Delaware Code Title 31 Sec. 4314 – Issuance of evidences of indebtedness; rights of creditors
Subject to the restrictions set forth in this chapter, an authority may incur any indebtedness, issue any obligations and give any security therefor which it deems necessary or advisable in connection with any project undertaken by it under this chapter. Authorization for the issuance of bonds shall be made by resolution of the authority and the bonds shall be signed by any agent whom the authority designates.
Terms Used In Delaware Code Title 31 Sec. 4314
- Commissioner: means 1 of the members of an authority appointed in accordance with the provisions of this chapter. See Delaware Code Title 31 Sec. 4301
- project: means any work or undertaking:
- 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
The bonds, notes or other evidences of indebtedness executed by an authority shall not be a debt or charge against the State, county, municipality, or any subdivision or agency or instrumentality thereof other than the authority, and no individual liability shall attach for any lawful official act done by any commissioner, but a commissioner shall be liable for the commissioner’s own malfeasance. The rights of creditors of an authority shall be solely against such authority as a corporate body and shall be satisfied only out of property held by it in its corporate capacity, and the enforcement of such rights shall be subject to all the provisions of Part III of this title.
39 Del. Laws, c. 16, § ?13; Code 1935, § ?5465; 31 Del. C. 1953, § ?4313; 70 Del. Laws, c. 186, § ?1;