Delaware Code Title 29 Sec. 8759A – Limitation on liability of State
(a) Bonds, other than state-guaranteed bonds, issued pursuant to this subchapter shall not constitute a debt of the State or any political subdivision or any agency thereof, or a pledge of the full faith and credit or taxing power of the State or any political subdivision or any agency thereof, and shall not obligate the State or the Authority to make any appropriation for their payment.
Terms Used In Delaware Code Title 29 Sec. 8759A
- 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
- State: means the State of Delaware. See Delaware Code Title 29 Sec. 8702A
(b) All bonds, other than state-guaranteed bonds, shall contain on the face thereof a statement to the following effect:
“Neither the faith and credit nor the taxing power of the State is pledged to the payment of the principal of, premium, if any, or interest on this bond, nor is the State or the Delaware Economic Development Authority in any manner obligated to make any appropriation for payment thereof.”
(c) State-guaranteed bonds shall be a debt of the State.
62 Del. Laws, c. 269, § ?1; 63 Del. Laws, c. 189, § ?5(a), (b); 81 Del. Laws, c. 49, § ?1;