CHAPTER 151
AN ACT ABOLISHING THE SINKING FUND COMMISSIONERS OF THE CITY OF WILMINGTON; REPEALING CERTAIN ACTS RELATING TO THE SINKING FUND COMMISSIONERS OF THE CITY OF WILMINGTON AND TRANSFERRING THE POWERS AND DUTIES HERETOFORE EXERCISED BY THE SINKING FUND COMMISSIONERS OF THE CITY OF WILMINGTON TO THE CITY TREASURER.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of the Members elected to each Branch thereof concurring therein):
Section 1. Chapter 186 of Volume 11, Laws of Delaware, entitled "An Act to provide a Sinking Fund for the payment of City debt of Wilmington" and Chapter 92 of Volume 35, Laws of Delaware, entitled "An Act relating to the Sinking Fund of The Mayor and Council of Wilmington" and any and all acts amendatory of said acts or supplemental thereto be and they are hereby repealed.
Section 2. The Sinking Fund Commissioners of the City of Wilmington now in office are hereby authorized and directed to pay over to the City Treasurer of The Mayor and Council of Wilmington all moneys now held by such Commissioners, as well as any and all bonds and all other obligations held by such Commissioners, as and by way of investment of moneys heretofore paid to such Commissioners.
Section 3. The City Treasurer of The Mayor and Council of Wilmington is hereby authorized and directed to hold all such moneys or bonds or obligations received by him from the Sinking Fund Commissioners of the City of Wilmington for the sole purpose of the payment of the bonded debt of the City. The City Treasurer shall have authority to invest any and all moneys received by him from the Sinking Fund Commissioners in bonds of the United States of America, of the City of Wilmington, of the State of Delaware or of any town or county of the State of Delaware.
Section 4. The City Treasurer of The Mayor and Council of Wilmington shall have power to sell any of the bonds or obligations received by him from the Sinking Fund Commissioners of the City of Wilmington or such bonds or other obligations as may have been purchased by him by way of investment of moneys in the Sinking Fund whenever he is directed so to do by resolution of "The Council" of The Mayor and Council of Wilmington, provided, however, that the proceeds shall in all instances be used for the sole purpose of the payment of the bonded debt of the City.
Section 5. The City Treasurer of The Mayor and Council of Wilmington when directed by resolution of "The Council" of The Mayor and Council of Wilmington shall apply moneys held by him, pursuant to the terms of this law, solely for the payment of outstanding bonded debt of the City of Wilmington.
Section 6. This law shall become effective June 30, 1959.
Approved July 9, 1959.