Delaware Code Title 9 Sec. 1522 – Borrowing money
(a) The County Council may, from time to time, authorize the borrowing of money upon the faith and credit of the County by issuing bonds, notes, certificates of indebtedness or any other evidence of debt, not to exceed the sum of $10,000,000 exclusive of indebtedness incurred for the purposes enumerated in subsection (d) of this section.
Terms Used In Delaware Code Title 9 Sec. 1522
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The evidences of such indebtedness shall be in the form and manner prescribed by the Office of Finance but no such obligation shall bear interest at a greater rate than 5 percent. Such obligations shall not be issued or sold at less than their face value, and shall be issued in series and all such obligations issued at any time within the fiscal year shall constitute a series. No such obligation shall run for more than 20 years. At least 5 percent of the total outstanding obligations issued hereunder shall be retired by lot or paid, in each fiscal year. The obligations shall be signed by the County Executive either in original or by authorized mechanical signature and sealed with the seal of the Clerk of the County Council. The obligations may be issued for general County purposes and the full faith and credit of the County shall be deemed to be pledged for the payment of the principal and interest of such obligations. The obligations shall be made payable at a state or national bank designated by the County. The obligations shall be exempt from all state, county or municipal taxes.
(c) In case of the destruction by fire of any of the public buildings of the County, or of any emergency resulting in great loss to the County by destruction of property or threat thereof, the County Council, by a unanimous vote, may provide for such emergency by temporary loan or loans, anything herein contained to the contrary notwithstanding, until the next ensuing session of the General Assembly.
(d) The debt limit stated in subsection (a) of this section shall not be interpreted to include any bonds, notes or other evidence of indebtedness issued for the purpose of securing funds for use at the New Castle County Airport or; for using financing sanitary districts, the construction or acquisition of sewers or sewerage systems, suburban improvements, or County roads or bridges; or any bonds, notes or other evidence of indebtedness that do not pledge the full faith and credit of the County.
17 Del. Laws, c. 16, §§ ?3, 4; Code 1915, § ?1035; Code 1935, § ?1176; 42 Del. Laws, c. 101, § ?1; 46 Del. Laws, c. 296, § ?1; 48 Del. Laws, c. 332, § ?1; 9 Del. C. 1953, § ?1522; 49 Del. Laws, c. 430; 55 Del. Laws, c. 85, § ?7G; 55 Del. Laws, c. 199; 63 Del. Laws, c. 142, § ?15; 71 Del. Laws, c. 401, §§ ?15, 63, 64, 65, 66;