General terms, content and payment of bonds.
Wilmington City Code § 2-437
in effectSec. 2-437. - General terms, content and payment of bonds.
(a) Bonds shall be issued in such series and within such series in such subseries as the city may from time to time determine. The aggregate principal amount of bonds which may be issued, authenticated and delivered under this division is unlimited but, prior to issuance of each series of bonds, the city shall adopt a supplemental ordinance authorizing such series and prescribing such specific terms as council deems appropriate.
(b) The bonds of each series may be issued in coupon form with principal payable to the bearer, unless issuance of bonds in coupon form would cause the interest on the bonds to be subject to federal income taxation, in which case all bonds must be in fully registered form, or registered as to principal only, in fully registered form, or may consist in whole or in part of one or more bonds in fully registered form payable as to principal or subject to mandatory redemption in annual installments, or any combination of the foregoing, shall be issued in such aggregate principal amount, shall be dated on or as of such date, shall be in such denominations, shall mature or be subject to mandatory redemption in such principal amounts and on such dates, shall bear interest from such date and at such rate, shall be subject to optional redemption at such times and upon such terms, and shall contain such other terms and conditions not inconsistent with this division, all as shall be determined by the city and set forth in the supplemental ordinance under which such bonds are issued, or as shall be determined by a designated officer or officers of the city authorized by the supplemental ordinance, or in the absence of such provisions or designation, as shall be determined by the bond committee as specified in section 2-456.
(c) The principal of, the premium, if any, and interest on any bond shall be payable in lawful money of the United States of America at such place within or without the state and in such manner, all as shall be more specifically set forth in such bond.
(d) In all instances of bonds issued pursuant to this division and this section, the bond committee shall select bond counsel and, not later than seven days prior to the introduction of the bond ordinance, forward its selection to the city solicitor for approval, subject to Section 8-410 of the City Charter, and shall select the financial advisors, the financial institutions, and any other parties associated with bringing a bond issue to market, as each of the aforesaid terms or phrases is defined in section 2-434 of this chapter.
(Code 1968, § 30-88; Ord. No. 98-021(sub 1), § 1, 3-5-98)
Source: City of Wilmington, Delaware, City Code, City Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/de/wilmington/codes/code_of_ordinances?nodeId=PTIIWICO_CH2AD_ARTVIFI_DIV7GEOBBO_S2-437GETECOPABOFetched: 11/6/2026