Delaware Code (Titles 8, 9, 25, 30)
9 Del. C. § 502
Bonds; power of county government to issue; terms of; faith and credit of county pledged to payment of bonds
# (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.
Amendment history
45 Del. Laws, c. 123, §§ 1, 31; 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
Source: view the official text
In this title (40 sections)
- 9-331 · Tie vote in election; appointment by Governor
- 9-332 · Traveling expenses [Repealed]
- 9-333 · Oath of office
- 9-334 · Organization meeting; election of president
- 9-335 · Regular meetings [Repealed]
- 9-336 · Special meetings
- 9-337 · Quorum [Repealed]
- 9-338 · Adjournment
- 9-339 · Rules
- 9-340 · Attorneys for governing body
- 9-341 · Bailiffs to governing body; constables
- 9-342 · Fiscal year for counties and county agencies
- 9-343 · Form of accounts and warrants
- 9-344 · Rejection and forfeiture of assigned claims
- 9-345 · Dealing in county warrants by elected officials
- 9-346 · Gifts or rebates; penalty
- 9-347 · Investigation; power to compel attendance of witnesses and to…
- 9-348 · Annual audit; qualifications and selection of auditors
- 9-349 · Public advertising and notices
- 9-501 · Definitions
- 9-502 · Bonds; power of county government to issue; terms of; faith and…
- 9-503 · Petition to county government for improvements; who may…
- 9-504 · Survey and plot of community by State Department of…
- 9-505 · Determination by county government after receipt of survey and…
- 9-506 · Division of Highways data
- 9-507 · Election to authorize bond issue; fixing time for holding
- 9-508 · Contents of notice of election
- 9-509 · Place, time and manner of voting; judge of election
- 9-510 · Persons entitled to vote
- 9-511 · Certification of result of election; retention of ballots
- 9-512 · Notification to Director if bond issue authorized
- 9-513 · Bonds; issuance by county government; resolution authorizing…
- 9-514 · Preparation, form and execution of bonds
- 9-515 · Sale of bonds; proceeds of sale; advertising required
- 9-516 · Requirements for bidding on bonds
- 9-517 · Rejection and acceptance of bids; opinion required
- 9-518 · Rights-of-way; acquisition of; limitations on
- 9-519 · Contracts for improvements; procedure for awarding
- 9-520 · Exemption from limitations of county contract laws
- 9-521 · Supervision of work