Delaware § 6511 - Power to issue bonds; terms; borrowing in anticipation of issuance of bonds.

§ 6511. Power to issue bonds; terms; borrowing in anticipation of issuance of bonds.

(a) The county government may issue bonds of Sussex County to finance the cost of constructing sewage disposal or water facilities in any sanitary sewer or water district, respectively. Bonds issued to finance such facilities may be issued to fund interest on such bonds for a period not to exceed 6 months during the period of construction of the facilities being financed. The moneys raised by the issuance of such bonds shall be held in a separate account and shall be expended only for the construction of sewage disposal or water facilities in the sanitary sewer or water district for which the bonds are issued.

(b) The bonds shall bear interest at a rate or rates per annum determined by the county government. Interest on the bonds shall be exempt from taxation by the State or any political subdivision thereof for any purpose. Each issue of bonds shall be payable within 40 years after the date of their issue. The interest coupons and face amount of the bonds shall be payable at a state or national bank designated by the county government. The reasonable expenses of issuing such bonds shall be deemed a part of the cost of constructing the sewer or water facilities. The full faith and credit of Sussex County may be pledged to the payment of such bonds and the interest thereon.

(c) In anticipation of issuance of bonds, the county government may, by resolution, borrow money in such amounts as it may find necessary and authorize the issuance of negotiable notes therefor.

9 Del. C. 1953, §  6511;  55 Del. Laws, c. 262;  57 Del. Laws, c. 762, §  8A;  59 Del. Laws, c. 583, §  1;  60 Del. Laws, c. 601, §  1;  63 Del. Laws, c. 142, §  24;  64 Del. Laws, c. 68, §  1;  66 Del. Laws, c. 320, §  1;