AN ACT TO AMEND CHAPTER 15, TITLE 9, DELAWARE CODE, AUTHORIZING THE LEVY COURT OF NEW CASTLE COUNTY TO ACQUIRE LAND AND CONSTRUCT AND EQUIP A PUBLIC LIBRARY AND AUTHORIZING THE LEVY COURT OF NEW CASTLE COUNTY TO ISSUE BONDS TO FINANCE THE COST THEREOF AND TO LEVY TAXES THEREFOR.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 15, Title 9, Delaware Code, is hereby amended by adding at the end of Section 1562 the following subsections:
§ 1562 (d) The Levy Court of New Castle County may construct and equip free public libraries in New Castle Hundred and Millcreek Hundred of New Castle County and for said purpose, may acquire land by purchase or gift and may enter into contracts for the construction and equipping of such public libraries in New Castle County outside of the City of Wilmington. The Levy Court may enter into contracts with the Wilmington Institute for the operation and maintenance and support of the said public library.
(e) For the purpose of providing funds for the acquisition of land and construction and equipping of the public library provided in subsection (d), the Levy Court of New Castle County may borrow money upon the faith and credit of New Castle County by issuing bonds notwithstanding any limitation prescribed by this Chapter or any other law.
1. The bonds shall bear interest at such rates, may be in one or more series, may bear such dates, may mature at such times not exceeding twenty years from their respective dates, may be payable in such medium of payment, at such places or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as the resolution or subsequent resolutions provide.
2. The bonds shall be sold at public sale upon sealed proposals after at least ten days' notice published at least once in a newspaper published in the City of Wilmington in the State of Delaware. Any of the bonds may be sold at private sale to the United States of America or any agency, instrumentality or corporation thereof, at not less than par.
3. 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.
4. The rate of interest 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.
5. Bonds bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon have ceased to be officers of the County.
0. The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceeding relating to the matters authorized by subsection (d) of this Section. 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 of the regularity of their issuance.
1. The faith and credit of the County are pledged to the payment of any bonds issued by the County hereunder. The Levy Court of the County 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. Notwithstanding the provisions of any other law the Levy Court may levy an ad valorem tax, with limitation as to rate or amount, upon all property taxable by the County to raise the moneys necessary to meet any such appropriation.
Approved December 23, 1963.