Delaware Code Title 17 Sec. 320 – Credit of State not pledged
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Revenue bonds issued under this chapter shall be payable exclusively from the funds hereinafter provided therefor from tolls and revenues. All such bonds shall contain a statement on their face that the State is not obligated to pay the same or the interest thereon except from revenues of the project for which they are issued and that the faith and credit of the State are not pledged to the payment of the principal or interest of such bonds. The issuance of revenue bonds under this chapter shall not directly or indirectly or contingently obligate the State to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment.
45 Del. Laws, c. 275, § ?2; 17 Del. C. 1953, § ?320;
Terms Used In Delaware Code Title 17 Sec. 320
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Project: includes the Bridge and all additions thereto and improvements thereof, the construction of which is authorized under this chapter. See Delaware Code Title 17 Sec. 301
- 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