CHAPTER 157 - NEWARK
AN ACT AUTHORIZING THE COUNCIL OF NEWARK TO BORROW MONEY TO REDEEM AND REFUND CERTAIN OUTSTANDING BONDS AND TO ISSUE A PROMISSORY NOTE OR NOTES THEREFOR.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all members elected to each House concurring therein):
Section 1. That "The Council of Newark", Delaware, a municipal corporation of the State of Delaware, is hereby authorized and empowered to borrow for the purpose of paying, redeeming, and refunding certain Bonds heretofore issued by the said "The Council of Newark", now outstanding and amounting to the sum of One Hundred Thousand ($100,000.00) Dollars, which will be due and payable on the First day of February, A. D. 1957, and to issue as security therefor and in evidence thereof one or more Promissory Note or Notes of and in the name of "The Council of Newark" to an amount not exceeding One Hundred Thousand ($100,000.00) Dollars. Said Promissory Note or Notes so to be issued shall be in such form and of such amount or denominations as the Council of "The Council of Newark" shall determine and shall bear interest at a rate not exceeding four per centum per annum, payable on such dates as may be determined by the council of "The Council of Newark."
Section 2. The council of "The Council of Newark" shall negotiate the sale or discount of the said Promissory Note or Notes and the money or proceeds derived therefrom shall be paid over to the Treasurer of the said "The Council of Newark", who shall keep and deposit the same in a separate fund, and which shall be solely for the paying off and redeeming the said Bonds heretofore issued by the said "The Council of Newark" and now outstanding and for paying the interest thereon.
Section 3. The said "The Council of Newark" is hereby authorized and required to assess and collect annually in the same manner provided by law for assessing and collecting other taxes for municipal purposes in said Town, an amount of tax sufficient to pay all interest accruing on said Promissory Note or Notes.
The said "The Council of Newark" is further authorized and empowered to assess and collect annually, in the same manner provided by law for assessing and collecting other taxes, such further amount of tax as it may in any way deem advisable, to be used solely for the purpose of redeeming and paying said Promissory Note or Notes, either at or before the maturity thereof.
Section 4. The said Promissory Note or Notes shall be signed by the President of the Council of "The Council of Newark" and by the Treasurer of the Council of "The Council of Newark" and shall have affixed thereto the corporate seal of The Council of Newark." The Note or Notes authorized by this Act may be issued at one time or at different times as "The Council of Newark" shall determine. The council of "The Council of Newark" shall have full power and authority to re-new, re-issue, re-discount and continue said Promissory Note or Notes or any of them for such time and upon such terms as it may by resolution determine, until the whole of said principal debt together with all accrued interest shall have been paid in full.
Section 5. The said "The Council of Newark" and all of the officers and departments thereof shall be taken and deemed to have, and are hereby expressly given full power and authority to do and perform any and all acts, matters or things not herein specifically granted or provided, which it may deem necessary to do or perform in relation to the said Promissory Note or Notes as aforesaid, and to make said Promissory Note or Notes the good, valid and binding obligation of "The Council of Newark", a municipal corporation under the laws of the State of Delaware as aforesaid, and the faith and credit of the said "The Council of Newark" is hereby pledged for the payment of said Promissory Note or Notes.
Approved May 18, 1937.