§ 1309. Regulation.
§ 1309. Regulation. Except as otherwise provided in §§ 201, 203A and 203B of subchapter II of Title 26, the Delaware Public Service Commission shall have no supervision or regulation over any municipal electric company formed pursuant to this chapter or over the budget, operations, rates, property, property rights, equipment, facilities or franchises of any […]
§ 1310. Bond issues.
§ 1310. Bond issues. (a) An electric company may issue such types of bonds as it may determine, subject only to any agreement with the holders of particular bonds, including bonds as to which the principal and interest are payable exclusively from all or a portion of the revenues from 1 or more projects, or […]
§ 1311. Form and sale of bonds.
§ 1311. Form and sale of bonds. (a) Bonds of an electric company shall be authorized by resolution of the board of directors and may be issued under such resolution or under a trust indenture or other security instrument in 1 or more series and shall bear such date or dates, mature at such time […]
§ 1312. Covenants.
§ 1312. Covenants. The company shall have power in connection with the issuance of its bonds to: (1) Covenant as to the use of any or all of its property, real or personal. (2) Redeem the bonds, to covenant for their redemption and to provide the terms and conditions thereof. (3) Covenant to charge rates, […]
§ 1313. Refunding bonds.
§ 1313. Refunding bonds. A company may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such time prior to the maturity or redemption of the refunded bonds as the company deems to be in the […]
§ 1314. Bonds eligible for investment.
§ 1314. Bonds eligible for investment. Bonds issued by a company under this chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, trust companies, banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest […]
§ 1315. Tax exemption.
§ 1315. Tax exemption. (a) All bonds of a municipal electric company are declared to be issued on behalf of the State for an essential public and governmental purpose and to be debts of a state municipal corporation. (b) The property of a company including any pro rata share of any property owned by a […]
§ 1316. Successor entities.
§ 1316. Successor entities. A company shall, if the contract so provides, be the successor to any nonprofit corporation, agency or any other entity theretofore organized by such contracting municipalities to provide the same or a related function, and the company shall be entitled to all rights and privileges and shall assume all obligations and […]
§ 1317. Other statutes.
§ 1317. Other statutes. The powers granted under this chapter do not limit the powers of municipalities to enter into intergovernmental cooperation or contracts or to establish separate legal entities under municipal charters or any other applicable law or otherwise to carry out their powers under applicable statutory provisions, nor shall such powers limit the […]
§ 1318. Construction.
§ 1318. Construction. This chapter shall be interpreted liberally to effect the purposes set forth in this chapter. 61 Del. Laws, c. 496, § 1;