FORMERLY HOUSE BILL NO. 341
AN ACT TO AMEND CHAPTER 175, VOLUME 52, LAWS OF DELAWARE, BEING AN ACT ENTITLED, "AN ACT TO AUTHORIZE THE MAYOR AND COUNCIL OF THE CITY OF WILMINGTON TO ISSUE NEGOTIABLE BONDS AND NOTES FOR LAWFUL PURPOSES AND TO PROVIDE FOR THEIR PAYMENT", RELATIVE TO THE ISSUANCE OF AND GUARANTEE OF OBLIGATIONS AND DEBT LIMITATIONS.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of the Members elected to each branch thereof concurring therein):
Section 1. Section 1 of Chapter 175, Volume 52, Laws of Delaware, is hereby amended by inserting the following at the end of said Section 1:
The City shall also have power to issue from time to time bonds to provide funds to be granted to the Parking Authority of the City of Wilmington to acquire or construct parking facilities and for any other purposes authorized by Title 22, Chapter 5, Delaware Code, and in addition, the City may pledge its full faith and credit to the payment of the principal of and interest on revenue bonds of the Parking Authority of the City of Wilmington as provided in Title 22, Chapter 5, Delaware Code.
Section 2. Section 8 of Chapter 175, Volume 52, Laws of Delaware is hereby amended by striking said Section 8 in its entirety and by inserting in lieu thereof a new Section 8 to read as follows:
Section 8. Bonds shall not be issued pursuant to this Act if their issuance would increase the aggregate amount of payments with respect to the principal of and interest on all bonds of the City then outstanding payable in the fiscal year in which such bonds are issued to an amount in excess of seventeen and one-half per centum of the annual operating budget of the City for such fiscal year. In computing the aggregate amount of payments with respect to the principal of and interest on bonds of the City, there
shall be excluded such payments with respect to: (1) all bonds issued by the City for the purpose of providing a supply of water for the City; and (2) all bonds issued by the City for sewer purposes as a part of the sewer system of the City for which the City collects rates, rents or fees; and (3) all bonds issued by the City for any other purpose for which an exclusion is authorized by law including but not limited to exclusions for bonds issued for Parking Authority purposes and Urban Renewal purposes; and (4) all bonds issued by the City for construction, improvement, acquisition or development of the Port facility maintained by the City of Wilmington; and (5) any guaranty or other obligation incurred pursuant to any law and which said law provides shall be excluded from the computation of any debt limitations of the City.
Section 3. Chapter 175, Volume 52, Laws of Delaware, is hereby amended by adding thereto a new section to read as follows:
Section 12. All bonds and notes of the City of Wilmington issued for school purposes shall be issued in accordance with and pursuant to the limitations prescribed by this Act, and notwithstanding any other law, the interest on bonded debt and retirement of bonds falling due in any fiscal year shall not be included in determining the amount to be raised by taxation for school expenses in any year including all the expenses which the Board of Education is authorized to incur for the maintenance and operation of schools.
Section 4. Chapter 175, Volume 52, Laws of Delaware, is hereby amended by adding thereto a new section to read as follows:
Section 5A. In prescribing the manner of execution of the bonds and notes 'The Council' may provide that the signatures of the officials designated to execute the bonds and notes may execute the bonds and notes by a facsimile of their signatures, one signature of a designated official shall be a manual signature and the seal of the City appearing on such bonds and notes may be a facsimile seal.
Approved July 5, 1971