§ 923 — Bond issues

(a) Any bonds to be issued by any political subdivision pursuant to this chapter shall be authorized and issued in the manner and within the limitation, except as herein otherwise provided, prescribed by the laws of this State or the charter of the political subdivision for the issuance and authorization of bonds thereof for public purposes generally.

(b) Irrespective of any limitation, by general or special law or charter, as to the amount of bonds which may be issued, a political subdivision may issue bonds for the purposes defined by this chapter in excess of such limitation, in such amount as may be authorized by an ordinance or resolution referred to and approved by the voters of such political subdivision by popular vote, at any general election or special election called for that purpose.

(c) The amount of all bonds issued by any political subdivision for the purposes defined in this chapter shall not be counted or included in the net indebtedness of the political subdivision or in any computation of the outstanding indebtedness of the political subdivision for the purpose of determining the limit of net indebtedness thereof.

Legislative History

Code 1935, c. 167; 45 Del. Laws, c. 300, §§ 6(2)-(4) ; 2 Del. C. 1953, § 923