CHAPTER 170 - MILFORD

AN ACT AUTHORIZING "THE CITY OF MILFORD" TO BORROW ONE HUNDRED AND TWENTY-FOUR THOUSAND DOLLARS ($124,000) AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING BONDS AND OTHER INDEBTEDNESS OF THE CITY OF MILFORD."

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 "The City of Milford", 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 City of Milford", a sum of money not exceeding One Hundred and Twenty-four Thousand Dollars ($124,000) for the purpose of redeeming and refunding outstanding bonds and other indebtedness of the said The City of Milford."

Section 2. That the City Council of the said "The City of Milford", for the purposes set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the said "The City of Milford" to an amount not exceeding in the aggregate the sum of One Hundred and Twenty-four Thousand Dollars ($124,000), and said bonds shall be known by whatever name the City Council shall determine.

Section 3. The said bonds shall be authorized by a resolution of the City Council 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 four 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 City Council shall determine. Any or all of said bonds may be redeemed at the option of the City Council 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 City Council 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 Mayor of "The City of Milford" and by the Treasurer of said City, published once a week for two consecutive weeks in a newspaper or newspapers published and circulated in Kent or Sussex Counties, Delaware. Such notice shall indicate the bonds called and in making such call or calls for redemption the said City Council shall select by lot 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 City Council of "The City of Milford" 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 City Council 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 City Council and said bonds shall be signed by the Mayor of "The City of Milford" and by the Treasurer of said City, 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 City Council shall direct.

Facsimile signatures of the Mayor of "The City of Milford" and of the Treasurer of "The City of Milford" may be imprinted upon the coupons that may be attached to said bonds in lieu of the respective signatures of the said Mayor and Treasurer.

Section 6. The said City Council of "The City of Milford" is hereby authorized and required to levy and raise by taxation in each year any sum of money that may be required to pay the interest accruing on said bonds or any of them, whilst any of said bonds remain unpaid. And the said City Council is further authorized and required to levy and raise by taxation, from time to time, such sum or sums as said City Council shall deem proper to establish a sinking fund adequate for the redemption of said bonds or any of them at or before their maturity. Taxes for interest and sinking fund, as aforesaid, shall be levied and raised as taxes for general and municipal purposes in the said City 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 said "The City of Milford" 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 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.

Approved April 15, 1935.