AN ACT AUTHORIZING THE LEVY COURT OF KENT COUNTY TO BORROW ON THE CREDIT OF THE COUNTY A SUM OF MONEY NOT EXCEEDING 120,000 DOLLARS TO BE EXPENDED FOR THE RETAINING OF OUTSIDE ASSESSORS TO ASSESS REAL PROPERTY IN THE COUNTY AND TO CONTRACT THEREFOR.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Levy Court of Kent County is hereby authorized to retain outside Assessors to assess real property in the County and to contract therefor.
Section 2. The Levy Court is hereby authorized to borrow upon the faith and credit of Kent County, a sum not exceeding One Hundred Twenty Thousand ($120,000.00) Dollars to be expended in the retaining of outside Assessors to assess real property in the County and to contract therefor, and to fund any indebtedness incurred for such purpose, and for the purpose of securing the payment of such sum, to issue bonds in such denominations and at such rate of interest not exceeding five per centum per annum, as the Levy Court may deem expedient. The issuance of such bonds shall not be subject to any debt limitation prescribed by any law.
Section 3. Bonds issued pursuant to this Act shall be authorized by a resolution passed by the Levy Court. The bonds shall mature in annual installments in amounts and at times determined by the Levy Court and set forth in said resolution. The first such installment shall be payable not more than one year after the date of the bonds and the last such installment shall be payable not later than twenty years after the date of said bonds. Interest on the bonds shall be payable semi-annually in each year. Bonds issued pursuant to this Act shall be negotiable instruments and shall be bonds payable to bearer with coupons attached for the payment of interest to bearer, but provision may be made for the registration of such bonds as to principal only or as to both principal and interest. Such bonds
may be made subject to redemption prior to their respective maturities with or without premium.
Section 4. The bonds shall be prepared under the supervision of the Levy Court and shall be signed by the Receiver of Taxes and County Treasurer, the President of the Levy Court and the Clerk of the Peace of Kent County, and shall be under the seal used by said Levy Court. A facsimile of the signature of each such officer may be engraved or printed on the bonds; provided, however, that at least one such officer shall sign the bonds manually. A facsimile of the signature of the Receiver of Taxes and County Treasurer shall be engraved or printed on each coupon or each interest warrant. It shall be the duty of the officers named to execute said bonds when directed by the Levy Court so to do, and it shall be the duty of the Receiver of Taxes and County Treasurer and of the Levy Court to keep a record of said bonds. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bond shall be the proper officers to sign such bond although at the date of such bond such persons may not have been such officers.
Section 5. The bonds shall be exempt from all state, county, municipal and other taxation, and the purchaser thereof shall not be obliged to see to or in any manner be responsible for the application of the purchase money ; the bonds may be of such form and may contain such provisions as will not conflict with the provisions hereof.
Section 6. The Levy Court shall determine when the bonds or any number thereof may be sold. The bonds shall be sold by the Levy Court at public sale, for not less than par and accrued interest, under such terms, conditions and regulations as the issuing officers may prescribe after notice of such sale published at least ten clays before the date of sale in at least one newspaper published in Kent County. Said bonds may be issued and
sold as part of a consolidated issue of bonds of Kent County and the bonds need not be separately identified. The resolution authorizing the issuance of the bonds may be combined with the resolution authorizing the consolidated issue.
Section 7. The bonds, principal and interest, shall be payable at the Farmers Bank of the State of Delaware, at Dover, Delaware, out of money from time to time appropriated for that purpose by the Levy Court; and the Levy Court is directed to pay the interest on the bonds to said Farmers Bank when and as the respective installments mature. The Levy Court in fixing the rate of taxation shall annually, until the first installment of said bonds shall become due and payable, provide for a sum equal to the amount of interest due each year upon said bonds, and as and when said bonds shall mature and become due and payable, shall in like manner provide for a sum equal to the aggregate of said bonds so maturing, which amount shall be set apart by the Receiver of Taxes and County Treasurer to be applied to the payment of interest on said bonds and the redemption thereof as they mature.
Section 8. All money received from the sale of said bonds, after the payment of the charges and expenses connected with the preparation and sale thereof, shall be deposited in the Farmers Bank aforesaid to the Credit of the Levy Court in a separate account, and payment therefrom shall be made by the Levy Court by a special warrant upon which shall be printed or endorsed "Kent County Outside Assessment". If, for any reason any part of such proceeds are not applied to or are not necessary for such purposes, such unexpended part of such proceeds shall be applied to the payment of the principal of or interest on such bonds.
Approved April 5, 1965.