CHAPTER 146 - FREDERICA
AN ACT AUTHORIZING THE TOWN OF FREDERICA TO BORROW TWENTY THOUSAND DOLLARS AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF CONSOLIDATING AND REFUNDING THE PUBLIC INDEBTEDNESS AND TO FINANCE CERTAIN PUBLIC IMPROVEMENTS OF THE SAID THE TOWN OF FREDERICA.
WHEREAS, the Town of Frederica, under the style of the Town Commissioners of Frederica, was authorized to borrow Fifteen Thousand ($15,000.00) and to issue bonds therefor for the purpose of acquiring in any manner and establishing and maintaining a water plant for the Town of Frederica under Chapter 162, Volume 40, Laws of Delaware, approved February 6, 1935; and,
WHEREAS; pursuant to the powers therein conferred, said Town of Frederica did borrow the sum of Seventy-five Hundred ($7500.00) Dollars with which to purchase a power plant and water system for the said Town of Frederica; and,
WHEREAS, said power plant and water system is in need of repairs, and which repairs will necessitate the expending of upwards of Fifteen Hundred ($1500.00); and,
WHEREAS, the Town of Frederica, pursuant to referendums by the citizens of the said Town qualified to vote at such referendums, has acquired a municipal hall and fire house at a cost of approximately Nine Thousand ($9,000.00) Dollars; and,
WHEREAS, it will be necessary to spend upwards of Two Thousand ($2,000.00) Dollars to equip said municipal hall and fire house; and,
WHEREAS, the said Town of Frederica is desirous of refinancing and consolidating its present indebtedness and the added indebtedness arising from the repairs and replacements aforesaid; now, therefore,
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 General Assembly concurring therein):
Section 1. That the Town of Frederica be and it is hereby authorized and empowered to borrow on the credit of said Town a sum of money not exceeding Twenty Thousand ($20,000.00) Dollars, to be used for the purpose of consolidating and refunding the public indebtedness of the Town of Frederica, for the purpose of financing the necessary costs of purchasing a lot and erecting and furnishing thereon a municipal building, and to finance the costs of necessary improvements and repairs to the power plant and water mains of said Town of Frederica.
Section 2. That the Town of Frederica for the purposes set forth in Section 1 of this Act shall have full power and authority to issue one or more bonds of the Town of Frederica, to an amount not exceeding Twenty Thousand ($20,000.00) Dollars.
Section 3. The denomination of such bond or bonds shall be in such amount as shall be determined by the Town Council of Frederica and shall bear interest at a rate not exceeding six per centum per annum payable on the first days of January and July in each and every year at such bank or trust company as the said the Town of Frederica shall designate. The bonds issued pursuant to the provisions of this section may or may not have attached thereto coupons as the said The Town Council of Frederica by resolution shall determine.
Section 4. Said bonds shall bear date on the first day of July or the first day of January in the year in which the same shall be issued, and the principal thereof shall be payable at such bank or trust company as the said Town Council of Frederica shall designate. Such bond or bonds issued under the provisions of this Act shall mature not later than thirty years from their respective dates, and the said bond or bonds may be redeemed at the option of the said Town Council of Frederica at par and accrued interest at any interest period from the date of said bond or bonds. The Town Council may provide for the payment of an annual installment on account of the principal debt of said bond or bonds of not less than Five Hundred Dollars per annum and accrued interest by resolution adopted by the Council of the Town of Frederica; provided, however, that if the Town Council of Frederica shall at any time after the expiration of five years from the date of said bond or bonds elect to redeem any one or more thereof, such redemption shall be made in pursuance of notice signed by the Mayor of the Town of Frederica and by the Treasurer thereof, published once a week for two consecutive weeks in two newspapers published in the City of Dover. Such notice shall indicate the bond or bonds called, and after making such call the interest on any of the said bond or bonds so called shall cease from the date named for redemption thereof.
Section 5. The Town Council of Frederica shall direct and effect the preparation, printing and sale of said bond or bonds authorized by this Act at such time or times, and on such terms as they may deem expedient, and all monies arising from such sale shall be applied to carry into effect the provisions of this Act. The form of said bonds and the form of any coupons thereto attached, if the Town Council shall elect to issue bonds with coupons attached, shall be prescribed by the Town Council of Frederica and they shall be signed by the Mayor 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 and coupons, if any there be, shall be paid, the same shall be cancelled as the Town Council of Frederica shall direct.
Section 6. The said Town Council of Frederica is hereby authorized and required to levy and raise from taxation, in each year, upon all assessable real estate in said Town, a sum of money sufficient to pay all interest accruing on said Bonds, or any of them, whilst any of them shall remain unpaid; and the said Town Council of Frederica is further authorized and empowered to levy and raise from taxation from time to time such sum or sums as said Town Council of Frederica shall deem proper to establish a Sinking Fund adequate for the redemption . of said bonds at or before their maturity. Such taxes shall be in excess of and in addition to the sum or amount authorized to be raised by said Town Council of Frederica by any other Act; and shall be levied and raised upon assessable real estate in said Town.
Section 7. The bonds authorized by this Act may be issued at one time and in one series, or at different times and in different series as the Town Council of Frederica 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 Twenty Thousand Dollars.
Section 8. The faith and credit of the said Town Council of Frederica is hereby pledged for the payment of all the bonds that may be issued under the provisions of this Act.
Section 9. The powers conferred in and by this Act shall continue in full force and effect without limitation as to the time when said powers, or any of them, shall be exercised or executed.
Approved April 19, 1937.