(a) Bonds, other than state-guaranteed bonds, issued pursuant to this subchapter shall not constitute a debt of the State or any political subdivision or any agency thereof, or a pledge of the full faith and credit or taxing power of the State or any political subdivision or any agency thereof, and shall not obligate the State or the Authority to make any appropriation for their payment.
(b) All bonds, other than state-guaranteed bonds, shall contain on the face thereof a statement to the following effect:
“Neither the faith and credit nor the taxing power of the State is pledged to the payment of the principal of, premium, if any, or interest on this bond, nor is the State or the Delaware Economic Development Authority in any manner obligated to make any appropriation for payment thereof.”
(c) State-guaranteed bonds shall be a debt of the State.
Structure Delaware Code
Chapter 87A. ECONOMIC DEVELOPMENT
Subchapter VII. Delaware Economic Development Authority
§ 8751A. Findings; declaration of policy.
§ 8753A. Established; organization.
§ 8754A. Deauthorization of state-guaranteed bonds.
§ 8755A. Application for assistance; findings and determinations.
§ 8757A. Covenants with bondholders.
§ 8758A. Pledge of revenues or other property.
§ 8759A. Limitation on liability of State.
§ 8760A. Negotiability of bonds.
§ 8761A. Default in payment of state-guaranteed bonds; insufficient revenues to make payment.
§ 8762A. Limitation of powers of State.
§ 8764A. Bonds as legal investments for institutions and fiduciaries.
§ 8765A. Exemption from taxation.
§ 8766A. Property of Authority exempt from judicial process.
§ 8767A. Liberal construction of subchapter.
§ 8768A. Inconsistent laws inapplicable; facsimile signatures.