CHAPTER 362

FORMERLY

SENATE BILL NO. 563

AN ACT TO AUTHORIZE THE TOWN OF BETHANY BEACH TO ISSUE BONDS TO THE FARMERS HOME ADMINISTRATION, U.S. DEPARTMENT OF AGRICULTURE, FOR IMPROVEMENTS AND ADDITIONS TO THE TOWN WATER SUPPLY AND DISTRIBUTION SYSTEM.

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 I. The Commissioners of the Town of Bethany Beach are hereby authorized to issue bonds in an aggregate principal amount not exceeding $950,000 to finance the construction or reconstruction of or addition to a water supply and distribution system whether or not including buildings, land or rights in land, original furnishings, equipment, machinery or apparatus, or the replacement of such equipment, machinery or apparatus.

Section 2. The Commissioners are authorized to sell such bonds at private sale to the Farmers Home Administration, U.S. Department of Agriculture, and to determine the terms, form and contents of such bonds, provided that no such bonds shall have a maturity beyond forty years from the date of issuance, and the payment of principal of such bonds shall be made annually beginning at least two years from the date of the bonds.

Section 3. The bonds shall be issued pursuant to a resolution of the Commissioners. The resolution shall become effective upon adoption of a majority of the elected Commissioners and may be adopted at the meeting of the Commissioners at which the resolution is introduced. Power to determine the terms, form and contents of the bonds subject to this act may be delegated to the President of the Commissioners of the Town.

Section 4. The Commissioners shall pledge the full faith and credit and taxing power of the Town to the payment of principal of and interest on the bonds without limitation as to rate or amount.

Section 5. The resolution authorizing the bonds may authorize the publication of an estoppel notice in a paper of general circulation in the Town, the publication of which after due adoption of the resolution authorizing the issuance of the bonds will prohibit suits contesting the authorization and issuance of the bonds twenty days after publication of the notice.

Section 6. The provisions of this act will control the issuance and sale of the bonds any other law to the contrary notwithstanding.

Section 7. This act shall take effect immediately upon approval by the Governor.

Approved July 10, 1980.