CHAPTER 167 - CITIES AND TOWNS—GREENWOOD

AN ACT TO AMEND CHAPTER 183, PART 1, VOLUME 22, LAWS OF DELAWARE, BEING AN ACT ENTITLED "AN ACT TO INCORPORATE THE TOWN OF GREENWOOD" AND AUTHORIZING THE BORROWING OF MONEY AND ISSUING OF BONDS THEREFOR FOR THE IMPROVEMENT OF SAID TOWN.

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 House thereof concurring therein):

Section 1. That Chapter 183, of Part 1, Volume 22, Laws of Delaware, being an act entitled, "AN ACT TO INCORPORATE THE TOWN OF GREENWOOD", be and the same is hereby amended by adding thereto a new •and additional section to be known as "Section 28" as follows:

Section 28. (a) The Town of Greenwood, a municipal corporation of the State of Delaware, is hereby authorized and empowered to call a special meeting of the voters of said town, when requested by at least ten freeholders of said town in writing, for the purpose of borrowing money and issuing bonds therefor for the improvement of said town. Notices of such special meetings shall be posted in at least five conspicuous places of said town, fifteen days prior to such meetings, stating the hour, place and purpose for which such meeting shall be held, and a majority of the votes cast at said meeting shall determine the amount of money to be borrowed. It is hereby expressly provided, however, that the bonded indebtedness of said town shall at no time exceed the sum of Thirty Thousand Dollars ($30,000.00).

(b) The Town Council of the Town of Greenwood, for the purpose of carrying into effect the provisions of this act, shall have power and authority, and are hereby directed from time to time, to issue bonds of the said town of such denominations as they shall deem best, bearing interest at a rate not exceeding 5% per annum payable semi-annually on the first day of July and January respectively in each year, at such bank or trust company as the said Town Council shall designate. Such bonds shall be issued, from time to time, in such amounts as may be determined by the said Town Council, each issue being designated on the bonds. In calling said bonds for redemption and payment they shall be called consecutively, commencing with the lowest number. The interest on all said bonds so called shall cease from the date of redemption thereof and said bonds when paid shall be cancelled.

(c) If at any time after the issue of said bonds and before they are payable or called in, any holder or holders of any such bonds shall offer the same for redemption, the said Town Council may, if they deem it expedient, redeem and pay the bonds or bond so offered and cancel the same; the interest thereon ceasing from the date of such redemption.

(d) The Town Council shall direct and effect the preparation, printing and issue of the bonds authorized by this Act and shall also prescribe the form and time of payment of said bonds. Such bonds shall be signed by the President and countersigned by the Secretary of the said Council and shall be sealed with the corporate seal of the Town of Greenwood and be exempt from all State, County and Municipal taxation. As the said bonds and coupons are paid the same shall be cancelled in such manner as the said Town Council may direct.

(e) The faith and credit of the Town of Greenwood is hereby pledged for the payment of the bonds authorized to be issued under this Act, and also all former bonds which have been issued prior to this Act.

Approved April 18, 1941.