(a) The County Council may issue bonds of New Castle County to finance the cost of constructing sewage disposal facilities in any sanitary sewer district. The moneys raised by the issuance of such bonds shall be held in a separate account and shall be expended only for the construction of sewage disposal facilities in the sanitary sewer district for which the bonds are issued.
(b) The bonds shall bear interest at the most advantageous rate attainable by the County Council and the income therefrom shall not be subject to state taxation. Each issue of such bonds shall be payable within 30 years after the date of the bonds of such issue. The interest coupons and face amount of the bonds shall be payable at such place or places as the County Council may prescribe. The reasonable expenses of issuing such bonds shall be deemed a part of the cost of constructing the sewer facilities. The full faith and credit of New Castle County shall be pledged to the payment of such bonds and the interest thereon. Debt incurred by the County Council pursuant to this chapter may be represented by uncertificated obligations of the County Council which may be authorized in accordance with the same procedures applicable to bonds which are permitted to be issued under this chapter, and the County Council by resolution may determine, or it may delegate authority to the County Executive to determine, all procedures appropriate to the establishment of a system of issuing uncertificated debt.