AN ACT TO AMEND SECTION 5115 OF CHAPTER 51, TITLE 14, OF THE DELAWARE CODE, ENTITLED "UNIVERSITY OF DELAWARE" FOR THE PURPOSE OF PROVIDING THAT THE REVENUE BONDS OF THE UNIVERSITY MAY BE EXECUTED BY FACSIMILE SIGNATURES OF THE OFFICERS OF THE UNIVERSITY, AND OF CLARIFYING THE TERMS AND CONDITIONS UPON WHICH SUCH BONDS MAY BE ISSUED AND REFUNDED AND INCREASING THE MAXIMUM ALLOWABLE RATE OF INTEREST AND INTEREST COST FROM FOUR TO SIX PERCENT.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 51, Title 14, Section 5115, Delaware Code, is amended by repealing and striking out the first and second sentences of Section 5115, and by enacting and inserting in lieu thereof three new sentences to read as follows:
The Board of Trustees may provide by resolution, from time to time, for the issuance in the name of the University of Delaware of revenue bonds of the University, for the purpose of paying all or any part of the costs, including financing costs and necessary reserves for debt service, maintenance and the like, of one or more income producing capital improvements, including constructing and equipping income producing buildings and facilities together with incidental acquisition of land therefor, landscaping, walks, drives and utility installations deemed necessary by said Board for the sound expansion and development of the University, and for the purpose of refunding outstanding issues of such revenue bonds. The principal of such bonds shall be payable solely from University funds (other than State appropriated funds) specifically pledged in each case by said Board by resolution, and the adoption of such resolution shall fully perfect such pledge for all purposes. No part of the revenues or funds of the University from other sources shall in any manner be expended for the purpose of paying such principal and interest.
Section 2. Chapter 51, Title 14, Section 5115, Delaware Code, is further amended by repealing and striking out the phrase in the third and eleventh sentences reading "four percentum per annum" and by enacting and inserting in lieu thereof in each such sentence the phrase "six percentum per annum."
Section 3. Chapter 51, Title 14, Section 5115, Delaware Code, is further amended by repealing and striking out the sixth sentence of Section 5115 and by enacting and inserting in lieu thereof a new sixth sentence to read as follows:
The bonds shall be signed by the President of the Board of Trustees, or shall bear the facsimile signature of the President of the Board of Trustees, in which latter event such bonds shall be authenticated by the manual signature of an officer of a bank or trust company appointed by resolution of the Board of Trustees as fiscal agent in connection with the bond issue, and the seal of the University, or facsimile thereof, shall be affixed to the bonds and shall be attested by the Secretary of the Board of Trustees, which attestation may, if the bonds are authenticated as above provided, be by facsimile signature of the Secretary of the Board of Trustees; and any coupons attached to the bonds shall bear the facsimile signature of the President of the Board of Trustees.
Section 4. This Act to take effect immediately.
Approved December 31, 1963.