SENATE BILL NO. 385
AN ACT TO AMEND AN ACT ENTITLED " AN ACT CHANGING THE CORPORATE NAME OF "THE COMMISSIONERS OF WYOMING" TO 'THE TOWN OF WYOMING, AND ESTABLISHING A CHARTER THEREFOR", BEING CHAPTER 189, VOLUME 43, LAWS OF DELAWARE, 1941, AS AMENDED BY EXPRESSLY AUTHORIZING THE COUNCIL OF THE TOWN OF WYOMING TO BORROW MONEY FROM THE FIRST NATIONAL BANK OF WYOMING FOR THE PURPOSE OF ACQUIRING THE TOWN RAILROAD STATION BUILDING AND LANDS FROM THE PRESENT OWNER.
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 38 of Chapter 189, Volume 43, Laws of Delaware, 1941, as amended, is hereby further amended by designating the present Section "38A", and by inserting a new paragraph "B" to read as follows:
"B. The Town Council of said Town shall have the full power and authority to borrow from the First National Bank of Wyoming the sum of Twenty Thousand Dollars ($20,000.00) at six and one-half percent (6 1/2%) per annum for a period of twenty-five (25) years, for the specific purpose of purchasing from the Delaware Railroad Company the property, land and building, known as "Old Railroad Station", more particularly described as follows:
ALL THAT PARCEL of land with the building and improvements thereon erected, situate in the City of Wyoming, County of Kent and State of Delaware, bounded and described according to a plan of survey made by Mann-Talley, Inc., dated November 2, 1977, as follows; VIZ:
BEGINNING at a point marked by a P.K. nail set at the intersection of the northwest line of Railroad Avenue, at 50 feet wide, with the northeast line of Camden-Wyoming Avenue, at 50 feet wide; thence from said point of BEGINNING along the said northeasterly line of Camden-Wyoming Avenue, North 55 degrees 05 minutes 00 seconds West, 51.03 feet to an iron pipe set in the southeasterly line of land which has been conveyed to Consolidated Rail Corporation (Conrail) by The Delaware Railroad Company, at 66 feet wide; thence thereby parallel with the centerline of the southbound track of railroad formerly of said The Delaware Railroad Company and distant 41.50 feet southeasterly therefrom when measured at right angles thereto, North 46 degrees 28 minutes 00 seconds East, 369.91 feet to an iron pipe set in the southwesterly line of Broad Street, at 70 feet wide, the last described course passing through an existing brick building, said building being the old railroad station; thence along said southwesterly line of Broad Street, South 43 degrees 32 minutes 00 seconds East, 50.00 feet to a P.K. nail in the said northwest line of Railroad Avenue; thence thereby, South 46 degrees 28 minutes 00 seconds West, 359.70 feet to a P.K. nail set in the said northeast line of Camden-Wyoming Avenue, the point and place of beginning.
CONTAINING 18,240 square feet of land, or 0.4187 of an acre, more or less,
and is further authorized to secure said sum by executing a first mortgage or lien to the First National Bank of Wyoming to secure said debt, duly authorized by Resolution of the Council, with the corporate seal of the Town affixed as is requested by the bank advancing the money on said note or mortgage. Said sum of money borrowed according to this authority shall be paid on an amortized schedule for the term of twenty-five (25) years at six and one-half percent (6 1/2%) per
annum, by either monthly, quarterly or yearly payments as determined by the Town Council of the Town of Wyoming."
Approved February 8, 1980.