Delaware Code Title 9 Sec. 5507 – Adoption of ordinance to implement authority
(a) In order to implement the authority conferred upon it by this chapter to issue bonds, the Levy Court shall adopt an ordinance that:
(1) Specifies and describes the proposed undertaking and states that it has complied with § 5505 of this title;
(2) Specifies the maximum principal amount of bonds to be issued;
(3) Specifies the maximum rate or rates of interest for the bonds; and
(4) Agrees to a covenant to levy upon all real property within the special development district, ad valorem taxes or special taxes in rate and amount at least sufficient in each year in which any of the bonds are outstanding to provide for the payment of the principal of, premium, if any, and the interest on the bonds.
Terms Used In Delaware Code Title 9 Sec. 5507
- 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
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The ordinance may specify or may authorize the chief financial officer or County Administrator to specify any of the following, as he or she deems appropriate, to effect the financing of the proposed undertaking:
(1) The actual principal amount of the bonds to be issued;
(2) The actual rate or rates of interest for the bonds;
(3) The manner in which and the terms upon which the bonds are to be sold;
(4) The manner in which and the times and places that the interest on the bonds is to be paid;
(5) The time or times that the bonds may be executed, issued, and delivered;
(6) The form and tenor of the bonds and the denominations in which the bonds may be issued;
(7) The manner in which and the times and places that the principal of the bonds is to be paid, within the limitations set forth in this chapter;
(8) Provisions pursuant to which any and all of the bonds may be called for redemption prior to their stated maturity dates; or
(9) Any other provisions not inconsistent with this chapter as shall be determined by the Levy Court to be necessary or desirable to effect the financing of the proposed undertaking.
(c) An ordinance authorizing the bonds provided for under this chapter, an ordinance, resolution, or order passed or adopted in furtherance of the required ordinance, the bonds, the designation of a special development district, or the levy of a special ad valorem tax or special tax may not be subject to any referendum by reason of any other state or local law.
(d) The ordinance authorizing the bonds required under this section, any ordinance, resolution, or order passed or adopted in furtherance of the required ordinance, the bonds, or the levy of a special ad valorem tax or special tax shall be subject to the request of the landowners as specified under § 5503(a) of this title.