CHAPTER 177 - SMYRNA
AN ACT AUTHORIZING "THE TOWN OF SMYRNA" TO BORROW AN AMOUNT NOT EXCEEDING ONE HUNDRED AND FORTY-SEVEN THOUSAND DOLLARS AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING BONDS OF "THE TOWN OF SMYRNA."
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 of Smyrna", 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 "The Town of Smyrna", a sum of money not exceeding One Hundred and Forty-seven Thousand Dollars ($147,000) for the purpose of redeeming and refunding certain outstanding bonds of the said "The Town of Smyrna."
Section 2. That the Town Council of the said "The Town of Smyrna", for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the said "The Town of Smyrna" to an amount not exceeding in the aggregate the sum of One Hundred and Forty-seven Thousand Dollars ($147,000) and that said bonds shall be known by whatever name said Town Council shall determine.
Section 3. The said bonds shall be authorized by a resolution or resolutions of said Town Council and shall be issued in one or more series, shall bear such date or dates, mature at such time or times, not exceeding twenty-five years from their respective dates, bear interest at such rate or rates, not exceeding four percentum per annum, be payable at such time or times, be in such denominations, and payable at such place or places, as such resolution or resolutions of said Town Council may provide. The bonds may or may not be coupon bonds as said Town Council shall determine. Any or all of said bonds may be redeemed at the option of said Town Council at par and accrued interest and at such interest period or periods and after the expiration of such time or times from the date of said bonds, all as shall be authorized by said resolution or resolutions of said Town Council and as shall be set forth in the bonds, and if said Town Council shall elect to redeem any or all of said bonds as provided in the bonds, such redemption shall be made in pursuance of notice signed by the President of the said Town Council, or signed by the Mayor of "The Town of Smyrna", if at any time the charter of the said "The Town of Smyrna" be amended to provide for the office of Mayor of "The Town of Smyrna" in lieu of the office of President of the Town Council. Such notice shall be published once a week for three consecutive weeks in a newspaper published in the City of Wilmington and State of Delaware, and in a newspaper published in Kent County, Delaware. Such notice shall indicate the bonds so called for redemption and in making such call or calls for redemption said Town Council shall select the bonds to be so called by lot, or in such other manner as the said resolution or resolutions of said Town Council, providing for the issuance of said bonds and as the bonds issued in pursuance thereof, shall state. The interest on bonds so called for redemption shall cease from the redemption date named in any of said calls.
Section 4. The Town Council of The Town of Smyrna" 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 and in such form as the said Town Council may deem expedient and so provide by resolution or resolutions. 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, together with any coupons which may be attached thereto, shall be prescribed by resolution or resolutions of said Town Council and said bonds shall be signed by the President of the Town Council of the said "The Town of Smyrna", or by the Mayor of The Town of Smyrna" if the charter of the said "The Town of Smyrna" be amended changing the present office of President of the Town Council to the Mayor of The Town of Smyrna", and by the Treasurer of said Town, and sealed with the corporate seal of said municipal corporation. Said bonds shall be exempt from all State, County and Municipal taxes. As said bonds and any coupons attached thereto shall be paid, the same shall be cancelled as said Town Council shall direct. Facsimile signatures of the said President of the Town Council, or of the Mayor of "The Town of Smyrna", as the case may be as aforesaid, and of the Treasurer of said Town, may be imprinted upon any coupons that may be attached to said bonds in lieu of the signature of the said President of Council, or of the Mayor of "The Town of Smyrna", as the case may be as aforesaid, and in lieu of the signature of the Treasurer of said "The Town of Smyrna."
Section 6. The said Town Council of "The Town of Smyrna" is hereby authorized and required to levy and raise by taxation in each year such sum of money that may be required to pay the interest accruing on said bonds, or any of them, while all or any of said bonds remain unpaid, and the said Town Council is further authorized and required to levy and raise by taxation, from time to time, such sum or sums as shall be required to establish a sinking fund adequate for the redemption of said bonds, or any of them, at or before their maturity, and such sum or sums as shall be required to otherwise redeem any or all of said bonds at or before their maturity. Taxes for interest and for redemption of said bonds as aforesaid, shall be levied and raised as taxes for general and municipal purposes in the said Town are levied and raised and shall be in addition to the taxes raised for all or any other purposes.
Section 7. The faith and credit of "The Town of Smyrna" is 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 8. Any bond issued pursuant to this Act may contain a recital that it is issued pursuant to this Act and such recital shall be conclusive evidence of its validity and of the regularity of its issuance.
Approved April 18, 1935.