SENATE BILL NO. 324
AN ACT TO AMEND CHAPTER 137, VOLUME 61 LAWS OF DELAWARE, AS AMENDED, THE CHARTER OF THE TOWN OF DELMAR, AS AMENDED, WITH REGARD TO THE PROCEDURES AND LIMITS FOR AUTHORIZING GENERAL OBLIGATION BONDS.
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. Amend Section 24(a) of Chapter 137, Volume 61, Laws of Delaware, the Charter of the Town of Delmar, as amended, to delete paragraph (9) thereof in its entirety and to insert a new paragraph (9) as follows:
"(9) The bonds may be sold at either public or private sale as determined by the Town Council. If the bonds shall be offered for public sale, they shall be sold to the best and most responsible bidder(s) therefore after advertisement in a manner to be described by the Town council as least one (1) month before offering the same for sale."
Section 2. Amend Section 24(b) of Chapter 137, Volume 61, Laws of Delaware, the Charter of the Town of Delmar, as amended, to change the designation of existing paragraph"(b)" to paragraph "(c)", and to add after paragraph "(a)", the following new paragraph "(b)":
"(b) Notwithstanding the foregoing provisions of this Section, the Town Council may authorize the issuance of bonds or other obligations of the Town under this Section in an aggregate amount of up to $1,000,000 outstanding at any time, without regard to flu requirements set forth in paragraphs (1) - (7) of Section 24(a), if: (i) the Town Council by Resolution (adopted by at least a majority of all of the members of Town Council approves of the issuance of bonds or other obligations pursuant hereto for a proper municipal purpose with such Resolution stating the amount of such issuance, the purpose of such issuance, the manner of securing the same, that the amount of all other bonds an obligations issued pursuant to this paragraph (b) does not exceed $1,000,000 and an: other facts relating to the issuance which are deemed pertinent by the Town Council am in their possession at that time. Such Resolution (or a subsequent Resolution adopted b: at least a majority of a quorum as established pursuant to Section 10 hereof) shall establish the form of the bonds or certificates of indebtedness, the time or times of payment, the interest rate or rates, the classes, the series, the maturity or maturities, the registration, any callable or redeemable features, the denominations and the name c names thereof and any other relative or appurtenant matter pertaining thereto. Except for the provisions of paragraphs (1) - (7) of Section 24(a), all other provisions of this Section 24 shall be applicable to the bonds and other obligations issued pursuant to this paragraph (b)."
Approved May 19, 1998