AN ACT TO LEGALIZE AND VALIDATE THE ACTS DONE AND PROCEEDINGS TAKEN BY THE CITY OF SEA-FORD, A MUNICIPAL CORPORATION, AND BY ITS OFFICERS AND AGENTS, IN RELATION TO THE ISSUANCE OF THE "$195,000 SEAFORD BOND ISSUE OF 1955", AND TO LEGALIZE AND VALIDATE SAID BONDS AND TO PROVIDE FOR THE PAYMENT OF SAID BONDS.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected to each Branch thereof concurring therein):
Section 1. All acts done and proceedings taken by the City of Seaford, a municipal corporation, and by its officers and agents, in relation to the issuance of the bonds of said City, now outstanding, which are designated as "$195,000 Seaford Bond Issue of 1955" and are of the aggregate principal amount of One Hundred and Ninety-five Thousand Dollars ($195,000) and are dated April 1, 1955, and consist of one hundred and ninety-five bonds of the denomination of One Thousand Dollars ($1,000) each, numbered from one (1) to one hundred ninety-five (195) inclusive, and are payable on April 1, 1975, but are redeemable at the option of the City on April 1, 1960 or on any subsequent semi-annual interest period, are hereby legalized and validated; and said bonds are hereby legalized and validated and declared to be general obligations of said City, notwithstanding any defect or irregularity in such acts or proceedings or in the sale, execution or delivery of said bonds. For the payment of the principal of and interest on said bonds, as such principal and interest become due, the City of Seaford shall have power to levy taxes upon all taxable property in the City of Seaford at such rate and in such amount as may be necessary for said purpose.