CHAPTER 296

WILMINGTON

AN ACT TO AMEND CHAPTER 92, VOLUME 35, LAWS OF DELAWARE, ENTITLED "AN ACT RELATING TO THE SINKING FUND OF THE MAYOR AND COUNCIL OF WILMINGTON."

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 Section 3 of Chapter 92, Volume 35, Laws of Delaware, be and the same is hereby amended by striking out said Section 3 and inserting in lieu thereof the following:

Section 3. The Sinking Fund Commissioners shall determine the dates of maturity of all bonds issued for public improvement. With respect to all bonds for public improvement which may be issued by "The Mayor and Council of Wilmington" after the date of the passage and approval of this amendatory act, the Sinking Fund Commissioners shall, in their discretion, either determine the rate of interest on such bonds prior to offering the same for sale, or shall offer such bonds for sale at a rate of interest to be fixed by the successful bidder for such bonds and the Sinking Fund Commissioners shall determine which rate of interest bid is most advantageous to the City after taking into consideration any premium or discount offered in connection therewith.

Approved June 16, 1949.