A school board shall not issue bonds, except for the purpose of refunding outstanding bonds, in an amount which would cause the aggregate amount of bonded debt of the district, less the amount of sinking funds on hand for the payment of such bonded debt, to exceed 10% of the assessed value of the real property in the district or in the case of Sussex County school districts, 10% of 50% of the full market value of real estate, in Kent County school districts, 10% of 60% of the full market value of real estate; and in New Castle County school districts, 10% of 100% of the full market value of real estate, whichever is greater. For purposes of this section, the full market value of real estate shall be determined by the Assessment to Sales Ratio Study conducted annually by the Office of Management and Budget.
Structure Delaware Code
Chapter 21. LOCAL SCHOOL BONDS
§ 2102. Power of district to issue bonds.
§ 2103. Temporary use of funds.
§ 2104. Faith and credit of district; exemption of bonds from taxation.
§ 2105. Validity of bonds; incontestability.
§ 2106. Procedure governing sale of bonds to State.
§ 2107. Limitation on amount of bonds that may be issued.
§ 2108. Terms and form of bonds.
§ 2109. Designation, numbering and date of bonds.
§ 2110. Place of payment of principal and interest.
§ 2111. Signing and sealing bonds.
§ 2113. Cancellation and destruction of paid bonds and coupons.
§ 2114. Replacement of lost, destroyed or defaced bonds.
§ 2115. Rules and regulations governing fiscal records pertaining to bonds.
§ 2116. Taxing power of district.
§ 2117. Assessment list; objections; posting; hearing.
§ 2118. Assessment, levy and collection of taxes.
§ 2119. Report of tax collections and payment of collected taxes.
§ 2120. Jurisdiction of justices of the peace.
§ 2121. Authority to tax; scope of this chapter.
§ 2122. Election to authorize bond issue; rules governing; referendum to transfer tax funds.