Delaware Code Title 9 Sec. 5413 – Nature and incidents of bonds
(a) Form of bond; deemed “securities”. —
Terms Used In Delaware Code Title 9 Sec. 5413
- bond: means any revenue or general obligation bonds or bond, notes or note, or other similar instruments or instrument issued by the County pursuant to and in accordance with this chapter. See Delaware Code Title 9 Sec. 5402
- Chief financial officer: means the Director of the Kent County Department of Finance or his or her designee designated by the Director of the Kent County Department of Finance. See Delaware Code Title 9 Sec. 5402
- Contract: A legal written agreement that becomes binding when signed.
- County: means Kent County. See Delaware Code Title 9 Sec. 5402
- Levy Court: means Kent County Levy Court. See Delaware Code Title 9 Sec. 5402
- 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
All bonds shall be in fully registered form. Each of the bonds shall be deemed to be a “security” within the meaning of § 8-102 of Title 6, whether or not it is either 1 or a class or series or by its terms is divisible into a class or series of instruments.
(b) Signing and sealing. —
All bonds shall be signed manually or in facsimile by the County Administrator, and the seal of the County shall be affixed thereto and attested by the chief financial officer or other administrative officer of the County. If any officer whose signature or countersignature appears on the bonds ceases to be such officer before delivery of the bonds, that officer’s signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if that officer had remained in office until delivery.
(c) Maturity. —
All bonds shall mature not later than 30 years from their date of issuance.
(d) Sale. —
All bonds shall be sold in such manner, either at public or private sale, and upon such terms as the Levy Court deems best. Any contract for the acquisition of property may provide that payment shall be made in bonds.
(e) Bonds issued are securities. —
Bonds issued under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions, all insurance companies, state banks and trust companies, national banking associations, savings banks, savings and loan associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them.