School districts may borrow money in anticipation of local school taxes, as imposed by this chapter, to an amount not to exceed 25% of such annual taxes, which shall be pledged for the payment of such loan or loans, and issue revenue anticipation notes or certificates, executed in accordance with § 2111 of this title. Such revenue anticipation notes or certificates shall mature and be payable within 90 days of the date such money is borrowed. They shall be redeemable at a state or national bank designated by the school district. The faith and credit of the school district is pledged for the payment of the principal and interest of the revenue anticipation notes or certificates of indebtedness which shall be exempt from taxation for any purpose by this State. All expense incident to the advertising, preparing, issuing and delivering of the revenue anticipation notes or certificates, and principals and interest thereon shall be paid by the school district. No such borrowing shall constitute an increase of bonded debt within the meaning of § 2107 of this title.
Structure Delaware Code
Chapter 19. LOCAL SCHOOL TAXES
Subchapter I. General Provisions
§ 1902. Power of district to levy taxes for school purposes.
§ 1903. Election preceding levy of tax.
§ 1908. Method of voting; referendum to transfer tax funds.
§ 1909, 1910. Certifying and declaring result of election; recount.
§ 1911. Required vote for authorization of additional tax.
§ 1912. Assessment list; school capitation tax.
§ 1914. Levy of annual school tax without election.
§ 1915. Demand for new election.
§ 1916. Tax collection warrant and assessment list; tax rate after general reassessment.
§ 1917. Collection and deposit of school taxes.
§ 1918. Disbursement of school taxes; financial statement.
§ 1919. Report of school tax collections and payment of collected taxes.
§ 1921. Refund of county taxes paid in error.
§ 1922. Borrowing in anticipation of taxes.
§ 1923. Payment of interest upon local school funds on deposit.