§ 650 Bonds; power of county government to issue; terms.
(a) The county government may issue bonds of the county to finance the cost of acquiring and constructing such recreational and park facilities. Said bonds shall bear interest at a rate which shall not exceed 5 percent per annum and the income therefrom shall not be subject to state taxation. Each issue of said bonds shall be payable within 30 years after date of the bonds of such issue. The reasonable expenses of issuing such bonds shall be deemed a part of the cost of acquisition and construction of such park and recreation facilities. The full faith and credit of the county shall be pledged to the payment of such bonds and the interest thereon.
(b) The county government shall advertise said bonds for sale in at least 2 issues each of 2 newspapers, 1 of which shall be of general circulation in the City of Wilmington, Delaware, and 1 of which shall be published in the City of New York, inviting bids for the same. The advertisements shall state the total amount of the proposed issue, the denominations of said bonds, the place of payment of said bonds and interest, the place and date of opening said bids, and the conditions under which said bonds are to be sold. Said county government may give notice of the sale of said bonds in such other manner as it may decide.
(c) The county government may require each bid for said bonds to be accompanied by a certified check in the amount of the bid, and after the bonds are awarded or sold to the successful bidder or bidders therefor, the county government shall return to the unsuccessful bidder or bidders the certified check or check submitted with the bid or bids.
(d) The county government shall have the right to reject any and all bids, but in awarding the sale of said bonds, or any of them, they shall be sold to the person, persons, firm or corporation which, in the judgment of the county government, offers the most advantageous terms. Said bonds shall not be offered for sale until the attorney for the county government has submitted the attorney's opinion in writing that the bonds will, when duly sold, executed, delivered and paid for, be validly issued in accordance with the provisions of this chapter.
(e) The county government shall direct and effect the preparation and printing of the bonds authorized by this chapter, fix the rate of interest, and shall prescribe the form of said bonds and the coupons for the payment of interest thereto attached. Said bonds shall state the conditions under which they are issued. The coupons and face amount thereof shall be payable at any state or national bank designated by the county government. Said bonds shall be signed by the presiding officer of the county government, countersigned by the clerk of the peace, and sealed with the official seal of the county government.
§ 651 Special sinking fund.
The county government shall promptly deposit all funds received from the receiver of taxes from the collection of the taxes levied pursuant to the provisions of § 654 of this title, in a special account, which shall be used for no other purpose than the retiring of the bonds and interest accruing thereon, and for maintaining and improving the parks or recreation areas of the suburban park community, and paying the necessary expenses of the suburban park community including all costs of supervision and recreational promotion.
§ 652 Cancellation of bonds.
The county government may adopt such procedure as it deems proper in cancelling said bonds when paid.
§ 653 Payment and retirement of bonds.
Prior to the time of the retirement of the bonds, or any of them, or the time when interest shall become payable thereon, the county government shall make available sufficient funds in a state or national bank where the principal and interest are payable, to cover the retirement of such bonds or the payment of interest thereon.
§ 654 Assessment.
(a) The county government shall levy a tax for each fiscal year which shall be sufficient to provide funds adequate to reimburse the county for moneys expended or to be expended in such fiscal year in retiring the bonds which have been issued and in paying interest due on the same, and in maintaining or improving the suburban park community, and in paying the necessary general expenses of such community, including all costs of supervision and recreational promotion.
(b) The rate of such tax shall be stated in terms of a certain rate on every $100 of assessed valuation, and a tax at such rate shall be levied on all the real property within the boundaries of such suburban park community listed in the assessment list prepared by the board of assessment of the county for such fiscal year, and in accordance with the valuation of such property as stated in such assessment list. No tax shall be levied upon any property which is not now subject to taxation and assessment for county or municipal purposes. An assessment list to be known as "Suburban Park Community Assessment List" showing the tax levied shall be prepared and shall be delivered to the receiver of taxes of the county together with a tax collection warrant in the form prescribed by § 8005 of this title and said tax shall be collected by such receiver of taxes in the same manner as are other county taxes.
(c) The estimated maximum annual tax rate for the cost of maintaining any park or recreation area, including all costs of supervision and recreational promotion, shall be computed and shall be stated on the ballot at the time of the election as provided in § 632 of this title in terms of a certain rate on every $100 of assessed valuation. The annual tax levied to provide funds for maintaining the park, including all costs of supervision and recreational promotion, for any fiscal year prior to the maturity of the bonds shall not exceed the estimated maximum annual tax rate for such maintenance as stated on the ballot at the time of the election by the residents of the suburban park community.
§ 655 Costs of parks, improvements and maintenance.
The cost of acquiring, improving and maintaining of any park or recreation area under the provisions of this chapter and making the necessary improvements thereon shall be paid by the owners of the real estate in the suburban park community as hereinbefore provided.
9 Del. C. 1953, § 655; 49 Del. Laws, c. 112, § 1.;