Bonds issued under this chapter must meet all of the following conditions:
(1) Be in such denomination, in such form, and bear such rate of interest as determined by the State under § 7506 of Title 29; provided, however, that the Board must be consulted regarding the term of such bonds.
(2) Bear interest from and after their date, payable semiannually on the days designated in the bonds.
(3) Consist of a single bond registered as to both principal and interest with the principal of the bonds payable in installments and interest on the bonds payable semiannually. The amounts of principal payable, the dates on which such payments are due, and the dates on which the interest is due must be noted on the bond form.
(4) The bonds must be payable in serial installments beginning not more than 1 year after the date of the bonds and ending not more than 20 years after such date. The amount of any installment payable in any 1 year, except the last year, must be not less than 1/20 of the aggregate principal amount of the bonds of such issue.
Structure Delaware Code
Chapter 91. Administrative Provisions
Subchapter II. Community College Infrastructure Fund
§ 9130. Establishment of Community College Infrastructure Fund; purposes; limitations.
§ 9131. Power of Board to issue promissory notes or bonds.
§ 9132. Faith and credit of the College; exemption of bonds from taxation.
§ 9133. Validity of bonds; incontestability.
§ 9134. Procedure governing sale of bonds to State.
§ 9135. Terms and form of bonds.
§ 9136. Designation, numbering, and date of bonds.
§ 9137. Place of payment of principal and interest.
§ 9138. Signing and sealing bonds.
§ 9140. Cancellation and destruction of paid bonds.
§ 9141. Replacement of lost, destroyed, or defaced bonds.
§ 9142. Rules and regulations governing fiscal records pertaining to bonds.