CHAPTER 178 - WILMINGTON

AN ACT PROVIDING FOR APPROPRIATIONS OF CERTAIN MONEYS TO THE SINKING FUND FOR THE PURPOSE OF RETIRING ALL BONDS ISSUED IN THE NAME OF AND BY AUTHORITY OF "THE MAYOR AND COUNCIL OF WILMINGTON."

Be it enacted by the Senate and House of Representatives in General Assembly met (two-thirds of each House concurring therein):

Section 1. That Section 2 of Chapter 146 of Volume 36, Laws of Delaware, approved March 25th, A. D. 1929, be and the same hereby is repealed and the following substituted in lieu thereof.

Section 2. (a) Beginning on the fourth Thursday in August of the fiscal year 1935 and 36, and each year thereafter, "The Council" of "The Mayor and Council of Wilmington" shall make the following appropriations to the Commissioners of the Sinking Fund for the purpose of retiring all bonds issued by "The Mayor and Council of Wilmington":

July 1, 1935, to June 30,

1936

$421,550.00

July 1, 1936, to June 30,

1937

461,000.00

July 1, 1937, to June 30,

1938

456,250.00

July 1, 1938, to June 30,

1939

452,450.00

July 1, 1939, to June 30,

1940

469,650.00

July 1, 1940, to June 30,

1941

487,600.00

July 1, 1941, to June 30,

1942

503,000.00

July 1, 1942, to June 30,

1943

507,150.00

July 1, 1943, to June 30,

1944

437,150.00

July 1, 1944, to June 30,

1945

467,150.00

July 1, 1945, to June 30,

1946

457,550.00

July 1, 1946, to June 30,

1947

464,450.00

July 1, 1947, to June 30,

1948

469,650.00

July 1, 1948, to June 30,

1949

415,350.00

July 1, 1949, to June 30,

1950

408,500.00

July 1, 1950, to June 30,

1951

376,200.00

July 1, 1951, to June 30,

1952

383,350.00

July 1, 1952, to June 30,

1953

280,700.00

July 1, 1953, to June 30,

1954

299,750.00

July 1, 1954, to June 30,

1955

412,200.00

July 1, 1955, to June 30,

1956

427,650.00

July 1, 1956, to June 30,

1957

443,700.00

July 1, 1957, to June 30,

1958

460,450.00

July 1, 1958, to June 30,

1959

477,850.00

July 1, 1959, to June 30,

1960

495,900.00

July 1, 1960, to June 30,

1961

514,800.00

July 1, 1961, to June 30,

1962

534,300.00

July 1, 1962, to June 30,

1963

554,700.00

July 1, 1963, to June 30,

1964

146,200.00

October 1, 1964

 

10,000.00

October 1, 1965

 

10,000.00

October 1, 1966

 

10,000.00

October 1, 1967

 

10,000.00

(b) The said appropriations shall be paid into the hands of the Commissioners of the Sinking Fund and shall be used by said Commissioners of the Sinking Fund for the purpose of retiring the bonds of the said City of Wilmington maturing in the fiscal year on account of which said appropriation is made.

(c) In the event that the appropriation in any fiscal year referred to in Section 2 (a) hereof shall be in excess of the amount of the principal of the face value of the bonds maturing in such fiscal year, the said Commissioners of the Sinking Fund shall invest such excess as hereinafter provided. No part of any of such annual appropriations shall be used by the Commissioners of the Sinking Fund for the purpose of paying the interest on any of the bonds of the said City of Wilmington. Whenever it shall become necessary for the Commissioners of the Sinking Fund to use such excess of appropriations for the purpose of paying bonds of the said City of Wilmington maturing in any particular fiscal year, the Commissioners of the Sinking Fund shall sell such amount of the securities in which such excess of appropriations shall have been invested, which, together with the amount of the appropriation to be made by "The Council" for such fiscal year, will be sufficient to pay the principal amount of the bonds of the said City of Wilmington maturing in such fiscal year.

(d) Said sums so appropriated for the security and payment of bonds shall be by said Commissioners deposited in such bank or trust company in the City of Wilmington as the said Commissioners shall designate; and the same shall be withdrawn only upon orders signed by the President and one other member of the Commission together with the City Treasurer. Such funds shall be invested only in securities of the following classes and kinds, viz:

(1) Stocks and bonds and interest-bearing obligations of the United States, for which the faith and credit of the United States are pledged to provide for the payment of the interest and principal thereof, including the bonds of the District of Columbia;

(2) Stocks and bonds and interest-bearing obligations of the State of Delaware and of any other State of the United States, issued pursuant to the authority of the Law relating thereto;

(3) Stocks and bonds of any County of the State of Delaware, and of any County of any State of the United States, issued pursuant to the authority of the Law relating thereto;

(4) Stocks and bonds of any school district of the State of Delaware, issued for school purposes and pursuant to the authority of the Law relating thereto;

(5) Stocks and bonds and interest-bearing obligations of any incorporated city or town of the State of Delaware or of any of the States of the United States, issued pursuant to the authority of the Law relating thereto, for the payment of which the faith and credit of the municipality issuing the same, are pledged; the said Commissioners shall have the right and power to sell said securities or any of them and to reinvest said funds, and any profits arising therefrom shall be deemed a part of the Sinking Fund.

(e) The Sinking Fund Commissioners shall accept any and all sums of money payable into the Sinking Fund by any Ordinance of The Council and shall invest and reinvest the same.

(f) Any and all premiums received from the sales of bonds of said City shall be paid to the Commissioners of the Sinking Fund by The Council, and the same shall be a part of the Sinking Fund.

() Any and all surplus revenues of the Board of Harbor Commissioners after the payment of all operating expenses of the Marine Terminal, including interest, but not including the principal due or to become due upon any bonds issued for or on behalf of the construction of the said Marine Terminal, shall be paid to the Sinking Fund Commissioners and shall become a part of the Sinking Fund.

(f) All bonds which may be issued by The Mayor and Council of Wilmington after the approval of this Act shall mature in equal annual installments within a period of not greater than ten years from the date of issuance thereof.

With respect to any such bonds, the appropriations herein-above provided shall be increased in any given year to the extent to which this may be necessary to carry out the provisions of this sub-paragraph (h).

() In the event the General Assembly of the State of Delaware shall discontinue the appropriations for the payment of school bonds, then "The Council" of "The Mayor and Council of Wilmington" shall increase the appropriations set forth in Section 2 (a) hereof to the extent of the amount of school bonds maturing each year.

Approved March 29, 1935.