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 period of not exceeding 1 year and may be renewed from time to time for periods not exceeding 1 year but all such notes, including renewals, shall mature and be paid from sources, including the proceeds of bonds, but other than the proceeds of notes, not later than 4 years after their initial date of issuance. No notes shall be issued in excess of the amount of bonds authorized and unissued in anticipation of which the notes are issued. All other terms, forms and contents of such notes shall be determined by the issuing officers subject to this chapter.
‹ Prev All Delaware sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.