AN ACT TO AMEND AN ACT ENTITLED "AN ACT PROVIDING FOR APPROPRIATION OF CERTAIN MONEYS TO THE SINKING FUND FOR THE PURPOSE OF RETIRING ALL BONDS ISSUED IN THE NAME OF AND BY AUTHORITY OF THE MAYOR AND COUNCIL OF WILMINGTON' ", THE SAME BEING CHAPTER 178, VOLUME 40, LAWS OF DELAWARE, 1935, BY CHANGING THE AMOUNTS "THE COUNCIL" IS REQUIRED TO APPROPRIATE FOR EACH OF THE PERIODS THEREIN MENTIONED, BY PROVIDING THAT ANY DIFFERENCE BETWEEN SUCH APPROPRIATIONS AND THE REQUIRED MATURITIES SHALL BE PAID FROM THE SINKING FUND AND PROVIDING FOR INCREASED APPROPRIATION IN THE EVENT OF SUBSEQUENT BOND ISSUES.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly net (two-thirds of each House concurring therein):
Section 1. That Section 2 of Chapter 178, Volume 40, Laws of Delaware be and the same hereby is amended by striking out all of sub-paragraph (a) of said Section 2 and by inserting in lieu thereof a new sub-paragraph to be known as sub-paragraph (a) of Section 2 as follows:
Section 2. (a) Beginning on the fourth Thursday in August of the fiscal year, which commences on July 1st, 1937, and each year thereafter "The Council" of The Mayor and Council of Wilmington" shall make the following appropriations to the Commissioners of the Sinking Fund for the purpose of retiring all bonds issued by "The Mayor and Council of Wilmington":
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July 1, 1937 to June 30, 1938
July 1, 1938 to June 30, 1939
July 1, 1939 to June 30, 1940
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$348,250.00
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400,000.00
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400,000.00
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July 1, 1940 to June 30, 1941
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400,000.00
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July 1, 1941 to June 30, 1942
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400,000.00
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July 1, 1942 to June 30, 1943
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400,000.00
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July 1, 1943 to June 30, 1944
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400,000.00
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July 1, 1944 to June 30, 1945
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400,000.00
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July 1, 1945 to June 30, 1946
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400,000.00
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July 1, 1946 to June 30, 1947
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400,000.00
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July 1, 1947 to June 30, 1948
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400,000.00
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July 1, 1948 to June 30, 1949
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400,000.00
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July 1, 1949 to June 30, 1950
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400,000.00
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July 1, 1950 to June 30, 1951
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376,200.00
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July 1, 1951 to June 30, 1952
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383,350.00
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July 1, 1952 to June 30, 1953
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280,700.00
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July 1, 1953 to June 30, 1954
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299,750.00
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July 1, 1954 to June 30, 1955
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400,000.00
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July 1, 1955 to June 30, 1956
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400,000.00
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July 1, 1956 to June 30, 1957
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400,000.00
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July 1, 1957 to June 30, 1958
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400,000.00
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July 1, 1958 to June 30, 1959
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400,000.00
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July 1, 1959 to June 30, 1960
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400,000.00
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July 1, 1960 to June 30, 1961
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400,000.00
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July 1, 1961 to June 30, 1962
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400,000.00
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July 1, 1962 to June 30, 1963
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400,000.00
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July 1, 1963 to June 30, 1964
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146,000.00
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October 1, 1964 to June 30, 1965
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10,000.00
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October 1, 1965 to June 30, 1966
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10,000.00
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October 1, 1966 to June 30, 1967
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10,000.00
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October 1, 1967 to June 30, 1968
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10,000.00
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The differences between the appropriations above set forth and required by this Act and the maturities scheduled at the time of approval of this Act, shall be paid by the Commissioners of the Sinking Fund, from the funds held by the said Sinking Fund Commissioners.
Section 2. That Section 2 of Chapter 178, Volume 40, Laws of Delaware, be and the same is hereby amended by striking out all of sub-paragraph (h) of said Section and by inserting in lieu thereof a new sub-paragraph to be known as sub-paragraph (h) of said Section 2 as follows:
Section 2. (h) All bonds which may be issued by "The Mayor and Council of Wilmington", after the date of the passage and approval of this amendatory Act, shall mature in equal annual installments within a period of not greater than ten years from the date of issuance thereof; provided, however, that with respect to any bonds so issued after the date of the passage and approval of this amendatory Act, the appropriations set forth and required by Section 2 (a) of this amendatory Act shall be increased in any given year to the extent to which this may be necessary to carry out the provisions of this sub-paragraph.
Approved April 12, 1937.