(a) All bonds of a municipal electric company are declared to be issued on behalf of the State for an essential public and governmental purpose and to be debts of a state municipal corporation.

Terms Used In Delaware Code Title 22 Sec. 1315

  • Bonds: means any bonds, interim certificates, notes, debentures or other obligations of a company issued under this chapter. See Delaware Code Title 22 Sec. 1302
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Municipal electric company: means a public corporation created by contract between 2 or more municipalities under this chapter. See Delaware Code Title 22 Sec. 1302
  • Person: means a natural person, a public agency, cooperative or private corporation, association, firm, statutory trust, partnership or business trust of any nature whatsoever, organized and existing under the laws of any state or of the United States. See Delaware Code Title 22 Sec. 1302
  • Public agency: means any municipality or other municipal corporation, political subdivision, government unit or public corporation created under the laws of this State or of another state or of the United States, and any state or the United States, and any person, board or other body declared by the laws of any state or the United States to be a department, agency or instrumentality thereof. See Delaware Code Title 22 Sec. 1302
  • State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302

(b) The property of a company including any pro rata share of any property owned by a company in conjunction with any other person or public agency is declared to be a public property used for essential public and governmental purposes and such property or pro rata share, a company and its income shall be exempt from all taxes of the State or any state public body.

61 Del. Laws, c. 496, § ?1;