LEWES - AUTHORIZING BOND ISSUE FOR CONSTRUCTION OF IMPROVEMENTS ON NORTH BEACH
AN ACT TO AUTHORIZE COMMISSIONERS OF LEWES TO ISSUE CERTIFICATES OF INDEBTEDNESS TO PROVIDE FOR THE EXPENSE OF CONSTRUCTION AND COMPLETION OF IMPROVEMENTS TO THE WATER SYSTEM AND ELECTRIC SYSTEM ON THE NORTH BEACH AT LEWES.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of the members of each Branch concurring therein):
Section 1. The Commissioners of Lewes, a municipal corporation, is hereby authorized and empowered to prepare and issue certificates of indebtedness not exceeding in the aggregate the sum of Fifty Thousand Dollars ($50,000.00) of such denominations or amounts, in such form, and bearing such rate of interest, not to exceed the legal rate, and with such dates of maturity as may be deemed expedient and proper.
Section 2. The certificates of indebtedness shall all bear the same date, and shall be in such amounts as may be paid as nearly as may be calculated from the current revenues of the Board of Public Works of the Town of Lewes; and they shall contain a provision whereby the entire issue of said certificates of indebtedness or any part thereof, may at the option of Commissioners of Lewes, be paid at any time.
Section 3. The said certificates of indebtedness shall be signed by the President of the Commissioners of Lewes, shall be attested by its Secretary and under its corporate seal. The secretary shall keep a record of each of said certificates of indebtedness containing the time thereof, the amount, the date of issue, the rate of interest, and the time when each shall have been paid.
Section 4. None of said certificates of indebtedness shall be issued or delivered for any purpose except in respect to the expenses incurred by reason of the construction of improvements to the water system and electric system on the North beach at Lewes.
Section 5. Before any bonds shall be issued under the provisions of this Act, a special election shall be held in the same place and in the same manner as other town elections. Notice of said election shall be given by advertisements in the nearest County newspaper and by posting notices in at least ten public places in said town at least two weeks before the said election, which said advertisements and notices shall state the time and place of the election and the amount of bonds proposed to be issued, and the purpose for which the said money is to be borrowed. At said election every person paying town taxes in the said town shall be entitled to vote and shall have one vote for each dollar or fractional part of a dollar of taxes paid by him or her according to the last assessment in the said town, and for the purposes of this election residence shall not be a qualification to voting in the said town. At said election the ballots used shall have written or printed thereon the words "for the bond issue", or the words "against the bond issue". If at such election a majority of the votes cast shall be for the bond issue, then bonds to the amount voted on may be issued as in this Act provided but if at such election the majority shall be against the bond issue, then no bonds shall be issued nor money borrowed under this Act.
Approved April 4, 1947.