The faith and credit of the College is expressly pledged for the full and complete payment of the principal of and interest on any promissory notes or bonds authorized to be issued under this chapter. Bonds or notes issued under this chapter shall not be deemed to constitute a debt or liability of the State or any political subdivision thereof, other than the College, or a pledge of the faith and credit of the State or any such political subdivision, other than the College, but shall be paid solely from the funds provided therefor. Bonds to be issued under this chapter are exempt from taxation, with respect to both principal and interest, by the State or any political subdivision of the State for any purpose.
Del. Code tit. 14, § 9132
Faith and credit of the College; exemption of bonds from taxation
82 Del
Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.