AN ACT TO AUTHORIZE COMMISSIONERS OF LEWES TO ISSUE CERTIFICATES OF INDEBTEDNESS TO PROVIDE FOR THE EXPENSE OF CONSTRUCTING A MUNICIPAL DOCK AND IMPROVING ROADS AND STREETS, IN SAID TOWN AND PROVIDING FOR A REFERENDUM VOTE THEREON.
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, shall be in such amounts as may be determined by the Commissioners of Lewes, and shall be paid from the revenues 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 the 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.
expenses incurred by reason of the construction by new construction of a municipal dock, reconstruction, repair or alteration of existing dock facilities, and for the improvement of roads and streets, in said Town.
Section 5. Before any certificates of indebtedness 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 to*wn 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 certificates of indebtedness proposed to be issued, and the purposes for which the said money is to be borrowed.
At such election the ballots used shall have written or printed thereon the amount of money proposed to be expended for each particular purpose as authorized by this Act, so that votes may be cast for or against each separate item listed thereon.
Ballots may be in the following form:
Special Election
Town of Lewes
1942
at
1. Road or Street
Improvement
o'clock A.
Place a cross
mark in the
proper square.
For Issuance of Certificates of Indebtedness
(Description of
Improvement)
Against Issuance of Cer-
tificates of Indebtedness
struction or Repairs
of Docks
Against Issuance of Cer-
tificates of Indebtedness
If at such election a majority of the votes cast shall be for the certificates of indebtedness, proposed to be issued for a particular purpose, then certificates of indebtedness to the amount so voted on may be issued as in this Act provided but if at such election the majority shall be against the certificates of indebtedness proposed to be issued for a particular purpose, then no certificates of indebtedness shall be issued nor money borrowed under this Act for such purpose.