Delaware § 1922 Borrowing in anticipation of taxes

Delaware Statutes

§ 1922 — Borrowing in anticipation of taxes

Delaware § 1922

JurisdictionDelaware

Title14

PartFree Public Schools

Ch. 19LOCAL SCHOOL TAXES

Subch.General Provisions

This text of Delaware § 1922 (Borrowing in anticipation of taxes) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 14, § 1922 (2026).

Text

School districts may borrow money in anticipation of local school taxes, as imposed by this chapter, to an amount not to exceed 25% of such annual taxes, which shall be pledged for the payment of such loan or loans, and issue revenue anticipation notes or certificates, executed in accordance with § 2111 of this title. Such revenue anticipation notes or certificates shall mature and be payable within 90 days of the date such money is borrowed. They shall be redeemable at a state or national bank designated by the school district. The faith and credit of the school district is pledged for the payment of the principal and interest of the revenue anticipation notes or certificates of indebtedness which shall be exempt from taxation for any purpose by this State. All expense incident to the adv

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School districts may borrow money in anticipation of local school taxes, as imposed by this chapter, to an amount not to exceed 25% of such annual taxes, which shall be pledged for the payment of such loan or loans, and issue revenue anticipation notes or certificates, executed in accordance with § 2111 of this title. Such revenue anticipation notes or certificates shall mature and be payable within 90 days of the date such money is borrowed. They shall be redeemable at a state or national bank designated by the school district. The faith and credit of the school district is pledged for the payment of the principal and interest of the revenue anticipation notes or certificates of indebtedness which shall be exempt from taxation for any purpose by this State. All expense incident to the advertising, preparing, issuing and delivering of the revenue anticipation notes or certificates, and principals and interest thereon shall be paid by the school district. No such borrowing shall constitute an increase of bonded debt within the meaning of § 2107 of this title.