§ 4628 — Form and content of bond resolution

Every bond resolution adopted pursuant to this chapter shall be properly dated and shall bear a title indicating the type of obligation to which it relates and shall contain, in substance, at least the following provisions:

(1) A statement of the specific purpose for which the obligations authorized by the resolution are to be issued; such specific purpose to be described in brief and general terms sufficient for reasonable identification;

(2) If the obligations to be authorized are for a specific purpose, a statement of the estimate of the maximum cost of each item of such specific purpose, such statement shall also set forth the plan for the financing of such purpose which shall indicate the sources of the amounts of money which have been previously authorized to be applied to the payment of the cost of each purpose, and the intended source or sources other than the proceeds of such obligations of the balance of the money to be so applied;

(3) A statement of the amount of bonds to be issued for such specific purpose; and

(4) A determination of the period of usefulness of the project within the limitations provided for in this chapter computed from the date of issuance of the first obligation in reference thereto.

Legislative History

9 Del. C. 1953, § 4627; 56 Del. Laws, c. 103, § 13