Delaware Code Title 31 Sec. 4017 – Forms and terms of bonds; disposition of proceeds
(a) All bonds issued under the authority of this chapter shall be dated, shall bear interest at such rate or rates payable semiannually or at such other time or times as shall be determined by resolution of DSHA, and shall mature at such time or times and may be made redeemable before maturity at such times and at such price or prices and under such terms and conditions as may be fixed by the issuing officer prior to the issuance of the bonds. The principal of and the interest upon such bonds may be made payable in any lawful medium. The issuing officer shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denominations of the bonds. Both principal of and interest on the bonds shall be payable at such place or places as DSHA may designate.
Terms Used In Delaware Code Title 31 Sec. 4017
- Authority: means a public body corporate or politic, organized in accordance with Chapter 43 or 45 of this title for a purpose, with the powers and subject to the restrictions set forth in those chapters, including a community exercising the powers and duties of a slum clearance and redevelopment authority; provided however, that "Authority" shall not mean the Delaware State Housing Authority. See Delaware Code Title 31 Sec. 4001
- Director: means Secretary of the Department of Health and Social Services. See Delaware Code Title 31 Sec. 101
- DSHA: means the Delaware State Housing Authority created by § 4010 of this title. See Delaware Code Title 31 Sec. 4001
- Housing Director: means the Housing Director appointed pursuant to § 8603 of Title 29. See Delaware Code Title 31 Sec. 4001
- Issuing officer: means the Housing Director. See Delaware Code Title 31 Sec. 4001
- 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
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(b) Bonds shall be signed by manual or facsimile signature of the Housing Director, and the seal of DSHA or a facsimile thereof shall be affixed thereto or imprinted thereon. In case any person whose signature or facsimile thereof shall appear on any bonds or coupons shall cease to be the Housing Director before the delivery of such bonds, such signature or facsimile shall, nevertheless, be valid for all purposes, the same as if the Housing Director had remained in office until delivery.
(c) All bonds issued under this chapter shall have and are declared to have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code.
(d) Such bonds and the income therefrom shall be exempt from all taxation by this State or by any political subdivision, agency or authority thereof.
(e) The bonds may be issued in coupon or registered form, or both, as the issuing officer may determine, and provision may be made for the registration of any coupon bond as to principal alone or as to both principal and interest and for the reconversion of any bonds registered both as to principal and interest into coupon bonds.
(f) The issuing officer may sell such bonds, either at public or private sale, in such manner and for such price as they may determine to be for the best interest of DSHA.
(g) The proceeds of such bonds, exclusive of accrued interest, shall be used solely for the purposes specified in the resolution of DSHA authorizing the issuance thereof or as set forth in the indenture securing their payment, which purposes may include redemption premiums, interest on bonds to be refunded to the redemption date or date of maturity thereof and all legal and other expenses of their issuance and shall be disbursed under such restrictions, if any, as said resolution or trust indenture may provide.
(h) The proceeds of such bonds shall at no time revert to the General Fund of the State Treasury but shall at all times be available to DSHA for the aforesaid purposes; provided however, that if the proceeds of the bonds of any issue shall exceed the amount required for the purpose or purposes for which such bonds are authorized to be issued, the surplus may be used for any purpose of DSHA authorized in this chapter or for the payment of the principal of or interest on its outstanding bonds.
(i) Prior to the preparation of definitive bonds, the issuing officer may issue temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The issuing officer may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. Such bonds may be issued without any other proceedings or conditions which are specified and required by this chapter.