SENATE BILL NO. 349
AN ACT TO AMEND CHAPTER 258, VOLUME 55, LAWS OF DELAWARE, ENTITLED "AN ACT TO AUTHORIZE 'THE MAYOR AND COUNCIL OF THE TOWN OF SELBYVILLE' TO BORROW ;1,000,000.00 AND TO ISSUE BONDS TO SECURE THE PAYMENT THEREOF FOR THE PURPOSE OF PROVIDING A SEWAGE DISPOSAL PLANT AND SYSTEM IN THE TOWN OF SELBYVILLE AND TO CONTROL AND REGULATE THE SAME" TO PROVIDE FOR THE ISSUING OF BOND ANTICIPATORY NOTES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two- thirds of aU members elected to each House thereof concurring therein):
Section 1. Amend Section 10, Chapter 258, Volume 55, Laws of Delaware, by adding, at the end of said Section 10, the following new paragraph:
In anticipation of the Issuance of said bonds at any time after a special election resulting in a vote in favor of the bond issue, The Mayor and Council of the Town of Selbyville may issue and sell bond anticipatory notes of The Mayor and Council of the Town of Selbyville at either public or private sale for not less than par and accrued interest. Said notes may be renewed from time to time by the issuance and sale of new notes. Said notes shall bear Interest at a rate determined by the Council to be fair and reasonable. All such notes shall mature and be paid not later than two (2) years from the date of issuance. The total amount of said notes outstanding at any one time shall not exceed the amount for which the special election resulted in a favorable vote. Said notes shall be redeemed at par and accrued interest prior to their maturity if The Mayor and Council of The Town of Selbyville shalt have reserved the right to do so by an express provision (n the note or notes. The principal and any interest due on said notes may be paid from the proceeds of the sale of the bonds authorized by this Chapter. Both interest on and principal of any bond anticipatory notes shall not be subject to taxation by the State of Delaware or any political subdivision thereof."
Approved February 21, 1986.