STATE PARK COMMISSION
AN ACT TO AMEND CHAPTER 259, VOLUME 41, OF THE LAWS OF DELAWARE, RELATIVE TO STATE PARK COMMISSION; AUTHORIZING THE BORROWING OF MONEY AND THE CREATION OF A DEBT BY OR IN BEHALF OF THE STATE OF DELAWARE FOR THE DEVELOPMENT AND LAYING OUT AND GENERAL IMPROVEMENT OF PUBLIC PARK LANDS BY THE STATE PARK COMMISSION AND THE ISSUANCE OF BONDS THEREFOR.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That Chapter 259, Volume 41, of the Laws of Delaware, be and the same are hereby amended by adding thereto the following new section, to be known as Section 2 (a) :
Section 2 (a). Right to Borrow Money:--The Commission shall be and hereby is authorized and empowered from time to time to borrow not exceeding in the aggregate at any one time, the sum of Four Hundred Thousand ($400,000.00) Dollars for the purpose of developing and improving such areas as may be administered by it and to pledge the revenues of the Commission as security for the repayment of any sum so borrowed, and for that purpose to issue bonds which may bear coupons or not, or may be registered as to principal, and/or interest, in such series, denominations and/or maturities, bearing such rate of interest, not exceeding five per centum, and containing such provisions as to call or redemption, and such other terms and conditions, as the Commission may determine.
Said bonds shall be issued in the name of the State Park Commission and shall be signed by the President and Secretary thereof, which signatures may be engraved or printed or written upon such bonds or any coupons attached thereto. The faith and credit of the State Park Commission are hereby pledged for the payment of the bonds authorized to be issued under the provisions of this Act, together with interest thereon. These bonds shall not be issued on the faith and credit of the State of Delaware but shall be exclusively the obligation of the State Park Commission and only the revenues of said Commission shall be pledged for the payment of principal and interest thereof. All said bonds shall be payable with respect to principal and interest at the Farmers Bank of Wilmington, Delaware, in lawful money of the United States.
Said bonds shall be exempt from taxation by the State or any political subdivision thereof for any purpose.
The Commission may sell and dispose of such bonds on the most advantageous terms possible, whether above or below par, after having advertised the same in at least one newspaper published in the State of Delaware, at least once each week for at least two weeks. No commission or other compensation shall be paid to any member of the Commission for effecting the sale or negotiating the sale of such bonds.
All money received from the sale of any of said bonds after the payment of charges and expenses connected with the preparation and sale thereof, shall be deposited in the Farmers Bank at Wilmington to the credit of the Commission in a separate account, and payments therefrom shall be made upon the order of the Treasurer of the Commission under such rules as may be prescribed by the Commission.
No purchaser or holder of any of said bonds shall be bound to see to or shall be affected by the application of any of the money realized from the sale thereof.
Approved April 28, 1939.