AN ACT TO AUTHORIZE THE LEVY COURT OF NEW CASTLE COUNTY TO PLAN, RENOVATE, REMODEL, RE-EQUIP AND REFURNISH THE PRESENT COUNTY BUILDING FOR NEW CASTLE COUNTY AND TO ISSUE BONDS TO FINANCE THE COST THEREOF.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Levy Court of New Castle County is authorized to plan, renovate, remodel, re-equip and refurnish the present County Building and to issue its bonds to finance either in whole or part the cost thereof.
Section 2. (a) The Levy Court may issue bonds of New Castle County to finance the cost of the matters authorized in Section 1.
(b) The rate of interest of the bonds may be determined in advance of sale, or the bonds may be offered for sale at a rate of interest to be fixed by the successful bidder for such bonds.
(c) The bonds shall be payable within twenty years after the date of the bonds. The interest coupons and face amount of the bonds shall be payable at the branch of the Farmers Bank of Delaware located in New Castle County. The full faith and credit of New Castle County shall be pledged to the payment of such bonds and the interest thereon. The Levy Court shall annually appropriate to the payment of such bonds and the interest thereon the amounts required to pay such bonds and interest as the same become due and payable.
(d) Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the Levy Court determines, may be issued to the purchasers of bonds sold pursuant to this Act.
(e) The Levy Court shall advertise the bonds for sale in at least two issues in each of two newspapers, one of which shall be a newspaper of general circulation published in the City of Wilmington, Delaware, and the other a newspaper of general circulation published in the City of New York, inviting bids for the bonds. The advertisements shall state the total amount of the proposed issue, the denominations of the bonds, the place of payment of the bonds and interest, the place and date of opening bids, and the conditions under which the bonds are to be sold. The Levy Court may give notice of the sale of the bonds in such other manner as it may decide.
(f) The Levy Court may require each bid for the bonds to be accompanied by a certified check in an amount not in excess of two per cent (2%) of the total amount of the issue. After the bonds are awarded or sold to the successful bidder or bidders therefor, the Levy Court shall return to the unsuccessful bidder or bidders the certified check or checks submitted with the bid or bids.
(g) The Levy Court shall direct and effect the preparation and printing of the bonds and shall prescribe the form of bonds and the coupons for the payment of interest thereto attached. The bonds shall be signed by the President of the Levy Court, countersigned by the Clerk of the Peace and sealed with the official seal of the Levy Court.
(h) The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the matters authorized in Section 1. The resolution authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this Chapter, which recital shall be conclusive evidence of their validity and regularity of their issuance.
Approved August 31, 1961.