Delaware § 502 Bonds; power of county government to issue; terms of; faith and credit of county pledged to payment of bonds

Delaware Statutes

§ 502 — Bonds; power of county government to issue; terms of; faith and credit of county pledged to payment of bonds

Delaware·Title 9·Part Provisions Affecting All Counties·Ch. 5 SUBURBAN COMMUNITY IMPROVEMENTS·Subch. Sidewalks, Streets, Signs, Drainage, Storm Sewers

(a)In order to carry out this subchapter, the government of any county of this State may issue bonds in an amount or amounts, and under such terms and conditions, not inconsistent with this subchapter as may be determined by such body.

(b)The bonds shall mature not later than 20 years after the date of issue, shall bear interest at the most advantageous rate attainable by the county government and the income therefrom shall not be subject to state taxation. The bonds shall be issued in the form prescribed by the county government and shall be either registered bonds or bearer with coupons convertible into fully registered bonds, as may be determined by the county government. Debt incurred by the county government pursuant to this subchapter may be represented by uncertificated obligatio

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(a) In order to carry out this subchapter, the government of any county of this State may issue bonds in an amount or amounts, and under such terms and conditions, not inconsistent with this subchapter as may be determined by such body.

(b) The bonds shall mature not later than 20 years after the date of issue, shall bear interest at the most advantageous rate attainable by the county government and the income therefrom shall not be subject to state taxation. The bonds shall be issued in the form prescribed by the county government and shall be either registered bonds or bearer with coupons convertible into fully registered bonds, as may be determined by the county government. Debt incurred by the county government pursuant to this subchapter may be represented by uncertificated obligations of the county government which may be authorized in accordance with the same procedures applicable to bonds which are permitted to be issued under this subchapter, and the county government may determine all procedures appropriate to the establishment of a system of issuing uncertificated debt. The bonds may, at the discretion of the county government, be made redeemable at par plus accrued interest on any interest payment date upon terms and conditions to be stated in the bonds.

(c) The full faith and credit of the county is pledged to insure the payment of any bond issue, and all interest thereon, created and sold under this subchapter.

(d) The county government may raise by the levy of taxes upon all the property taxable by the county such moneys, in addition to available moneys held in the sinking fund provided for in § 532 of this title, as are needed to pay the bonds and the interest thereon as the same become due and payable.

Delaware § 502 (Bonds; power of county government to issue; terms of; faith and credit of county pledged to payment of bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

45 Del. Laws, c. 123, §§ 1, 31 ; 9 Del. C. 1953, § 502; 49 Del. Laws, c. 356, § 1 ; 55 Del. Laws, c. 85, § 4A ; 58 Del. Laws, c. 45 ; 63 Del. Laws, c. 142, § 7 ; 64 Del. Laws, c. 318, § 1