Delaware § 5514 Bonds not to constitute  general obligation debt

Delaware Statutes

§ 5514 — Bonds not to constitute general obligation debt

Delaware § 5514

Title9

PartKent County

Ch. 55Kent County Special Development Districts

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Bluebook

Del. Code tit. 9, § 5514 (2026).

Text

Bonds issued under this chapter are a special obligation of the County and may not constitute a general obligation debt of the County, or a pledge of the County’s full faith and credit or taxing power. Bonds are nonrecourse to property owners who purchase property in a special development district. Property owners who purchase property in a special development district shall only be responsible for the payment of ad valorem real property taxes and special taxes levied by the Levy Court pursuant to this chapter.

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Bonds issued under this chapter are a special obligation of the County and may not constitute a general obligation debt of the County, or a pledge of the County’s full faith and credit or taxing power. Bonds are nonrecourse to property owners who purchase property in a special development district. Property owners who purchase property in a special development district shall only be responsible for the payment of ad valorem real property taxes and special taxes levied by the Levy Court pursuant to this chapter.