Delaware § 7406 - Terms, forms and contents of bonds; installment payments.

§ 7406. Terms, forms and contents of bonds; installment payments.

(a) The resolution of the issuing officers authorizing the issuance of bonds may include provisions for the date or dates of such bonds; the maturity of such bonds, which shall not exceed 20 years from their date; provisions for serial, term or “capital appreciation” bonds; sinking fund or reserve fund requirements, if any; due dates of the interest thereon; the form of bonds (including whether bonds shall be certificated or uncertificated); the denominations and designation of bonds; registration, conversion and transfer privileges; the terms of redemption with or without premium; the date and manner of sale of bonds (which may be a public or private negotiated sale at a price above or below par); provisions for the consolidation of bonds authorized to finance all or a portion of the costs of projects authorized in 1 or more authorization acts with bonds authorized by 1 or more authorization acts; limitations with respect to the interest rate or rates on bonds; provisions for receipt and deposit or investment of the good faith deposit pending delivery of bonds and such other terms and conditions of bonds and of the issuance and sale thereof as the issuing officers may determine to be in the best interests of the State.

(b) Notwithstanding the foregoing provisions of this section or any other law to the contrary, the issuing officers shall be required to provide in the resolution authorizing the issuance of general obligation bonds of the State (other than capital appreciation bonds as defined in § 7425 of this title):

(1) For the payment of bonds in annual installments, the first of which shall be not more than 1 year from the date of such bonds; and

(2) That no annual installment, except in the case of refunding of the bonds, shall be more than any prior installment of those bonds.

29 Del. C. 1953, §§  7406-7409;  54 Del. Laws, c. 124;  62 Del. Laws, c. 146, §§  6, 12;  64 Del. Laws, c. 131, §  11(b), (f);  64 Del. Laws, c. 343, §  12(a);  66 Del. Laws, c. 371, §  1;  77 Del. Laws, c. 329, §  62;