HOUSE BILL NO. 968
AN ACT TO AMEND AN ACT BEING CHAPTER 42, VOLUME 53, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT AMENDING, REVISING AND CONSOLIDATING THE CHARTER OF THE CITY OF SEAFORD" TO PROVIDE FOR SALE OF BONDS AT PUBLIC OR PRIVATE SALE.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each House thereof concurring therein):
Section 1. Section 35 (g), Chapter 42, Volume 53, Laws of Delaware, as amended, be and the same is hereby further amended by striking out the second paragraph of said Section 35 (g) and inserting a new second paragraph to read as follows:
"The form of bond or certificate of indebtedness, the interest rate, the time or times of payment of interest, the classes, the time or times of maturity, provisions as to registration, any callable or redeemable provision, the denomination and name and other relative or pertinent matters shall all be determined by Council after said Special Election. The bond or bonds or certificate or certificates of indebtedness may be sold at either public or private sale. The Council shall provide in its budget, and in fixing the rate of tax, for the payment of interest and principal on said bonds at the maturity or maturities thereof, and may establish a sinking fund therefor. The faith and credit of the City of Seaford shall be deemed to be pledged for the due payment of the bonds and interest thereon issued under the provisions hereof, when the same have been properly executed and delivered for value. There shall be no limitation upon the amount which may be raised from the taxation of real estate for the payment of interest on and the principal of any bonded indebtedness whether hereinbefore or hereafter incurred."
Approved July 8, 1978.