Delaware Code (Titles 8, 9, 25, 30)

9 Del. C. § 3304

Bonds payable from special fund; complementary powers of governing body; proceeds

Official textdelcode.delaware.gov13 subsections

# (a)

Bonds shall be payable from the special fund required under § 3305 of this title.

# (b)

If the county council issues bonds under this section, the county council may also:

# (1)

Establish sinking funds;

# (2)

Establish debt service reserve funds;

# (3)

Pledge other assets and revenues towards the payments of the principal, premium, if any, and interest; or

# (4)

Provide for bond insurance or any other type of credit enhancement or liquidity support of the bonds.

# (c)

All proceeds received from any bonds issued and sold shall be applied solely to pay costs, including:

# (1)

Costs of design, construction, establishment, extension, alteration, or acquisition of improvements, including infrastructure improvements;

# (2)

Costs of issuing bonds;

# (3)

Permissive costs of issuing and servicing the bonds, which may include up to 0.5% of the bond issue as origination costs incurred by the county, and up to 2.0% of the bond debt service payments as administrative costs if administered by the county;

# (4)

Payment of the principal and interest on loans, development loans, money advances, or any indebtedness for any of the purposes stated in § 3302(b) of this title, including the refunding of bonds previously issued under this section;

# (5)

Funding of a debt service reserve fund or payment of interest prior to, during, or for a limited period of time after construction; and

# (6)

Purposes described in §§ 3205 and 3302(b) of this title.

Amendment history

76 Del. Laws, c. 187, § 2

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