BLADES - PROVIDING FOR ISSUANCE OF BONDS
AN ACT TO AMEND AN ACT ENTITLED "AN ACT AUTHORIZING THE COUNCIL OF THE TOWN OF BLADES TO BORROW A SUM OF MONEY NOT TO EXCEED FIFTEEN THOUSAND DOLLARS ($15,000.00), AND TO ISSUE BONDS THEREFOR FOR THE PURPOSE OF INSTALLING A WATER PLANT AND THE LAYING OF WATER MAINS IN THE TOWN OF BLADES AND EQUIPMENT THEREFOR" AND PROVIDING FOR THE ISSUANCE OF ONE HUNDRED THOUSAND DOLLARS ($100,000.00) IN BONDS FOR THE ABOVE PURPOSES.
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 of the Legislature concurring therein):
Section 1. That Chapter 136, Volume 41, Laws of Delaware, be amended by striking out all of said Chapter 136 and enacting the following bill providing for the issuance of One Hundred Thousand Dollars ($100,000.00) in bonds for the above purpose:
"Section 1. That the Council of the town of Blades be and the same is hereby authorized and empowered to borrow on the credit of said town of Blades, a sum of money not to exceed One Hundred Thousand Dollars ($100,000.00), to be used for the purpose of installing a water plant, the laying of water mains in the said town of Blades and the equipment therefor."
Section 2. That the Council of the said town of Blades for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue Bonds of the said town of Blades, to be known as "Blades Water Improvement Bonds," to an amount not exceeding the said sum of One Hundred Thousand Dollars ($100,000.00), which bonds shall be in the denomination of Five Hundred Dollars ($500.00), shall be numbered consecutively beginning with number one, and shall bear interest at such rate as the Council shall determine, not exceeding four per centum per annum, payable semi-annually upon presentation of the coupons attached to said Bonds representing the semi-annual interest. The Bonds shall be payable, both as to principal and interest, at the Seaford Trust Company, in the town of Seaford, Sussex County, Delaware.
Section 3. The principal of said Bonds shall be payable as follows:
Bond No. 1, shall be payable on the 30th day of July in the tenth year after the issuance thereof, and thereafter, annually, one or more of said Bonds shall be called in and paid on the 30th day of July, until all of said Bonds shall have been paid, the calling in and payment of said Bonds to be made in the consecutive order of the numbers thereof; provided, however, that the Council of the town of Blades shall have the right to redeem any or all of said Bonds on or after the expiration of five years from the date of the issuance thereof.
If said Bonds or any of them shall be redeemed, the Council of the town of Blades shall publish notices thereof in a newspaper published in the town of Seaford, and in a newspaper published in the town of Georgetown. The said publications to commence at least thirty days prior to the date of said redemption.
The redemption of Bonds under the provisions hereof shall be according to the consecutive numbers thereof. Upon the redemption of said Bonds, interest thereon' shall cease.
Section 4. The Council of the town of Blades shall direct and effect the preparation, printing and sale of said Bonds authorized by this Act at such time or times, and on such terms as it may deem expedient, and all the moneys arising from such sale shall be applied to carry into effect the provisions of this Act.
Section 5. The form of said Bonds, with coupons attached thereto, shall be prescribed by the Council of the town of Blades, and said Bonds shall be signed by the president of the said Council, countersigned by the treasurer of said town of Blades and sealed with the corporate seal of said town,' and shall be exempt from State, county, and municipal taxes. As said Bonds and coupons thereto attached shall be paid, the same shall be cancelled as the said Council shall direct.
Section 6. For the purpose of providing for the payment of said Bonds as they severally mature, and the annual interest thereon, and to provide a sinking fund for the payment or redemption of said Bonds, the Council of the town of Blades is authorized and directed to assess, levy and collect annually in the same manner as other town taxes are assessed, levied and collected in the town of Blades, such further sum of money in addition to the amount authorized by any other law as shall be necessary and sufficient to pay the interest on said Bonds accruing each year, and to pay the principal thereof as the said Bonds shall severally mature, or as they may be redeemed; and the Council of the town of Blades is authorized to make and to establish by ordinance all regulations and rules for the establishment of such sinking fund.
Section 7. The faith and credit of the town of Blades is hereby pledged for the due payment of the principal and interest of all the Bonds issued under the provisions of this Act.
Section 8. Before any moneys shall be borrowed and Bonds 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 are held, and the Council of the Town of Blades shall arrange for the holding of such election. Notice of said election shall be given by advertisement in a newspaper published in the town of Seaford, State of Delaware, and by posting notices in at least ten public places in said town, at least ten days before said election, which said advertisements and notices shall state the time and place of the election, the amount of Bonds proposed to be issued and the purpose for which the money is to be borrowed. At said election every taxable paying town taxes in the said town of Blades shall be entitled to vote, and shall be entitled to vote one vote only; and for the purpose of this election, residence shall not be a qualification to voting in the said town. At said election the ballots used shall have 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, and not exceeding in the aggregate One Hundred Thousand Dollars ($100,000.00), may be issued as in this Act provided. But if, at such election, the majority of the votes cast shall be against the Bond Issue, then no Bonds shall be issued nor money borrowed under this Act.
Approved May 11, 1951.