CHAPTER 151 - LEWES
AN ACT AUTHORIZING "COMMISSIONERS OF LEWES" TO BORROW FORTY-FOUR THOUSAND DOLLARS ($44,000.00) AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING BONDS OF "COMMISSIONERS OF LEWES."
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all of the members elected to each Branch of the Legislature concurring therein):
Section 1. That "Commissioners of Lewes", a municipal corporation created by and existing under the laws of the State of Delaware, be and it is hereby authorized and empowered to borrow, on the faith and credit of the said "Commissioners of Lewes," a sum of money not exceeding Forty-four Thousand Dollars ($44,000.00) for the purpose of redeeming and refunding outstanding bonds of the said "Commissioners of Lewes."
Section 2. That the Board of Commissioners of the said "Commissioners of Lewes", for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the said "Commissioners of Lewes" for an amount not exceeding in the aggregate the sum of Forty-four Thousand Dollars ($44,000.00), and said bonds shall be known by whatever name the Board of Commissioners shall determine.
Section 3. The said bonds shall be authorized by a resolution of the Board of Commissioners and shall be issued in one or more series, shall bear such date or dates, mature at such time or times, not exceeding thirty years from their respective dates, bear interest at such rate or rates, not exceeding three and one-half per centum per annum, payable at such time, be in such denominations, and payable at such place or places, as such resolution or subsequent resolutions may provide. The bonds may or may not be coupon bonds as the said Board of Commissioners shall determine. Any or all of said bonds may be redeemed at the option of the Board of Commissioners at par and accrued interest at any interest period after the expiration of five years from the date of said bonds; provided, however, that if the said Board of Commissioners shall elect to redeem any or all of said bonds as aforesaid, such redemption shall be made in pursuance of a notice signed by the President and by the Treasurer of said "Commissioners of Lewes" published once a week for two consecutive weeks in a newspaper or newspapers published and circulated in Sussex County, Delaware. Such notice shall indicate the bonds called, and in making such call or calls for redemption the said Board of Commissioners shall begin with the lower numbers and select serially the bonds to be called. The interest on any of said bonds so called shall cease from the date named in any of said calls for redemption.
Section 4. The Board of Commissioners of Lewes shall direct and effect the preparation and sale of the bonds which are authorized by this Act at such time or times and upon such terms as the said Board of Commissioners may deem expedient and all moneys arising from the sale of said bonds shall be used for the purpose of carrying out the provisions of this Act.
Section 5. The form of said bonds, with the coupons that may be attached thereto, shall be prescribed by resolution of the Board of Commissioners, and said bonds shall be signed by the President and Treasurer of the "Commissioners of Lewes", and sealed with the corporate seal of said corporation and shall be exempt from State, County and Municipal Taxes. As said bonds and coupons attached thereto shall be paid, the same shall be cancelled as the said Board of Commissioners shall direct.
Facsimile signatures of the President and Treasurer of the "Commissioners of Lewes" may be imprinted upon the coupons that may be attached to said bonds in lieu of the respective signatures of the said President and Treasurer.
Section 6. The faith and credit of the said "Commissioners of Lewes" are hereby pledged for the due payment of all of the bonds and interest thereon that may be issued under the provisions of this Act.
Section 7. Commissioners of Lewes are authorized and directed to establish a sinking fund adequate to the redemption at or before the maturity, as provided in this Act, of all bonds which may be issued under the provisions hereof. Commissioners of Lewes shall set aside each year a sum of money derived from taxation, not to exceed Three- Thousand Dollars ($3,000.00), nor to be less than Two Thousand Dollars ($2,000.00) each year, which said money shall be deposited in a Bank or Trust Company of Sussex County, for the purpose of redeeming said bonds as prescribed herein. Commissioners of Lewes may invest said money until such time as the same shall be needed for the redemption of said bonds, provided that such investment shall be in Government, State, County, or Municipal Bonds.
The Treasurer of the Town of Lewes shall give such additional bond as the Commissioners of Lewes may determine and approve.
Section 8. Any bond issued pursuant to this Act 'may contain a recital that it is issued pursuant to this Act, which recital shall be conclusive evidence of its validity and of the regularity of its issuance.
Section 9. Before any bonds shall be issued under the provisions of this Act, a special election shall be held in the same place and in the same manner as other town elections. Notice of said election shall be given by advertisements in the nearest County newspaper and by posting notices in at least ten public places in said town at least two weeks before the said election, which said advertisements and notices shall state the time and place of the election and the amount of bonds proposed to be issued, and the purpose for which the said money is to be borrowed. At said election every person paying town taxes in the said town shall be entitled to vote and shall have one vote for each dollar or fractional part of a dollar of taxes paid by him or her according to the last assessment in the said town, and for the purposes of this election residence shall not be a qualification to voting in the said town. At said election the ballots used shall have written or printed thereon the words "for the band issue," or the words "against the bond issue." If at such election a majority of the votes cast shall be for the bond issue, then bonds to the amount voted on may be issued as in this Ad provided but if at such election the majority shall be against the bond issue, then no bonds shall be issued nor money borrowed under this Act."
Approved April 19, 1937.