Delaware Code Title 9 Sec. 3314 – Bonds not to constitute general obligation debt
Current as of: 2023 | Check for updates
|
Other versions
Bonds issued under this chapter are a special obligation of the county or Special Development District (SDD) and may not constitute a general obligation debt of the county, or a pledge of the county’s full faith and credit or taxing power. Bonds are nonrecourse to property owners who purchase subject to a TIF or SDD. Property owners who purchase subject to a TIF or SDD shall only be responsible for TIF or SDD obligations determined by the individual assessment of their property.
Terms Used In Delaware Code Title 9 Sec. 3314
- 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.