CHAPTER 117 - LEVY COURT--KENT COUNTY AUTHORIZING BOND ISSUE

AN ACT AUTHORIZING THE LEVY COURT OF KENT COUNTY TO BORROW MONEY AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING BONDS OF KENT COUNTY.

WHEREAS, by Act of the General Assembly of the State of Delaware, approved March 12, 1913, being Chapter 48, Volume 27, Laws of Delaware, the Levy Court of Kent County was authorized to issue bonds aggregating Eighty-five Thousand ($85,000) Dollars for the purpose of funding its then existing indebtedness; and

WHEREAS, the said Levy Court of Kent County, in pursuance of said Act, issued said bonds to the amount of Eighty-five Thousand ($85,000) Dollars; and

WHEREAS, by Act of the General Assembly of the State of Delaware, approved April 13, 1933, being Chapter 66 of Volume 38, Laws of Delaware, the Levy Court of Kent County was authorized to borrow upon the faith and credit of Kent County the sum of Eighty-five Thousand ($85,000) Dollars for the purpose of refunding the bonds issued under authority of the aforesaid Chapter 48, Volume 27, Laws of Delaware; and

WHEREAS, the Levy Court of Kent County, in pursuance of said Act, issued said bonds in the amount of Eighty-five Thousand ($85,000) Dollars, said bonds being known as "Kent County Refunding Bonds"; and

WHEREAS, there are remaining outstanding of said bonds, known and designated as "Kent County Refunding Bonds", the sum of Seventy Thousand ($70,000) Dollars; and

WHEREAS, by Act of the General Assembly of the State of Delaware, approved April 25, 1931, being Chapter 94, Volume 37, Laws of Delaware, the Levy Court of Kent County was authorized and empowered to borrow upon the faith and credit of said County a sum not exceeding Twenty Thousand ($20,000) Dollars to be expended for acquiring a site and for building a new jail; and

WHEREAS, the said Levy Court of Kent County, in pursuance of said Act, issued said bonds to the amount of Twenty Thousand ($20,000) Dollars, the said bonds being known and designated as "Kent County Jail Bonds"; and

WHEREAS, there are remaining outstanding of said bonds, known and designated as "Kent County Jail Bonds", the sum of Eleven Thousand ($11,000) Dollars; and

WHEREAS, it is now the intent and purpose of this Act that the said indebtedness represented by said outstanding bonds, known and designated as "Kent County Refunding Bonds", amounting to the sum of Seventy Thousand ($70,000) Dollars and the indebtedness represented by said outstanding bonds, known and designated as "Kent County Jail Bonds", amounting to the sum of Eleven Thousand ($11,000) Dollars, making a total of Eighty-one Thousand ($81,000) Dollars, shall be refunded at a lower rate of interest.

NOW, THEREFORE, Be it enacted by the Senate and the House of Representatives of the State of Delaware in General Assembly met:

Section 1. That the Levy Court of Kent County, be and it is hereby authorized, fully empowered and directed to borrow on the faith and credit of Kent County the sum of Eighty-one Thousand ($81,000) Dollars to be used for the purpose of paying, refunding and redeeming the remaining outstanding "Kent County Refunding Bonds" issued under authority of Chapter 66, Volume 38, Laws of Delaware, amounting to the sum of Seventy Thousand ($70,000) Dollars and the remaining and outstanding "Kent County Jail Bonds" issued under authority of Chapter 94, Volume 37, Laws of Delaware, amounting to the sum of Eleven Thousand ($11,000) Dollars.

Section 2. That the Levy Court of Kent County, for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue bonds of Kent County, in the State of Delaware, to an amount not exceeding in the aggregate the sum of Eighty-one Thousand ($81,000) Dollars and that said bonds shall be known by whatever name the Levy Court of Kent County shall determine.

Section 3. That said bonds shall be authorized by a resolution or resolutions of said the Levy Court of Kent County and shall be issued in one or more series, shall bear such date or dates, mature at such time or times, not exceeding twenty-five (25) years from their respective dates, bear interest at such rate or rates, not exceeding three (3) per centum per annum, be payable at such time or times, be in such denominations as such resolution or resolutions may provide and the principal and interest of said bonds shall be payable at the Farmers Bank of the State of Delaware at Dover. The bonds may or may not be coupon bonds as the said Levy Court of Kent County shall determine. Any and all of said bonds may be redeemed at the option of the said Levy Court of Kent County at par and accrued interest at such interest period or periods and after the expiration of such time or times from the respective dates of said bonds as shall be authorized by resolution or resolutions of said Levy Court of Kent County and as shall be set forth in the bonds, and if said Levy Court of Kent County shall elect to redeem any or all of said bonds, as provided therein, such redemption shall be made in pursuance of notice signed by the President of the Levy Court of Kent County and the Receiver of Taxes and County Treasurer of Kent County. Such notice shall be published once a week for three (3) consecutive weeks in a newspaper published in the City of Wilmington, State of Delaware, and also like notice shall be published in three (3 ) issues of a newspaper published in Kent County and State of Delaware. Such notice shall indicate the bonds called and in making such calls the Levy Court of Kent County shall call the bonds according to their number, beginning with the lowest number, and the interest on any of said bonds shall cease from the date named in any of said calls for redemption.

Section 4. The Levy Court of Kent County shall direct and effect the preparation and sale of the bonds which are authorized by this Act, at such time or times, and upon such terms and in such form as the said Levy Court of Kent County shall deem best and as provided and authorized by resolution or resolutions. The accrued interest between the date appearing in said bonds and the time of the sale and delivery thereof and payment therefor shall be adjusted with the purchaser thereof under such regulations as the said the Receiver of Taxes and County Treasurer, the President of the Levy Court and the Clerk of the Peace of Kent County may direct in the advertisements for the sale of said bonds. Provided, however, that any and all over-due coupons attached to the said bonds shall be cancelled before the sale and delivery of the same. And provided further, that said officers shall have the right to reject any and all bids for said bonds if, in their judgment, they are deemed insufficient.

If no bids are received for said bonds or if the bids received are rejected because of being inadequate, the said the Receiver of Taxes and County Treasurer, the President of the Levy Court and the Clerk of the Peace of Kent County may sell the same at private sale for the best price obtainable therefor. Provided, however, that they shall not be sold at private sale for less than par and accrued interest. No commission or other compensation shall be charged or paid to any of said officers for effecting the sale of said bonds.

Section 5. All moneys received from the sale of any or all of the said bonds shall be deposited by the Receiver of Taxes and County Treasurer of Kent County in a separate account, to be opened by him for that purpose at the Farmers Bank of the State of Delaware at Dover and shall be used for the payment of the said "Kent County Refunding Bonds" issued under authority of Chapter 66, Volume 38, Laws of Delaware, and the said "Kent County Jail Bonds" issued under authority of Chapter 94, Volume 37, Laws of Delaware, and for no other purpose whatsoever.

Section 6. The said Levy Court of Kent County is hereby authorized, directed and required to pay the interest on said bonds at the said Farmers Bank from time to time and when and as the same shall become due and payable, and to pay said bonds at said bank when and as said bonds shall mature or become due and payable.

Section 7. The form of said bonds, together with any coupons which may be attached thereto, shall be prescribed by resolution or resolutions of said Levy Court of Kent County and said bonds shall be signed by the Receiver of Taxes and County Treasurer, the President of the Levy Court and the Clerk of the Peace of Kent County, and sealed with the seal of the Levy Court of Kent County. Said bonds shall be exempt from all State, County and Municipal taxes. The facsimile signature of the Receiver of Taxes and County Treasurer may be imprinted upon any coupons that may be attached to said bonds in lieu of the signature of the President of the Levy Court and the Clerk of the Peace of Kent County.

Section 8. That the Levy Court of Kent County is hereby authorized and required to levy and raise by taxation in each year a sum equal to the amount of interest due each year upon said bonds and as and when any of said bonds shall mature and become due and payable, shall in like manner provide for a sum sufficient for the payment or redemption of such bonds in addition to the amount necessary to pay the interest on the unpaid bonds as provided for herein, which shall, when collected and paid to the Receiver of Taxes and County Treasurer, be set apart by him in a separate account to be opened for that purpose at the said Farmers Bank; and the said Receiver of Taxes and County Treasurer shall apply the said sum annually to the payment of the principal and interest of such of the bonds as may from time to time become due and payable as authorized by this Act.

Section 9. The faith and credit of Kent County are hereby pledged for the payment of all of the bonds that may be issued under the provisions of this Act.

Section 10. When and as any of the bonds herein provided for shall be paid or redeemed under any of the provisions of this Act, they shall be cancelled by marking or stamping the word "Paid" and the date of such payment across the face thereof, and, also, by tearing the signatures and seal used by the Levy Court of Kent County therefrom. The said bonds, so cancelled as aforesaid, shall then be pasted in a book kept by the Receiver of Taxes and County Treasurer for that purpose.

Section 11. That a statement appearing in the bonds issued under this Act, to the effect that all requirements of the Act referred to in said bonds and of the Constitution and Laws of the State of Delaware have been fully complied with, and that all things necessary to the validity of said bonds have happened and have been performed in the manner and form required by law, shall be deemed and held to be conclusive evidence, in favor of the holder of any such bonds, that all the terms and conditions of this Act have been fully met and complied with.

Approved April 24, 1945.