Delaware Code Title 9 Sec. 2409 – Deposit and use of proceeds of sale of bonds; liability of purchasers …
(a) All money received from the sale of any or all of such bonds, after the payment of the charges and expenses connected with the preparation and sale thereof, shall be deposited by the Department of Finance in a state or national bank designated by New Castle County, to the credit of the County Council of New Castle County in a separate account and payments thereof shall be made in the same manner as other payments by the County Council. No part of the money thus obtained, except as in this section provided, shall be used for any other purpose than those stated in this chapter.
Terms Used In Delaware Code Title 9 Sec. 2409
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- 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
(b) The purchasers or holders of the bonds shall not be bound to see to or be affected by the application of the money realized from the sale of the bonds.
48 Del. Laws, c. 377, § ?9; 9 Del. C. 1953, § ?2409; 55 Del. Laws, c. 85, §§ ?16A-16C; 63 Del. Laws, c. 142, § ?19; 71 Del. Laws, c. 401, § ?15;