AN ACT AUTHORIZING THE COMMISSIONERS OF BETHANY BEACH, DELAWARE, TO ERECT, CONSTRUCT, EQUIP, ENLARGE, PURCHASE, MAINTAIN AND OPERATE A PLANT OR PLANTS FOR THE PURPOSE OF FURNISHING WATER TO THE INHABITANTS OF THE TOWN OF BETHANY BEACH AND IMMEDIATE VICINITY THEREOF AND TO ISSUE BONDS OR OTHER CERTIFICATES OF INDEBTEDNESS NOT TO EXCEED THE SUM OF $125,000.00 THEREFOR.
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. The Commissioners of Bethany Beach, Delaware, are authorized and fully empowered to erect, construct, enlarge, equip, purchase, maintain and operate a plant or plants, pumping station, filtering and/or aeration plant, for the purpose of establishing a system for furnishing and distributing water to the inhabitants of the Town of Bethany Beach, Delaware, and immediate vicinity thereof.
Section 2. In furtherance of the purposes set forth in Section 1 hereof, the Commissioners of Bethany Beach shall have the power to enter into such contracts or other engagements for the purpose of erecting and constructing such plant or plants, filtering and/or aeration plant, pumping station and also for the purpose of purchasing any existing water system or plant, including pumping station, filtering and/or aeration system, water mains and equipment, as may be necessary or advisable in carrying out the purposes of this Act. The Commissioners of Bethany Beach are hereby authorized to enter into contracts or engagements with any of the inhabitants of Bethany Beach, or in the immediate vicinity thereof, to furnish water for any properties in the Town of Bethany Beach, or immediate vicinity thereof, under such terms and conditions as in the opinion of the Commissioners of Bethany Beach shall be reasonable and proper. The Commissioners of Bethany Beach are hereby further authorized to fix such rates and/or charges, including penalties, for the furnishing of water aforesaid and/or for laying mains or pipes and/or for making any connection or disconnection from said system, as in the judgment of the Commissioners of Bethany Beach shall be reasonable and proper.
Section 3. For any and all of the purposes above named, the Commissioners of Bethany Beach may borrow money and issue bonds, or other certificates of indebtedness in any amount not to exceed the sum of One Hundred Twenty-Five Thousand Dollars ($125,000.00), to secure payment thereof on the faith and credit of the Commissioners of Bethany Beach; provided, however, that the borrowing of money therefor shall have been duly authorized by the Commissioners of Bethany Beach and shall have been approved by the electors of the Town of Bethany Beach in the following manner:
The Commissioners of Bethany Beach shall pass a suitable resolution noting its approval of borrowing a stated amount of money for any or all of the purposes above named, the manner in which it proposes to secure the same and all other pertinent facts relating thereto; said resolution, when passed, shall provide for a special election to be held not less than thirty days thereafter; said resolution shall set forth the time and place of said election and the hours the polls will be open. Said election shall be conducted by an election board which shall be appointed by the Commissioners of Bethany Beach and shall otherwise be held and conducted in the same manner as a general Town election.
At said special election any resident and non-resident taxable of the Town of Bethany Beach, of the age of twenty-one (21) years, or upwards, eligible to vote at an annual Town election, shall have one vote for each dollar and fractional part of dollar assessed to him or her respectively and every owner of property, whether individual, partnership, or corporation, within the limits of the Town of Bethany Beach, shall have one vote for each dollar or part thereof payable by said owner and the said vote may be cast either in person or by proxy. In the case of jointly owned property only one joint owner may cast a vote for the entire assessed valuation of real property so jointly owned, or the joint owners may cast their individual votes for equally divided portions of the entire assessed valuation of said jointly owned property; and, provided, further, where said real property is owned by a corporation, said vote shall be cast by the duly authorized officer of the corporation, it being the intent and purpose of this Act that the assessed valuation of any real property shall be voted only once. Life tenants shall have the entire vote as to the property so held and the holders of any remainder interest in said property shall have no vote by reason thereof. Ballots shall be furnished by the Commissioners of Bethany Beach, which shall be printed and marked in such manner as the Commissioners of Bethany Beach shall deem suitable and proper. The Board of Elections shall count the votes for and against said proposed loan, shall announce the results thereof, shall make a certificate under their hands of the number of votes cast for and against the proposed loan and shall deliver the same to the Commissioners. If the majority of the votes so cast shall be in favor of said bond issue, this Act shall become effective immediately and the bonds herein provided for may be issued and sold as in this Act provided. If at such election the majority of votes cast shall be against the bond issue, then no bonds shall be issued nor shall any money be borrowed under the provisions of this Act; provided, however, that this Act shall continue and remain in full force and effect and that at any time or times after the expiration of one year from the date of said election, the Commissioners of Bethany Beach may, by proper resolution, in the same manner as provided in this Act, provide for the holding of another referendum election under the provisions of this Act.
Section 4. The form, amount and denomination of bonds or other certificates of indebtedness, the rate of interest and the time of payment thereof, the classes, and the times of maturity, and provisions as to the registration thereof shall be determined by the Commissioners. The said bonds or other certificates of indebtedness shall be offered for sale to the best and most responsible bidders therefor after suitable advertisement, as the Commissioners shall determine. The Commissioners shall have the right to reject any and all bids which may be offered for such bonds if in its judgment such bids shall be deemed insufficient. The Commissioners may sell or dispose of said bonds at private sale for the best price obtainable therefor, provided, said price shall not be less than par and accrued interest.
Section 5. Said bonds shall recite that they are for the purposes set forth in Section 1 of this Act and that they are issued in pursuance of this Act. Such recital shall be conclusive evidence of the authority of the Commissioners of Bethany Beach to issue said bonds and of their validity. Any such bonds containing such recital shall in any suit, action, or proceeding, in law or equity, involving their validity be conclusively deemed to be fully authorized by this Act and to have been issued, executed, and delivered in conformity herewith and shall be incontestable for any cause. The said bonds may be issued notwithstanding that any of the officers signing the same, or whose facsimile signature may appear on any coupons, should coupons be issued, shall have ceased to hold office at the time of such issue or at the time of the delivery of said bonds.
Section 6. The Commissioners of Bethany Beach shall direct and effect the preparation for printing of the bonds authorized by this Act and shall also prescribe the form thereof. Said bonds shall be signed by the President of the Commissioners of Bethany Beach and counter-signed by its Secretary and shall be sealed with the corporate seal of said Commissioners. Said bonds shall be exempt from all State, County and Municipal taxation.
Section 7. The Commissioners of Bethany Beach shall annually provide for a sum equal to the amount of interest due each year upon said bonds and, as and when the Commissioners of Bethany Beach shall see it to call any or all of said bonds, shall in like manner provide for a sum sufficient for the payment of redemption of such bonds. The said Commissioners of Bethany Beach are further authorized and empowered to assess and collect annually a tax for the purpose of establishing a sinking fund adequate for the redemption of said bonds at and before maturity. Such moneys so received shall be deposited by the Commissioners of Bethany Beach in any bank or trust Company in Sussex County or may be invested until such time as it may be needed for the redemption of said bonds on such security as may be approved by the Commissioners of Bethany Beach.
Section 8. The faith and credit of the Town of Bethany Beach are hereby expressly pledged for the payments of all bonds authorized to be issued under the provisions of this Act, together with all interest thereon.
Approved April 18, 1951.