AN ACT TO AUTHORIZE THE MAYOR AND COUNCIL OF WILMINGTON TO BORROW AND ISSUE BONDS OF THE CITY FOR THE PURPOSE OF AIDING THE WILMINGTON HOUSING AUTHORITY AS THE SLUM CLEARANCE AND REDEVELOPMENT AUTHORITY OR SLUM CLEARANCE AND REDEVELOPMENT AGENCY, OR THE LOCAL PUBLIC AGENCY OF THE CITY OF WILMINGTON, DELAWARE IN CARRYING OUT ITS PURPOSES AND FUNCTIONS UNDER 31 DEL. C. c. 45, AND TO FURTHER ENABLE THE MAYOR AND COUNCIL OF WILMINGTON TO COMPLY WITH THE PROVISIONS OF THE HOUSING ACT OF 1949 AS AMENDED AND THE HOUSING ACT OF 1954 AS THE LAST TWO ACTS HAVE BEEN APPROVED BY THE CONGRESS OF THE UNITED STATES OF AMERICA.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (with the concurrence of two-thirds of all the Members elected to each Branch thereof):
Section 1. The Mayor and Council of Wilmington be and is hereby authorized and empowered to borrow, and to issue bonds, on the faith and credit and taxing power of The Mayor and Council of Wilmington, in a sum not exceeding One Million Dollars ($1,000,000.00), for the purpose of aiding Wilmington Housing Authority as the Slum Clearance and Redevelopment Authority or Slum Clearance and Redevelopment Agency or the Local Public Agency of the City of Wilmington, Delaware, in carrying out any of its powers and functions under 31 Del. C. c. 45 and to enable The Mayor and Council of Wilmington to comply with the provisions of the Housing Act of 1949 as amended (63 Stat. 413); and the Housing Act of 1954 (68 Stat. 590), as approved by the Congress of the United States of America in the making of capital grants to the Wilmington Housing Authority.
Section 2. The bonds herein authorized to be issued may be issued and sold at one time or from time to time, may be issued in one or more series, may bear such date or dates, may mature at such time or times from their respective dates, may bear interest, payable semi-annually, at such rate or rates not exceeding six per centum (6%) per annum, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without a premium, may be declared or become due before the maturity date thereof, may provide for the replacement of mutilated, destroyed, stolen, or lost bonds, may be authenticated in such manner and upon compliance with such conditions, may be secured in such manner, may provide for such rights and remedies upon their default, and may contain such other covenants, terms and conditions (including, without being limited to the foregoing) as may be provided by resolution or resolutions, ordinance or ordinances of The Council of The Mayor and Council of Wilmington or any trust indenture authorized thereby. Notwithstanding the form and tenor thereof, and in the absence of an express recital on the face thereof that the bonds are non-negotiable, all bonds of The Mayor and Council of Wilmington shall at all times be, and shall be treated as negotiable instruments for all purposes. Such bonds shall be sold at not less than par at public sale held after notice published at least once at least 5 days prior to such sale in a newspaper having a general circulation in the City of Wilmington, and in a financial newspaper published in the City of New York, New York.
Section 3. Bonds herein authorized to be issued are declared to be issued for an essential public and governmental purpose and to be public instrumentalities, and together with the interest theron and income therefrom, shall be exempt from taxes.
Section 4. The moneys received from the sale of said bonds shall be paid over to the Treasurer of The Mayor and Council of Wilmington, and held by him as a special fund to be drawn out and used for the purposes of this Act.
Section 5. All necessary expenses in and about the preparation, printing and sale of said bonds shall be paid out of the moneys herein authorized to be borrowed.
Section 6. Should any surplus remain after the work contemplated by this Act has been accomplished, such surplus shall be held and applied towards the payment of the principal of said bonds herein authorized.
Section 7. The authorization herein granted to The Mayor and Council of Wilmington to issue bonds is to enable the said municipal corporation to comply with the provisions of 31 Del. C. c. 45 and the acts of the Congress of the United States hereinabove referred to the end that The Mayor and Council may carry out what is required of the said municipal corporation in performing the Slum Clearance and Urban Redevelopment and Urban Renewal Programs as the same are provided for in the aforementioned legislation.
Section 8. That all Acts or parts of Act inconsistent with the provisions of this Act be and the same are hereby repealed.
Approved August 1, 1955.