AN ACT TO AMEND SECTION 26 OF CHAPTER 191, VOLUME 45, LAWS OF DELAWARE, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF DELAWARE CITY", AND RELATING TO THE ISSUE OF BONDS BY THE MAYOR AND COUNCIL OF DELAWARE CITY.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all the Members elected to each Branch thereof concurring therein):
Section 1. Section 26 of Chapter 191, Volume 45, Laws of Delaware, is amended by striking out the first paragraph now appearing therein and inserting in lieu thereof a new first paragraph to read as follows:
"The Mayor and Council of Delaware City", for the purpose of carrying into effect the provisions of Section 25 of this Act, may issue bonds of such denomination as they may deem best, bearing interest at a rate not exceeding five per centum per annum, payable semi-annually. The principal of each issue of said bonds shall not be made payable in excess of thirty years from the date of the issue thereof, the said "The Mayor and Council of Delaware City" reserving the power and authority of redeeming said bonds or any part of them at the expiration of five, ten, or fifteen years from the date of the issue of the same, as determined by "The Mayor and Council of Delaware City" at the time of the issuance of said bonds. The said bonds shall be signed by the Mayor and countersigned by the Treasurer, and shall be sealed with the corporate seal, and be exempt from all State, County and Municipal taxation.
Approved March 28, 1961.