(a) The County Council may, from time to time, authorize the borrowing of money upon the faith and credit of the County by issuing bonds, notes, certificates of indebtedness or any other evidence of debt, not to exceed the sum of $10,000,000 exclusive of indebtedness incurred for the purposes enumerated in subsection (d) of this section.
(b) The evidences of such indebtedness shall be in the form and manner prescribed by the Office of Finance but no such obligation shall bear interest at a greater rate than 5 percent. Such obligations shall not be issued or sold at less than their face value, and shall be issued in series and all such obligations issued at any time within the fiscal year shall constitute a series. No such obligation shall run for more than 20 years. At least 5 percent of the total outstanding obligations issued hereunder shall be retired by lot or paid, in each fiscal year. The obligations shall be signed by the County Executive either in original or by authorized mechanical signature and sealed with the seal of the Clerk of the County Council. The obligations may be issued for general County purposes and the full faith and credit of the County shall be deemed to be pledged for the payment of the principal and interest of such obligations. The obligations shall be made payable at a state or national bank designated by the County. The obligations shall be exempt from all state, county or municipal taxes.
(c) In case of the destruction by fire of any of the public buildings of the County, or of any emergency resulting in great loss to the County by destruction of property or threat thereof, the County Council, by a unanimous vote, may provide for such emergency by temporary loan or loans, anything herein contained to the contrary notwithstanding, until the next ensuing session of the General Assembly.
(d) The debt limit stated in subsection (a) of this section shall not be interpreted to include any bonds, notes or other evidence of indebtedness issued for the purpose of securing funds for use at the New Castle County Airport or; for using financing sanitary districts, the construction or acquisition of sewers or sewerage systems, suburban improvements, or County roads or bridges; or any bonds, notes or other evidence of indebtedness that do not pledge the full faith and credit of the County.