CHAPTER 280

AN ACT TO AMEND CHAPTER 21, TITLE 14, DELAWARE CODE, RELATING TO LOCAL SCHOOL BONDS BY PROVIDING FOR THE REPLACEMENT OF LOST, DESTROYED OR DEFACED BONDS.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Chapter 21, Title 14, Delaware Code, is hereby amended by the addition of a new § 2112A to read as follows:

§ 2112A. Replacement of lost, destroyed or defaced bonds

The School Board of any District may issue a new bond to replace an unmatured bond which has been lost, destroyed or defaced, upon the written request of the owner thereof, his legal representatives, successors or assigns, and upon giving (a) proof of ownership, (b) proof of loss or destruction, or in the case of a defaced bond and coupons, if any, the bond and coupons, (c) adequate security to indemnify the District and the bank or banks at which the bond and coupons are payable against any loss that may be suffered by them on account of such replaced bond and coupons, and (d) payment of the cost of preparation of the new bond and coupons, if any.

The new bonds and coupons, if any, shall be executed by the officials (including, in the case of a School District, a member of the Board of School Trustees of the District) in office at the time of such replacement and shall bear the seal of the District. The coupons, if any, shall be signed by the facsimile of the signatures of the appropriate officers. There shall be endorsed on the new bond a statement in substantially the following form:

This bond has been reissued to replace a lost, destroyed or defaced bond.

The replacement shall be authorized by a resolution of the School Board which shall set forth a copy of the written request of the owner, his legal representatives, successors or assigns, and the designation, date, maturity, interest rate, denomination and number of the replaced bond.

Approved July 14, 1969.