CHAPTER 175 - CITIES AND TOWNS—NEW CASTLE

AN ACT TO AUTHORIZE "THE MAYOR AND COUNCIL OF NEW CASTLE" TO BORROW AND ISSUE BONDS FOR THE SUM OF TWENTY FIVE THOUSAND DOLLARS TO REFUND CERTAIN BONDS ISSUED UNDER AUTHORITY OF CHAPTER 129 OF VOLUME 30 OF THE LAWS OF DELAWARE AS AMENDED BY CHAPTER 122 OF VOLUME 32, LAWS OF DELAWARE.

WHEREAS, "The Mayor and Council of New Castle" have heretofore issued certain bonds under and by virtue of the authority of the Act of the General Assembly of the State of Delaware entitled, "An Act authorizing 'The Mayor and Council of New Castle' to borrow money and issue bonds therefor, for the purpose of supplying the City of New Castle and its inhabitants with water and light, or either,• by the acquisition, construction, or erection of such property, works, and apparatus as may be necessary and convenient therefor", being Chapter 129 of Volume 30, Laws of Delaware, as amended by Chapter 122 of Volume 32, Laws of Delaware; and

WHEREAS, under and by authority of the above mentioned Act, as amended, the said "The Mayor and Council of New Castle" did issue certain bonds; and

WHEREAS, it is now proposed to refund the said bonds thus authorized and issued, 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 thereof concurring therein):

Section 1. That "The Mayor and Council of New Castle" be and it is hereby authorized and empowered to borrow upon the faith and credit of "The Mayor and Council of New Castle" a sum not to exceed Twenty-five Thousand Dollars ($25,000.00) to be expended as hereinafter provided, and to issue bonds of the said "The Mayor and Council of New Castle" for the payment thereof.

Section 2. The moneys and proceeds derived from the sale of the said bonds herein authorized shall be used and applied to the refunding of the said bonds issued under the said Acts of the General Assembly hereinbefore referred to, and for no other purpose.

Section 3. The sums of the bonds herein authorized to be issued, and their denominations shall be Fifty Dollars ($50.00) or a multiple of Fifty Dollars ($50.00); the date of maturity of the bonds herein authorized to be issued shall be twenty years from the date of issue; their names, their numbers, their rate of interest payments, not exceeding five per cent (5%) per annum, and the times of interest payments shall be as prescribed by "The Mayor and Council of New Castle".

Section 4, That the said bonds herein authorized to be issued or any of them may be redeemed at the option of the said "The Mayor and Council of New Castle" at par and with accrued interest, at any time after the expiration of five years from the date of said bonds; provided, however, that if the said "The Mayor and Council of New Castle" shall, at any time, after the expiration of five years from the date of said bonds, elect to redeem any of said bonds, such redemption shall be made in pursuance of a notice signed by the President of Council and by the Treasurer of the said "The Mayor and Council of New Castle" said notice to be published once a week for two consecutive weeks in a newspaper published in the City of Wilmington. Such notice shall indicate the bonds called, and in making such calls the said "The Mayor and Council of New Castle" shall call the bonds according to their numbers, beginning with the lowest number, and the interest on any of the said bonds so called shall cease from the date fixed in any such call for redemption.

Section 5. "The Mayor and Council of New Castle" shall direct and effect the preparation and printing of said bonds authorized by this Act by and through the Board of Water and Light Commissioners of the City of New Castle.

The said bonds herein authorized shall be signed by the Mayor, President of Council and the Treasurer of the said "The Mayor and Council of New Castle", and sealed with the corporate seal of said corporation.

The said bonds herein authorized and interest paid thereon shall be exempt from all State, County and Municipal taxes.

Section 6. "The Mayor and Council of New Castle" is authorized and required to levy annually upon all assessable real and leasehold estates within the boundaries of the City of New Castle in the same manner as other taxes for municipal purposes, and collect an amount of tax sufficient to pay all interest on such bonds as the same shall accrue, and to provide for the payment of the bonds when due.

Section 7. The faith and credit of the said "The Mayor and Council of New Castle" are hereby pledged for the payment of the said bonds authorized to be issued under this Act.

Section 8. That this Act shall be deemed and taken to be a Public Act and shall be published as such.

Approved: March 31st, 1941.