(a) (1) The Authority may appoint an Executive Director and a General Counsel, and any other officers, none of whom may be members of the Authority.
(2) The Executive Director shall:
a. Serve at the pleasure of the Authority; and
b. Receive compensation as fixed by the Authority.
(3) The Executive Director or other person designated by resolution of the Authority:
a. Shall keep a record of the proceedings of the Authority;
b. Shall be custodian of all books, documents and papers filed with the Authority, the minute book or journal of the Authority and its official seal; and
c. May cause copies to be made of all minutes and other records and documents of the Authority and may give certificates under the official seal of the Authority to the effect that the copies are true copies, and all persons dealing with the Authority may rely upon the certificates.
(b) (1) Six members of the Authority shall constitute a quorum.
(2) The affirmative vote of a majority of the members present, and not less than 5 votes, is necessary for any action taken by the Authority.
(c) (1) A vacancy in the membership of the Authority may not impair the right of a quorum to exercise all the rights and perform all the duties of the Authority.
(2) Any action taken by the Authority under this chapter may be authorized by resolution at any regular or special meeting and may take effect immediately and need not be published.
(d) (1) The Authority may issue bonds for the purpose of making Authority loans to institutions participating in a program of the Authority for the purpose of providing education loans.
(2) Bonds issued under this section shall be obligations of the Delaware Higher Education Supplemental Loan Authority only, and not of the State. The Authority may not offer bonds for sale, nor issue any bonds, to which it has pledged the moral obligation of the State.
(e) (1) Bonds issued under this chapter shall state on the face of each bond that they represent and constitute an obligation of the Authority only, and do not constitute either a debt of the State within the meaning of the Constitution or laws of the State or a pledge of the faith and credit of the State.
(2) The bonds may not grant to the owners or holders any right to have the Authority or the General Assembly levy any taxes or appropriate any funds for the payment of principal or interest.