Delaware Code Title 16 Sec. 9006 – Subsidy contract — Pledge of support; terms; records; release …
A subsidy contract shall be entered into by the issuing officers on behalf of the State. The subsidy contract shall contain a pledge by the State to make payments, in the amount provided by the subsidy contract, from the Health Facilities Subsidy Fund, to the health facilities corporation from money on deposit in such Fund. No subsidy contract shall be entered into by the issuing officers unless they reasonably determine that the amounts from interest earned or profit realized in the Fund will be available to meet annual payments under the subsidy contract as they become due and payable. The issuing officers shall maintain records of all payments made and all payments owing under subsidy contracts. The issuing officers shall have the power to grant releases or satisfactions of mortgages granted to secure loans made from the Health Facility Construction Fund, provided that the Governor shall execute such release or satisfaction.
16 Del. C. 1953, §§ ?9006, 9007; 56 Del. Laws, c. 363; 59 Del. Laws, c. 455, § ?4; 64 Del. Laws, c. 463, § ?1;
Terms Used In Delaware Code Title 16 Sec. 9006
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Health facility: shall mean a facility, located in the State, owned and operated by a health facilities corporation, providing general medical, surgical and emergency treatment to the public. See Delaware Code Title 16 Sec. 9002
- Issuing officers: shall mean the Governor, the Secretary of State and the State Treasurer as defined in § 7401 of Title 29. See Delaware Code Title 16 Sec. 9002
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Subsidy contract: shall mean a contract by the State, approved by the issuing officers, providing a subsidy to a health facilities corporation. See Delaware Code Title 16 Sec. 9002