Title 29 — State Government
117 chapters · 889 sections in this title.
29 Del. C. § 7401. Definitions.
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§ 7401. Definitions. As used in this chapter: (1) “Authorization act” means an act of the General Assembly, concurred in by 3/4 of all the members of each House, appropriating funds of the State from the proceeds of bonds authorized to be issued by such act. (2) “Bonds” means any…
29 Del. C. § 7402. Issuing authority.
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§ 7402. Issuing authority. (a) The issuing officers shall authorize the issuance of bonds, notes and revenue notes of the State by resolution adopted by the unanimous vote of the issuing officers. Each issuing officer may designate a deputy to represent the issuing officer as an …
29 Del. C. § 7403. Notes.
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§ 7403. Notes. In anticipation of the issuance of bonds, the issuing officers may issue and sell notes of the State at either public or private sale for not less than par and accrued interest, at a rate to be determined by the issuing officers. Such notes may be issued for a peri…
29 Del. C. § 7404. Revenue notes.
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§ 7404. Revenue notes. (a) If, at any time during any fiscal year, but prior to June 25 of that year, there should be a casual deficiency of revenue in the General Fund to pay General Fund obligations or to pay existing debts, the Governor, Secretary of State and State Treasurer …
29 Del. C. § 7405. Full faith and credit of the State pledged.
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§ 7405. Full faith and credit of the State pledged. All bonds, notes and revenue notes shall be direct general obligations of the State and the full faith and credit of the State are expressly pledged for the prompt and complete payment of the principal of and interest on such bo…
29 Del. C. § 7406. Terms, forms and contents of bonds; installment payments.
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§ 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; …
29 Del. C. § 7407. Sale of bonds.
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§ 7407. Sale of bonds. Sufficient notice of public sale of bonds is deemed to have been given if the notice has been published on the Department of Finance’s website at least once 7 or more days before the date of sale.29 Del. C. 1953, § 7414; 54 Del. Laws, c. 124; 60 Del. Laws, …
29 Del. C. § 7408. Place of payment.
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§ 7408. Place of payment. Bonds, notes and revenue notes and the interest thereon shall be payable at such place or places within or without the State as the issuing officers may determine by resolution.62 Del. Laws, c. 146, §§ 6, 14; 63 Del. Laws, c. 142, § 49; 64 Del. Laws, c. …
29 Del. C. § 7409. Recitals in bonds, notes and revenue notes conclusive on State; negotiability.
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§ 7409. Recitals in bonds, notes and revenue notes conclusive on State; negotiability. (a) All bonds and notes shall recite that they are issued for a purpose or purposes set forth in an authorization act. Revenue notes shall recite that they are issued for 1 or more of the purpo…
29 Del. C. § 7410. Execution of bonds, notes and revenue notes.
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§ 7410. Execution of bonds, notes and revenue notes. (a) Bonds, notes and revenue notes, other than uncertificated obligations, shall be executed on behalf of the State by the issuing officers and shall bear the impression, or a facsimile, of the Great Seal of the State. All the …
29 Del. C. § 7411. Exemption from taxation.
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§ 7411. Exemption from taxation. Bonds, notes and revenue notes and the interest thereon shall be exempt from income taxation by the State or any political subdivision thereof.29 Del. C. 1953, § 7405; 54 Del. Laws, c. 124; 62 Del. Laws, c. 146, §§ 6, 17; 64 Del. Laws, c. 131, § 1…
29 Del. C. § 7412. Registration, recording and cancellation agent.
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§ 7412. Registration, recording and cancellation agent. The issuing officer shall, by resolution, direct the State Treasurer to contract, in such manner as the issuing officers shall prescribe, with a banking or other institution to act as: (1) Registration agent for bonds, notes…
29 Del. C. § 7413. Replacement of lost, stolen, mutilated or destroyed obligations.
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§ 7413. Replacement of lost, stolen, mutilated or destroyed obligations. (a) The State Treasurer may issue a replacement bond, with coupons pertaining thereto, a replacement note or a replacement revenue note, to replace unmatured bonds and coupons, notes or revenue notes, respec…
29 Del. C. § 7414. Deposit of money; advances from funds.
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§ 7414. Deposit of money; advances from funds. (a) (1) All proceeds from the sale of bonds or notes other than premium or accrued interest must be deposited by the State Treasurer in a special fund or funds of the State and applied for the purposes for which the bonds or notes we…
29 Del. C. § 7415. Use of proceeds of bonds and notes.
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§ 7415. Use of proceeds of bonds and notes. The funds appropriated by an authorization act may be used only for the costs of the projects set forth in such act in an amount for each such project not exceeding the amount authorized by such act for such project. Costs of projects m…
29 Del. C. § 7416. Timetable for use of funds and the sale of bonds and notes; commencement of authorized project.
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§ 7416. Timetable for use of funds and the sale of bonds and notes; commencement of authorized project. (a) No funds appropriated by an authorization act shall be encumbered more than 3 years after the passage of such act for any individual project unless: (1) Such project has pr…
29 Del. C. § 7417. Payment of debt service; first lien.
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§ 7417. Payment of debt service; first lien. (a) Each annual Budget Appropriation Bill enacted by the General Assembly shall make sufficient provisions for the payment of principal of, premium, if any, and interest on all bonds, notes and revenue notes payable or to be paid by th…
29 Del. C. § 7418. Use of unexpended funds.
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§ 7418. Use of unexpended funds. Any funds borrowed pursuant to an authorization act, and remaining unencumbered after the completion or abandonment of a project authorized to be financed pursuant to such act, or because a project authorized to be financed by such act is not time…
29 Del. C. § 7419. Approval of plans, specifications, estimates and cash flows of projects.
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§ 7419. Approval of plans, specifications, estimates and cash flows of projects. (a) Delaware Technical and Community College, Delaware State University and all state departments and agencies shall submit to Facilities Management of the Office of Management and Budget all propose…
29 Del. C. § 7420. Project restrictions.
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§ 7420. Project restrictions. (a) All new construction and/or reconstruction of existing structures financed with the proceeds of bonds or notes shall comply with flood plain management requirements adopted by the municipality in which such structure is located pursuant to the Na…
29 Del. C. § 7421. Bonds, notes and revenue notes as legal investments for institutions and fiduciaries; legal deposit.
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§ 7421. Bonds, notes and revenue notes as legal investments for institutions and fiduciaries; legal deposit. (a) Bonds, notes and revenue notes are securities in which any officer of the State and any officers of political subdivisions, administrative departments, boards and comm…
29 Del. C. § 7422. Limitations on debt and other obligations.
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§ 7422. Limitations on debt and other obligations. (a) For the purposes of this section: (1) “Aggregate maximum annual payments” on all tax supported obligations and all Transportation Trust Fund debt obligations outstanding, plus certain lease obligations as described in subsect…
29 Del. C. § 7423. DEFAC projections and monitoring of debt limits.
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§ 7423. DEFAC projections and monitoring of debt limits. The Delaware Economic and Financial Advisory Council shall publish at least semiannually in December and June the projections described in § 7422(b) of this title. The Council shall also monitor the application and effect o…
29 Del. C. § 7424. Right to obtain bondholder lists.
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§ 7424. Right to obtain bondholder lists. No holder or owner of any bond, note or revenue note shall have any right to obtain a list of registered owners or holders of bonds, notes or revenue notes from the State or its agents by virtue of ownership nor holding of any such obliga…
29 Del. C. § 7425. Capital appreciation bonds and discount bonds.
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§ 7425. Capital appreciation bonds and discount bonds. The term “capital appreciation bonds” means any bond or bonds sold at a price substantially less than the principal amount thereof and on which compounded interest is payable at maturity, as conclusively determined by the iss…
29 Del. C. § 7426. Capital appreciation bonds and discount bonds; sale by State.
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§ 7426. Capital appreciation bonds and discount bonds; sale by State. A maximum of 20 percent of the bonds authorized by each Bond and Capital Improvements Act of the State may be sold by the State directly to retail purchasers or to financial intermediaries, or to an underwriter…