Delaware Code (Titles 8, 9, 25, 30)
9 Del. C. § 4650
Application of proceeds
Official textdelcode.delaware.gov
After payment of the reasonable cost of issuance, including printing or engraving costs, advertising expense and legal and other professional expenses, the proceeds of the sale of any bonds or notes shall be applied only to the purpose or purposes for which the obligations were authorized to be issued, and any excess amount thereof or any amount thereof which for any reason is not necessary for any such purpose, shall:
# (1)
Be applied to payment of such obligations at not more than their face value; and
# (2)
Be applied to payment of the first maturing installments of such issue.
Amendment history
56 Del. Laws, c. 103, § 13
Source: view the official text
In this title (40 sections)
- 9-4630 · Effective date of bond resolution
- 9-4631 · Authorization of notes in anticipation of bonds
- 9-4632 · Other proceedings by resolution
- 9-4633 · Payment of bonds
- 9-4634 · Payment of installment
- 9-4635 · Period of usefulness
- 9-4636 · Consolidation of bond issues
- 9-4637 · Public sale of bonds
- 9-4638 · Contents of notice of sale — Generally
- 9-4639 · Contents of notice of sale — Award of bonds at single interest…
- 9-4640 · Contents of notice of sale — Multiple rate bidding
- 9-4641 · Contents of notice of sale — Deposit
- 9-4642 · Contents of notice of sale — Rejection of proposals
- 9-4643 · Proposals opened publicly
- 9-4644 · Private sale to public agencies
- 9-4645 · Form of bonds
- 9-4646 · Form of notes
- 9-4647 · Execution of bonds and notes
- 9-4648 · Bonds and notes redeemable prior to maturity
- 9-4649 · Interest rates
- 9-4650 · Application of proceeds
- 9-4651 · Bonds and notes negotiable
- 9-4652 · Reconversion of fully registered bonds
- 9-4653 · Reissuance of bonds or notes lost or destroyed
- 9-4654 · Reissuance of defaced or partially destroyed bonds or notes
- 9-4655 · Certain agreements forbidden
- 9-4656 · Payment of bonds and notes
- 9-4657 · Appropriation may include engineering and other costs
- 9-4658 · Validity of bonds not dependent on preliminary proceedings
- 9-4659 · Legal effect of debt statement
- 9-4660 · Short period of limitations
- 9-4661 · Construction of chapter with other laws
- 9-4701 · Acquisition of land; construction and operation of…
- 9-4702 · Acquisition of land by purchase
- 9-4703 · Powers of county government as to operation of plant;…
- 9-4704 · Power to borrow money and issue bonds
- 9-4705 · Terms of bonds
- 9-4706 · Execution and record of bonds
- 9-4707 · Sale of bonds
- 9-4708 · Principal and interest payments; taxes