HOUSE BILL NO. 477
AN ACT TO AMEND CHAPTER 183, VOLUME 22. LAWS OF DELAWARE, BEING AN ACT ENTITLED "AN ACT TO INCORPORATE THE TOWN OF GREENWOOD" AS AMENDED BY CHAPTER 18, VOLUME 65. LAWS OF DELAWARE, TO AUTHORIZE THE ISSUING OF BOND ANTICIPATORY NOTES.
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. Subsection (k), Section 28, Chapter 183, Volume 22, Laws of Delaware, as amended by Chapter 18. Volume 65, Laws of Delaware, be and the same is hereby further amended by adding at the end of said Subsection (k) the following:
"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 Town of Greenwood may Issue and sell bond anticipatory notes of the Town of Greenwood at either public or private sale for no less than par and accrued interest. Said notes may be removed from time to time by the issuance and sale of new notes. Said notes shall bear interest at a rate determined by the Town Council to be fair and reasonable. All such notes shall mature and be paid no 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 may be redeemed at par and accrued interest prior to their maturity if the Town of Greenwood shall have reserved the right to do so by an express provision In the note or notes. The full faith and credit of the Town of Greenwood shall be deemed to be pledged for the prompt payment of the bonds and the interest thereon issued pursuant to this Section when the same shall have been properly executed and delivered for value. 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 issued pursuant to this Section shall not be subject to taxation by the State of Delaware or any political subdivision thereof."
Approved June 27, 1986