Delaware § 1504 - Creation and powers of the authority or management company.

§ 1504. Creation and powers of the authority or management company.

(a) The authority or management company authorized by ordinance to govern a district shall be created by the filing of a certificate of authority or incorporation with the Secretary of State, which certificate shall include:

(1) Citation to the ordinance authorizing its creation;

(2) The names and business addresses of those nominated and approved as the initial members or directors of the authority or management company;

(3) The term of existence of the authority or management company;

(4) Any express terms or conditions proposed by the enabling ordinance regarding the powers, duties or restrictions imposed upon the authority or management company.

(b) Except as restricted by this chapter or the ordinance creating it, an authority or management company shall have, by way of example not limitation, the power:

(1) To acquire, hold and use property necessary to achieve its purposes;

(2) To make contracts;

(3) To sue and be sued;

(4) To incur debt, and pledge or hypothecate its assets in security thereof;

(5) To propose an annual budget, and to calculate and assess against all assessable properties within the district, through the assessment base selected by the municipality, such amount as is necessary to fund such budget;

(6) To adopt by-laws for its governance;

(7) To indemnify its members, officers and employees to the full extent authorized by the General Corporation Law [Chapter 1 of Title 8]; and

(8) To otherwise exercise all necessary powers with respect to the conduct of the functions of a business improvement district.

69 Del. Laws, c. 328, §  1;