AN ACT AUTHORIZING THE MAYOR AND COUNCIL OF NEW CASTLE TO BORROW MONEY AND ISSUE BONDS THEREFOR FOR THE SUM OF $300,000.00 TO PAY FOR THE ERECTION OF A SEWAGE DISPOSAL PLANT IN THE CITY OF NEW CASTLE AND TO EXTEND SEWER FACILITIES THROUGHOUT THE SAID CITY.
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, a municipal corporation of the State of Delaware, 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 Three Hundred Thousand Dollars ($300,000.00) and for this purpose to issue bonds of the said The Mayor and Council of New Castle not exceeding in the aggregate that amount.
Section 2. That the moneys and proceeds derived from the sale of said bonds herein authorized shall be used to pay for the erection of a sewage disposal plant, for the extension of sewer facilities throughout the City of New Castle, and for the payment of all necessary expenses in and about the authorization, preparation, printing and sale of said bonds.
Section 3. That the said money shall be borrowed and the bonds issued at such times as the Council of the said municipal corporation shall determine. They shall be issued in denominations of One Thousand Dollars ($1,000.00) and shall bear interest as fixed by the Council. The bonds shall bear date when issued and shall bear interest from said date, payable semiannually. They shall be signed by the Mayor, the President of Council and the Treasurer of the City of New Castle, and be sealed with the corporate seal of the said municipal corporation.
Said bonds shall be exempt from state, county and municipal taxation.
Section 4. That the bonds to be issued hereunder shall be serial bonds numbered consecutively, and payable as follows:
Time of Maturity 1st year 2nd year 3rd year 4th year 5th year 6th year 7th year 8th year 9th year 10th year 11th year 12th year 13th year 14th year 15th year 16th year 17th year 18th year 19th year 20th year 21st year 22nd year 23rd year 24th year 25th year 26th year 27th year 28th year 29th year 30th year
1 to 5 inclusive
6 to 10 inclusive
11 to 15 inclusive
16 to 20 inclusive
21 to 25 inclusive
26 to 35 inclusive
36 to 45 inclusive
46 to 55 inclusive
56 to 65 inclusive 66 to 75 inclusive 76 to 85 inclusive 86 to 95 inclusive 96 to 105 inclusive 106 to 115 inclusive 116 to 125 inclusive 126 to 135 inclusive 136 to 145 inclusive 146 to 155 inclusive 156 to 165 inclusive 166 to 175 inclusive 176 to 185 inclusive 186 to 195 inclusive 196 to 205 inclusive 206 to 215 inclusive 216 to 225 inclusive 226 to 240 inclusive 241 to 255 inclusive 256 to 270 inclusive 271 to 285 inclusive 286 to 300 inclusive
$5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00
Section 5. That the Council of the said municipal corporation shall direct and effect the preparation and printing, and negotiate the sale and delivery of said bonds.
Section 6. That the moneys received from the sale of said bonds shall be paid over to the Treasurer of the said City of New Castle and held by him in a special fund to be drawn out and used for the purposes of this Act.
Section 7. That the Council of the said City is authorized and, unless the funds are otherwise provided, is required to levy and collect annually by taxation such sum of money as shall be sufficient to pay the interest accruing on said bonds, and is further authorized and empowered to levy and collect by taxation from time to time such sum or sums as shall be necessary to provide a sinking fund adequate for the redemption of the said bonds at or before their maturity. The taxes for such interest and sinking fund shall be levied and collected in the same manner as are the other city taxes.
In July of each year, or oftener in their discretion, if the revenue warrants, the Sewer Commission of the City of New Castle shall turn over to the City Treasurer a sum sufficient to pay the interest on said bonds and to retire such bonds as annually mature.
The taxes and sinking fund above provided for, shall not be available for any other purpose.
Section 8. That the faith and credit of the said The Mayor and Council of New Castle is hereby pledged for the payment of the said bonds authorized to be issued under this Act.
Section 9. That this Act shall be deemed and taken to be a public Act and shall be published as such.
Approved May 2, 1949.