Delaware Code Title 22 Sec. 1310 – Bond issues
(a) An electric company may issue such types of bonds as it may determine, subject only to any agreement with the holders of particular bonds, including bonds as to which the principal and interest are payable exclusively from all or a portion of the revenues from 1 or more projects, or from 1 or more revenue producing contracts made by the company with any person or public agency, or from its revenues generally, or which may be additionally secured by a pledge of any grant, subsidy or contribution from any public agency or other person, or a pledge of any income or revenues, funds or moneys of the company from any source whatsoever.
Terms Used In Delaware Code Title 22 Sec. 1310
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Municipality: means a city or town. 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
- Project: means any plant, works, system, facilities and real and personal property of any nature whatsoever, together with all parts thereof and appurtenances thereto, used or useful in the generation, production, transmission, distribution, purchase, sale, exchange or interchange of electric power and energy, or any interest therein or right to capacity thereof and the acquisition of fuel of any kind for any such purposes, including, but not limited to, the acquisition of fuel deposits and the acquisition or construction and operation of facilities for extracting fuel from natural deposits, for converting it for use in another form, for burning it in place, for transportation, storage and reprocessing or for any energy conservation measure which involves public education or the actual fitting and application of a device. 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
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) A company may from time to time issue its bonds in such principal amounts as the company deems necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including the establishment or increase of reserve interest accrued during construction of a project and for a period not exceeding 1 year after the completion of construction of a project, and the payment of all other costs or expenses of the company incident to and necessary or convenient to carry out its corporate purposes and powers.
(c) Neither the members of the board of directors of a company nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.
(d) The bonds of an electric company (and such bonds shall so state on their face) shall not be a debt of the municipalities which are parties to the contract creating the company or of the State and neither the State nor any such municipality shall be liable thereon nor in any event shall such bonds be payable out of any funds or properties other than those of the company.