Del. Code tit. 9 § 5302

Current through 2024 Legislative Session Act Chapter 269
Section 5302 - Limited obligations

All bonds issued by Kent County under the authority of this chapter shall be limited obligations of the County payable solely from bond proceeds, revenue and other amounts derived from the mortgage loans with respect to which such bonds are issued. The bonds and coupons, if any, attached thereto shall not constitute an indebtedness, liability, general or moral obligation or pledge of the faith and credit of Kent County, the State or any other political subdivision thereof and the taxing power of Kent County, the State or any political subdivision thereof shall not be pledged to the payment of the principal of, premium, if any, and interest on such bonds. In no event shall the total amount of the bonds issued pursuant to this chapter exceed $50,000,000.

9 Del. C. § 5302

62 Del. Laws, c. 203, §1.;