CHAPTER 181 - CITIES AND TOWNS—SMYRNA
AN ACT AUTHORIZING "THE TOWN OF SMYRNA" TO BORROW FIFTY THOUSAND DOLLARS ($50,000) AND TO ISSUE BONDS THEREFOR, FOR THE PURPOSE OF IMPROVEMENTS TO THE WATER AND SEWER SYSTEMS OF "THE TOWN OF SMYRNA".
Be it enacted by the Senate and Muse of Representatives of the State of Delaware in General Assembly met (two-thirds of all of the members elected to each branch of the Legislature concurring therein):—
SECTION 1:—That THE TOWN OF SMYRNA, 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 TOWN OF SMYRNA, a sum of money not in excess of Fifty Thousand Dollars ($50,000) for the purpose of making improvements to the municipal water and sewer systems of THE TOWN OF SMYRNA.
SECTION 2:—That the Mayor and Town Council of THE TOWN OF SMYRNA, for the purpose set forth in SECTION 1 of this Act, shall have full power and authority to issue bonds of THE TOWN OF SMYRNA to an amount not exceeding in the aggregate the sum of Fifty Thousand Dollars ($50,000), and that said bonds shall be known as "SMYRNA WATER AND SEWER IMPROVEMENT BONDS, SERIES OF 194..", the year in which the bonds are issued.
SECTION 3:—That the said bonds shall be issued in one or more series, shall bear such date or dates, shall mature at such time or times, not exceeding twenty-five years from their respective dates, shall bear interest at such rate or rates not exceeding four per cent per annum, shall be payable at such time or times and at such place or places and shall be in denominations, all as said Mayor and Town Council may provide and as shall be set forth in the bonds. The said bonds may or may not be coupon bonds and may be registered or otherwise as said Mayor and Town Council may deem advisable. Any and all of said bonds may be provided to be redeemable at the option of the said Mayor and Town Council, at par and accrued interest, at such interest date or dates and upon the expiration of such period or periods of time after their date or dates, as the said Mayor and Town Council may provide and as shall be set forth in the bonds, and upon any election to redeem as provided in the bonds, such redemption shall be made in pursuance of notice signed by the Mayor of THE TOWN OF SMYRNA and shall be published once a week for three consecutive weeks in a newspaper published in the City of Wilmington, Delaware, and also in a newspaper published in Kent County, Delaware. Such notice shall indicate the bonds so called for redemption and in making such call or calls, the said Mayor and Town Council shall select the bonds to be redeemed by lot, or in such other manner as the said Mayor and Town Council deem advisable at the time of their issue and as shall be set forth in the bonds. The interest on bonds so called for redemption shall cease from the redemption date or dates set forth in any redemption call or calls.
SECTION 4:—That the Mayor and Town Council of THE TOWN OF SMYRNA shall direct and effect the preparation and sale of the bonds which are authorized by this Act, at such time or times, at such price or prices and upon such terms as the said Mayor and Town Council shall deem advisable, and all the moneys arising from the sale of said bonds shall be used for the purpose of carrying out the provisions of this Act.
SECTION 5:—That the form of said bonds, and of any coupons which may be thereunto attached, shall be as prescribed by said Mayor and Town Council, and all such bonds shall be signed by the Mayor of THE TOWN OF SMYRNA and by the Treasurer of THE TOWN OF SMYRNA and shall be sealed with the corporate seal of said municipal corporation, and the said bonds shall be exempt from all State, County and Municipal taxes. As the said bonds, and any coupons thereto originally attached, shall be paid, the same shall be cancelled as the said Mayor and Town Council may direct. Facsimile signatures of the Mayor of THE TOWN OF SMYRNA and of the Treasurer of THE TOWN OF SMYRNA may be imprinted upon any and all coupons that may be attached to the bonds, in lieu of the signatures of the said Mayor and of the said Treasurer in their own original handwriting.
SECTION 6:—That the Mayor and Town Council of THE TOWN OF SMYRNA are hereby authorized and required to levy and raise by taxation in each and every year such sum of money as may be required to pay the interest accrued on said bonds while all or any of said bonds remain unpaid, and the said Mayor and the Town Council are further authorized and required to levy and raise by taxation, from time to time, such sum or sums of money as shall be needed to establish such sinking fund as the said Mayor and the Town Council may at their discretion authorize for the redemption of said bonds, or any of them, at or before their maturity, and such sum or sums of money as shall be required to otherwise redeem any or all of said bonds at or before their maturity. Taxes for interest and for redemption of said bonds shall be levied and raised as taxes for general municipal purposes in the said Town are levied and raised, and shall be in addition to the taxes levied and raised for any and all other purposes.
SECTION 7:—That the bonds authorized by this Act may be issued at one time and in one series, or at different times, in different series, as the said Mayor and the Town Council shall determine, and 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 Fifty Thousand Dollars ($50,000). The bonds authorized to be issued under this Act shall be in addition to the present One Hundred and Ten Thousand Dollars ($110,000) outstanding bonds of THE TOWN OF SMYRNA and bonds which may hereafter be issued as a refunding of said present outstanding bonds.
SECTION 8:—That the faith and credit of THE TOWN OF SMYRNA are hereby pledged for the due payment of all of the bonds that may be issued under the provisions of this Act.
SECTION 9:—That before any bonds shall be issued under the provisions of this Act, the said bond issue shall be approved by a referendum vote of the qualified voters of THE TOWN OF SMYRNA. Notice of the holding of such referendum election shall be authorized by resolution of the Mayor and Council, published once a week for at least three consecutive weeks in The Smyrna Times, a newspaper published in the Town of Smyrna, otherwise in a newspaper published elsewhere in Kent County. Such notice shall set out in summary form the amount and purposes of such bond issue, the date and place of holding the referendum election and the hours the polls will be open.
At said referendum election every resident and non-resident taxable of said Town, of the age of twenty-one years, or upwards, who has, by the time of voting, paid all town taxes theretofore assessed to him and/or assessed against the property he owns at the time of the referendum election, shall be entitled to vote and shall have one vote for each dollar, or fractional part of a dollar of taxes paid by him according to the last town assessment and tax payment records preceding the referendum election.
In cases of jointly owned property, the votes of the owners of shares therein shall be in accordance with their respective shares, or if all owners appear at the polls and so consent, all of the votes may be cast by the owner of any share, except that either spouse may cast all the votes in reference to property hold* by husband and wife as tenants by the entirety. Life tenants shall have the entire vote as to the property so held, and holders of remainder interest only shall have no vote by reason thereof.
The Mayor and Council shall provide sufficient ballots which shall have printed thereon "For Bond Issue" and "Against Bond Issue". Each voter shall indicate his preference by making a clearly legible mark, by pencil or in ink, opposite the words showing his preference, or by merely striking out the alternative to which he is opposed, or by said mark of preference and by also striking out the alternative to which he is opposed. Any other writing and/or form of marking the ballot shall render it void. No voting by proxy shall be permitted.
The Mayor and Council shall, prior to the date of the referendum election, appoint one judge and two clerks to pass upon the qualification and number of votes of each voter and to conduct the election, and a majority of the election officers present at the opening of the polls shall fill any vacancy. A majority of the election officers shall be sufficient to decide the qualifications and the number of votes of all voters. The Town Collector, or the official then performing the duties of the present office of Town Collector, shall attend the election with the last Town assessment and tax payment records for the inspection of the election officers. The referendum election shall be held not less than thirty days after the approval of this Act and at such date thereafter as the Mayor and Council shall designate, after having first determined the extent of the present and probable future improvements to said water and sewer systems and having secured such estimates of the cost of the same as they deem advisable. The referendum election shall be held at such suitable place in the said Town as the Mayor and Council shall designate in said published notice. The polls shall open at two (2) o'clock P. M. (Eastern Standard Time) and shall close at five (5) o'clock P. M. (Eastern Standard Time). The Judge of the election shall, in the case of a tie vote on the bond issue, cast the deciding vote, otherwise he shall refrain from voting, but the clerks may vote.
The election clerks shall each keep a separate tally sheet and their tally sheets shall be compared and must agree as to the total votes cast for and the total votes cast against the bond issue. Both tally sheets shall then be certified as correct by at least two of the election officers and be delivered to the Mayor, or the Secretary of Council, immediately after the tally sheets are compared, are in agreement and have been certified.
The Mayor and Council shall at the next regular meeting after the election, or at a special meeting, receive the results of referendum election and make the same a part of the minutes of said meeting, whereupon if a majority of the votes cast were "For Bond Issue", this Act shall immediately become effective and the bonds herein provided for, and not exceeding Fifty Thousand Dollars ($50,000), may be issued and sold as in this Act provided, but if at such referendum election the majority of the votes cast were "Against Bond Issue", then no bonds shall be issued nor shall any money be borrowed under this Act.
SECTION 10:—That a statement appearing in the bonds which may lawfully be 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 lawful holder of any such bonds that the terms and conditions of this Section and the Act as a whole, have been fully met and complied with.
Approved April 21, 1941.