CHAPTER 162 - FREDERICA
AN ACT AUTHORIZING THE TOWN COMMISSIONERS OF FREDERICA TO BORROW FIFTEEN THOUSAND DOLLARS, AND TO ISSUE BONDS THEREFOR, FOR THE PURPOSE OF ACQUIRING IN ANY MANNER AND ESTABLISHING AND MAINTAINING A WATER PLANT FOR THE TOWN OF FREDERICA.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all the members elected to each branch of the Legislature concurring therein):
Section 1. That the Town Commissioners of Frederica are hereby authorized and empowered to borrow on the credit of said Town a sum of money not exceeding Fifteen Thousand Dollars to be used for the purpose of acquiring in any manner and establishing and maintaining a water plant for the said Town of Frederica.
Section 2. That the Town Commissioners of Frederica for the purpose set forth in Section 1 of this Act shall have full power and authority to issue bonds of the said Town of Frederica to be known as "Frederica Water Bonds" to an amount not exceeding Fifteen Thousand Dollars.
Section 3. The denomination of said bonds shall be as determined by the said Town Commissioners of Frederica, and shall be numbered consecutively, beginning with Number One, and shall bear interest at a rate not exceeding six per centum per annum, payable on the first days of January and July in each and every year at such Bank or Trust Company as the said Town Commissioners of Frederica shall designate on the presentation of the coupons attached to said Bonds, representing said semi-annual interest.
Section 4. Said bonds shall bear date on the first day of July or the first day of January in the year in which the same shall be issued, and the principal thereof shall be payable at such Bank or Trust Company as the said Town Commissioners of Frederica shall designate at the expiration of thirty years from their date, and the said Bonds, or any of them, may be redeemed at the option of the said Town Commissioners of Frederica at par and accrued interest, at any interest period at the expiration of ten years from the date of said Bonds; provided, however, that if the Town Commissioners of Frederica shall at any time, after the expiration of ten years from the date of said Bonds, elect to redeem any thereof, such redemption shall be made in pursuance of notice signed by the President of the said Town Commissioners of Frederica, and by the Treasurer thereof, published once a week for two consecutive weeks in two newspapers published in the Town of Dover. Such 'notice shall indicate the Bonds called, and in making such calls the Corporation shall the Bonds according to their number, beginning with the lowest number, and the interest on any of the said Bonds shall cease from the date named in any of said calls for redemption.
Section 5. The Town Commissioners of Frederica shall direct and effect the preparation, printing and sale of said Bonds authorized by this Act at such time and times, and on such terms as they may deem expedient, and all moneys arising from such sale shall be applied to carry into effect the provisions of this Act.
Section 6. The form of said Bonds, with the coupons thereto attached, shall be prescribed by the Town Commissioners of Frederica, and they shall be signed by the President of the Town Commissioners of Frederica and by the Treasurer of said Town, and sealed with the corporate seal of said Corporation, and shall be exempt from State, County and Municipal taxes. As said Bonds and coupons thereto attached shall be paid the same shall be cancelled as the said Town Commissioners of Frederica shall direct.
Section 7. The said Town Commissioners of Frederica is hereby authorized and required to levy and raise from taxation, in each year, upon all assessable real estate in said Town, a sum of money sufficient to pay all interest accruing on said Bonds, or any of them, whilst any of them shall remain unpaid; and the said Town Commissioners of Frederica are further authorized and empowered to levy and raise from taxation from time to time- such-sum or sums as said Town Commissioners of Frederica shall deem proper to establish a Sinking Fund adequate for the redemption of said Bonds at or before their maturity, such taxes shall be in excess of, and in addition to the sum or amount authorized to be raised by said Town Commissioners of Frederica by any other Act; and shall be levied and raised upon assessable real estate in said Town.
Section 8. The Bonds authorized by this Act may be issued at one time and in one series, or at different times and in different series, as the Town Commissioners of Frederica shall determine, and the authority to issue and sell any Bonds, or number of Bonds, under this Act shall not be deemed to be exhausted until the aggregate of the amount of Bonds issued under this Act shall be Fifteen Thousand Dollars.
Section 9. The faith and credit of the said Town Commissioners of Frederica is hereby pledged for the payment of all the Bonds that may be issued under the provisions of this Act.
Section 10. That 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 posting notices in at least ten public places in said Town, at least ten days before said election, which said notices shall state the time and place of the election and the amount of Bonds proposed to be issued and the purpose for which said money is to be borrowed. At said election every taxable paying Town Taxes in the said Town shall be entitled to vote and shall have one vote for each One Dollar, or fractional part of One Dollar of taxes paid by such taxable according to the last assessment in 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 Bond 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, and not exceeding the aggregate Fifteen Thousand Dollars, may be issued as in this Act 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.
Section 11. The powers conferred in and by this Act shall continue in full force and effect without limitation as to the time when said powers, or any of them, shall be exercised or executed.
Approved February 6, 1935.