AN ACT TO AMEND THE CHARTER OF THE CITY OF DOVER, CHAPTER 158, VOLUME 36, LAWS OF DELAWARE, BY PROVIDING FOR THE BORROWING OF MONEY AND ISSUANCE OF NOTES IN ANTICIPATION OF AN AUTHORIZED BOND ISSUE.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members of each House concurring therein):
Section 1. The Charter of The City of Dover, Chapter 158, Volume 36, Laws of Delaware, as amended by Chapter 318, Volume 49, Laws of Delaware, is hereby further amended by adding at the end of Section 50 thereof the following paragraphs, to be known as Subsection 50 (d)
(d) After a favorable referendum vote authorizing the sale of bonds as provided in Subsections (b) and (c) of this Section and in anticipation of the sale and issuance of said bonds, the Mayor and Council may borrow money and issue the notes of the City to the extent of the amount of bonds authorized to be sold, less the amount of any bonds theretofore issued under the authority of the same referendum. The said borrowing shall be authorized by a resolution of the Council which shall have the affirmative vote of three-fourths of the members thereof and the approval of the Mayor, and the note or notes thereby authorized shall be signed by the Mayor and Treasurer of the City. When issued and signed in accordance with this Subsection the faith and credit of the City shall be deemed to be pledged for the repayment of said notes.
The note or notes issued in anticipation of a bond issue may be renewed from time to time, but all such notes shall mature and be paid from the proceeds of the sale of bonds not more than one year after the date of borrowing. Said notes may be redeemed at par and accrued interest at any time prior to their maturity if the right so to do shall have been reserved.
Approved May 14, 1957.