CHAPTER 145 - FRANKFORD

AN ACT AUTHORIZING "THE TOWN OF FRANKFORD" TO BORROW THIRTY-ONE THOUSAND DOLLARS ($31,000.00) AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING BONDS OF "THE TOWN OF FRANKFORD."

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 Frankford", 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 Frankford", a sum of money not exceeding Thirty-one Thousand Dollars ($31,000) for the purpose of redeeming and refunding outstanding bonds and other indebtedness of the said "The Town of Frankford."

Section 2. That the Town Council of the said "The Town of Frankford", for the purposes set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the said "The Town of Frankford" to an amount not exceeding in the aggregate the sum of Thirty-one Thousand Dollars ($31,000), and said bonds shall be known by whatever name the Town Council shall determine.

Section 3. The said bonds shall be issued in such denominations as the Town Council of the said "The Town of Frankford" may deem proper and shall be numbered consecutively, beginning with number one, and shall bear interest at a rate not exceeding four per centum per annum, payable on the first day of January and July in each and every year, at The First National Bank of Frankford, at Frankford, Delaware. The bonds may or may not be coupon bonds as the said Town Council shall determine.

Section 4. Said bonds shall bear date on the first day of January or the first day of July in the year in which the same shall be issued, and the principal thereof shall be payable at The First National Bank of Frankford, at Frankford, Delaware, at the expiration of thirty-five (35) years from their date. The said bonds, or any of them, may be redeemed at the option of the said Town Council of the said "The Town of Frankford" at par and accrued interest, at any interest period after the expiration of three years from the date of said bonds, provided, however, that if the Town Council, aforesaid, shall at any time after the expiration of three years from the date of said bonds elect to redeem any of said bonds, such redemption shall be made in pursuance of notice signed by the President of said Town Council, and by the Treasurer of said Town, published once a week for two consecutive weeks, in a newspaper published in the City of Wilmington, and a newspaper published in Sussex County. Such notice shall indicate the bonds called and such bonds shall be called according to their number beginning with the lowest number, and the interest on the bonds so called shall cease from the date named for payment thereof.

Section 5. The Town Council of the said "The Town of Frankford" shall direct and effect the preparation, printing and sale of said bonds authorized by this Act at such time or times and on such terms as it may deem expedient, and all the moneys arising from said sale shall be applied to carrying into effect the provisions of this Act.

Section 6. The form of said bonds, with coupons that may be attached thereto, shall be prescribed by the Town Council of the said "The Town of Frankford" and said bonds shall be signed by the President of the Town Council 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 with the coupons that may be attached thereto shall be paid, the same shall be cancelled as said Town Council shall direct.

Facsimile signatures of the President of the Town Council and of the Treasurer of "The Town of Frankford" may be imprinted upon the coupons that may be attached to said bonds in lieu of the respective signatures of the said President of the Town Council and Treasurer of "The Town of Frankford" in their own original hand writing.

Section 7. The said Town Council of the said "The Town of Frankford" 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 Town Council is further authorized and required to levy and raise by taxation from time to time such sum or sums as said Town 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 municipal purposes in said Town are levied and raised and shall be in addition to the taxes raised for all or any other purposes.

Section 8. The Bonds authorized by this Act may be issued at one time or at different times, as the Town Council of the said "The Town of Frankford" 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 Thirty-one Thousand Dollars.

Section 9. The faith and credit of the said "The Town of Frankford" 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 10. A statement appearing in the bonds issued under the provisions of this Act to the effect that the bonds have been duly authorized, shall be deemed and held to be conclusive evidence in favor of the holder of any such bonds, that all the terms and conditions of this Act have been fully met and complied with.

Approved May 11, 1937.