CHAPTER 22 - PROVISION FOR THE PAYMENT OF INTEREST ON REFUNDING BONDS

AN ACT TO AMEND CHAPTER 63 OF VOLUME 29, LAWS OF DELAWARE, AS AMENDED BY CHAPTER 66 OF VOLUME 35, LAWS OF DELAWARE, AND PROVIDING FOR THE PAYMENT OF INTEREST ON REFUNDING BONDS ISSUED FOR THE PAYMENT AND REDEMPTION OF CERTAIN BONDS ISSUED BY THE LEVY COURTS OF NEW CASTLE, KENT AND SUSSEX COUNTIES.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (three-fourths of all the members elected to each Branch thereof concurring therein):

Section 1. That Chapter 63 of Volume 29, Laws of Delaware, as amended by Chapter 66 of Volume 35, Laws of Delaware, be and the same is hereby further amended by adding at the end of the first paragraph of Section 14 of the said Chapter 63 of Volume 29, as amended by the said Chapter 66 of Volume 35, as aforesaid, immediately after the word "County", the following:

If, and when, any of the bonds issued in accordance with any of the Acts of the General Assembly of the State of Delaware, as hereinbefore enumerated in this section, shall be paid and redeemed, prior to their due date, by the issuing of Refunding Bonds for the payment and redemption thereof, then and in any such event, the interest on any such Refunding Bonds, so issued, shall be paid in like manner and from like funds, as the interest on the original bonds referred to in this section was paid before being refunded, and all of the provisions of this section shall apply to any and all such Refunding Bonds with the same force and effect as in the case of the bonds issued under the provisions of the said Acts of the General Assembly of the State of Delaware as hereinbefore enumerated in this section.

Section 2. The Levy Court of the respective Counties, in fixing the annual rate of taxation, shall not provide for the raising of any sum of money for the payment of the interest on any of the said Refunding Bonds in this Act referred to, so long as the interest on the same is provided for and paid in accordance with Section 1 of this Act.

Approved April 18, 1935.