate.
§ 5093 Reports to Secretary of Finance.
(a) The Secretary of Finance is authorized to make such rules and regulations requiring any issuer allocated a volume cap for any calendar year under § 5091 of this title to file with the Secretary of Finance such reports as the Secretary of Finance may deem necessary to carry out the purposes of this subchapter. Any such reports required by the Secretary of Finance shall contain at least the following information with respect to each obligation issued or planned to be issued by such issuer:
(1) A brief description of the project financed or to be financed by such obligation;
(2) The amount of such obligation that is subject to such issuer's volume cap, and, to the extent that any portion of such obligation is claimed to be not subject to its volume cap, an opinion of bond counsel to that effect;
(3) The date of issuance of such obligation or the date of preliminary approval if such obligation has not yet been issued; and
(4) A status report on the issuance, including the anticipated date of issue, if not yet issued.
(b) A copy of any report required by the Secretary of Finance pursuant to subsection (a) of this section shall be filed with the Secretary of Finance. In turn, the Secretary of Finance shall compile such reports and distribute the compilation to each issuer.