The State hereby pledges to and agrees with any person, firm or corporation or federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement or enlargement of any project or part thereof that the State will not limit or alter the rights vested in the authority until all bonds at any time issued, together with the interest thereon, are fully met and discharged. The State further pledges to and agrees with the United States and any other federal agency that, if any federal agency constructs or contributes any funds for the construction, extension, improvement or enlargement of any project or any portion thereof, the State will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the continued maintenance and operation of the project or the improvement thereof or which would be inconsistent with the due performance of any agreements between the authority and any such federal agency, and the authority shall continue to have and may exercise all powers granted in this chapter, so long as the same shall be necessary or desirable, for the carrying out of the purposes of this chapter and the purposes of the United States in the construction or improvement or enlargement of the project or such portion thereof.

48 Del. Laws, c. 369, § ?13; 22 Del. C. 1953, § ?512;

Terms Used In Delaware Code Title 22 Sec. 512

  • Authority: means a body politic and corporate created pursuant to this chapter. See Delaware Code Title 22 Sec. 502
  • Bonds: means and includes the notes, bonds and other evidence of indebtedness or obligations which the authority is authorized to issue pursuant to § 504 of this title. See Delaware Code Title 22 Sec. 502
  • Construction: means and includes acquisition and construction, and "to construct" means and includes to acquire and to construct, all in such manner as may be deemed desirable. See Delaware Code Title 22 Sec. 502
  • 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.
  • Federal agency: means and includes the United States of America, the President of the United States of America and any department or corporation agency or instrumentality heretofore or hereafter created, designated or established by the United States of America. See Delaware Code Title 22 Sec. 502
  • Improvement: means and includes extension, enlargement and improvement, and "to improve" means and includes to extend, to enlarge and to improve, all in such manner as may be deemed desirable. See Delaware Code Title 22 Sec. 502
  • Project: means any structure, facility or undertaking which the authority is authorized to acquire, construct, improve, maintain or operate under this chapter. See Delaware Code Title 22 Sec. 502
  • 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
  • United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
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