Delaware § 1710 - Ordinance authorizing bonds.

§ 1710. Ordinance authorizing bonds.

(a) Required; mandatory provisions. — In order to implement the authority conferred upon it by this chapter to issue bonds, the governing body of any municipality shall adopt an ordinance which:

(1) Specifies and describes the proposed undertaking and states that it has complied with § 1706 of this title;

(2) Specifies the maximum rate or rates of interest the bonds are to bear.

(b) Additional provisions. — The resolution described in § 1707 of this title may itself specify and prescribe, or may authorize its finance board or department, by resolution or ordinance, or its chief executive officer, by executive order, to specify and prescribe any of the following as it deems appropriate to effect the financing of the proposed undertaking:

(1) The actual principal amount of the bonds to be issued;

(2) The actual rate or rates of interest the bonds are to bear;

(3) The manner in which and the terms upon which the bonds are to be sold;

(4) The manner in which and the times and places that the interest on the bonds is to be paid;

(5) The time or times that the bonds may be executed, issued and delivered;

(6) The form and tenor of the bonds and the denominations in which the bonds may be issued;

(7) The manner in which and the times and places that the principal of the bonds is to be paid, within the limitations set forth in this chapter;

(8) Provisions pursuant to which any or all of the bonds may be called for redemption prior to their stated maturity dates; or

(9) Such other provisions not inconsistent with this chapter as shall be determined by such legislative body to be necessary or desirable to effect the financing of the proposed undertaking.

(c) Referendum. — Neither the ordinance authorizing the bonds referred to herein, nor any ordinance, resolution or executive order passed or adopted in furtherance thereof, nor the bonds themselves, shall be subject to any referendum by reason of any other state or local law, except that an ordinance authorizing the pledge of the full faith and credit of a municipality to the payment of principal and interest on bonds issued pursuant to this chapter shall be subject to any applicable provisions for referendum.

74 Del. Laws, c. 145, §  1;