CHAPTER 188 – CITIES AND TOWNS – SELBYILLE

AN ACT TO ENABLE THE MAYOR AND COUNCIL OF THE TOWN OF SELBYVILLE TO REFUND CERTAIN BONDS.

WHEREAS, by a certain Act of the General Assembly of the State of Delaware, entitled: "An Act authorizing the Commissioners of the Town of Selbyville to borrow money and issue bonds for street improvement", approved April 27, 1927, "The Commissioners of the Town of Selbyville", a municipal corporation of the State of Delaware, were authorized to borrow a sum of money not exceeding Thirty Thousand Dollars ($30,000.00), and to issue bonds to secure the same; and

WHEREAS, under the said Act. bonds to the amount of Thirty Thousand Dollars ($30,000.00) were issued; and

WHEREAS, of the said issue, bonds to the amount of Nine Thousand Dollars ($9,000.00) remain unpaid and outstanding; and

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

Section 1. That "The Mayor and Council of the Town of Selbyville", formerly "The Commissioners of the Town of Selbyville", a municipal corporation of the State of Delaware, be and they are hereby authorized and empowered to borrow upon the credit of the said corporation a sum of money not exceeding the sum of Nine Thousand Dollars ($9,000.00), which shall be applied and expended for the purpose of refunding the said outstanding bonds. The Mayor and Council of the said Town, for the purposes aforesaid, shall have the power and authority and are hereby directed to issue bonds of the said corporation of such denominations as they shall deem best, bearing interest at a rate not exceeding four percentum per annum, payable semi-annually on the first days of July and January respectively, in each year, at such Bank or Trust Company as the said Commissioners shall designate.

Section 2. That the said bonds shall be dated July 1, 1941, and at least One Thousand Dollars ($1,000.00) of the said bonds shall be payable on July 1, 1943, and One Thousand Dollars ($1,000.00) thereof on July first in each year thereafter, until all of the said bonds shall have been redeemed.

Section 3. That the said Mayor and Council of the said Town shall direct and effect the publication and printing of the said bonds, and shall prescribe the form of said bonds, which shall be signed by the President, and countersigned by the Treasurer, of the said corporation, and shall be sealed with the corporate seal of the said corporation, and shall be exempt from all State, County and Municipal taxes. The said Mayor and Council shall negotiate the sale and delivery of the said bonds, and the moneys arising from the sale of said bonds shall be deposited, to the credit of the said corporation, in such Bank or Trust Company as the said Mayor and Council shall designate, to be used for the purpose of carrying into effect the provisions of this Act.

Section 4. That the payment of such bonds and the interest thereon may be made by the said Mayor and Council of the said Town out of any moneys in the Treasury of the said Town at the time when such payments are made.

Section 5. That the faith and credit of the said "The Mayor and Council of the Town of Selbyville", a corporation as aforesaid, are hereby pledged for the payment of the bonds authorized to be issued under this Act.

Section 6. That this Act shall be deemed and taken to be a public Act and shall be published as such.

Approved May 6, 1941.