Delaware Code (Titles 8, 9, 25, 30)
9 Del. C. § 3212
Nature and incidents of bonds
# (a)
Form of bond; deemed “securities”. — All bonds shall be in fully registered form. Each of the bonds shall be deemed to be a “security” within the meaning of § 8-102 of Title 6, whether or not it is either 1 or a class or series or by its terms is divisible into a class or series of instruments.
# (b)
Signing and sealing. — All bonds shall be signed manually or in facsimile by the county executive, and the seal of the county shall be affixed thereto and attested by the chief financial officer or other administrative officer of the county. If any officer whose signature or countersignature appears on the bonds ceases to be such officer before delivery of the bonds, that officer’s signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if that officer had remained in office until delivery.
# (c)
Maturity. — All bonds shall mature not later than 30 years from their date of issuance.
# (d)
Sale. — All bonds shall be sold in such manner, either at public or private sale and upon such terms as the governing body of the issuer deems best. Any contract for the acquisition of property may provide that payment shall be made in bonds.
# (e)
Bonds issued are securities. — Bonds issued under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions, all insurance companies, State banks and trust companies, national banking associations, savings banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them.
# (f)
Bonds are nonrecourse to the county and shall only be paid from TIF and SDD assessments permitted by this Chapter 32 and Chapter 33 of this title.
Amendment history
76 Del. Laws, c. 187, § 1; 70 Del. Laws, c. 186, § 1
Source: view the official text
In this title (40 sections)
- 9-3006 · Selling before approval; penalty; civil suits
- 9-3007 · Recording unapproved plans; penalty
- 9-3008 · Improvements private until dedicated
- 9-3009 · Approved plan to be recorded
- 9-3010 · Schedule of fees
- 9-3011 · Effect of approved plan on official map
- 9-3012 · Notice to local school districts of residential subdivision…
- 9-3013 · Effect of open space acquisition
- 9-3101 · , 3102. Contributory funded pension program authorized;…
- 9-3201 · Title
- 9-3202 · Definitions
- 9-3203 · Bonds to finance development of industrial, commercial or…
- 9-3204 · Payment of bonds
- 9-3205 · Application of bond proceeds
- 9-3206 · Conditions precedent to issuance of bonds
- 9-3207 · Resolution creating special fund
- 9-3208 · Uses of special fund
- 9-3209 · Agreements to pay revenue from taxes on tax increment into…
- 9-3210 · Ordinance authorizing bonds
- 9-3211 · Exemption of bonds from taxation
- 9-3212 · Nature and incidents of bonds
- 9-3213 · Taxation of leased property in TIF District
- 9-3214 · TIF District consistency with certified comprehensive plan
- 9-3215 · Construction of chapter
- 9-3301 · Definitions
- 9-3302 · Special taxes authorized; purpose; requirements and…
- 9-3303 · Issuance and sale of bonds; section self-executing
- 9-3304 · Bonds payable from special fund; complementary powers of…
- 9-3305 · Actions necessary before issuing bonds
- 9-3306 · When no bonds outstanding
- 9-3307 · Adoption of ordinance to implement authority
- 9-3308 · Taxation of bonds
- 9-3309 · Bond form; signatures; maturity; manner of sale
- 9-3310 · Bonds issued are securities
- 9-3311 · Powers granted are supplemental to other laws
- 9-3312 · Construction of chapter
- 9-3313 · Special taxes on real property as alternative to ad valorem…
- 9-3314 · Bonds not to constitute general obligation debt
- 9-3315 · Special Development District consistency with certified…
- 9-3316 · Limitation on ad valorem or special taxes within Special…