CHAPTER 245
NEW CASTLE COUNTY LEVY COURT
AUTHORIZED TO BORROW $1,000,000.00 AND ISSUE
BONDS THEREFOR
AN ACT TO AUTHORIZE THE LEVY COURT OF NEW CASTLE COUNTY TO BORROW A SUM NOT IN EXCESS OF ONE MILLION DOLLARS ($1,000,000.00) AND TO ISSUE BONDS THEREFOR, THE SAID SUM TO BE EXPENDED FOR CONSTRUCTION, MAINTENANCE AND OPERATION OF THE NEW CASTLE COUNTY AIRPORT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. The Levy Court of New Castle County is hereby authorized and empowered to borrow upon the faith and credit of said County, a sum not exceeding One Million Dollars ($1,000,000.00) to be expended for additional construction at, maintenance of, and the operation of New Castle County Airport, and for the purpose of securing the payment of such sum to issue bonds in such denominations and bearing such rate of interest not exceeding three per centum (3%) per annum and in such form as the Levy Court may deem expedient. The interest upon said bonds shall be payable semi-annually in each and every year after the date of issuance thereof. The authority to borrow hereby granted shall be in addition to and enlargement of the authority to borrow contained in previous acts.
Section 2. The Levy Court of New Castle County shall decide upon and determine the form and time or times of maturity of said bonds provided that no bond shall be issued for a term exceeding forty (40) years. Said bonds may or may not at the option of the Levy Court be made redeemable at such time or times before maturity, at such price or prices and under such terms and conditions as may be fixed by the Levy Court prior to the issuance of the bonds.
Section 3. Said bonds shall be prepared under the supervision of the Levy Court Commissioners and shall be signed by the County Treasurer, the President of the Levy Court and the Clerk of the Peace of New Castle County, and shall be under the seal used by the Levy Court of New Castle County. It shall be the duty of such officers to execute said bonds when directed by the Levy Court to do so, and it shall be the duty of the County Treasurer and the Levy Court to keep a record of said bonds.
Section 4. Said bonds or any part thereof may be sold when and as the Levy Court shall by resolution determine and until sold shall remain in the custody of the County Treasurer. Whenever in the judgment of the Levy Court it shall be deemed advisable that any part or all of said bonds shall be sold, said Levy Court may sell and dispose of the same on the most advantageous terms possible after having advertised the same in the public press at least once each week for at least two weeks. No commission or other compensation shall be charged or paid to any member of the Levy Court for effecting the sale or negotiation of said bonds.
Section 5. Said bonds, principal and interest shall be payable at the Farmers Bank of the State of Delaware, at Wilmington, Delaware, out of the money from time to time appropriated for that purpose by the Levy Court of New Castle County as hereinafter provided; and the said Levy Court is hereby authorized and directed to pay the interest on said bonds to the Farmers Bank when and as the same shall become due, and pay said bonds when and as they mature in accordance with the foregoing. The said Levy Court in fixing the rate of taxation shall annually, until the first installment of said bonds shall become due and payable, provide for a sum equal to the amount of interest due each year upon said bonds, and as and when said bonds shall become due and payable, shall in like manner provide for a sum equal to the amount of such bonds in addition to the amount necessary to pay the interest upon the unpaid bonds as before provided, which shall, when collected and paid to the County Treasurer be set apart by him in a separate account to be opened for that purpose; and the said County Treasurer shall apply the said sum annually to the payment of such part of said loan and interest thereon as may from time to time become due under the provisions of this Act.
Section 6. All of said bonds shall be dated and shall be numbered consecutively. All money received from the sale of any or all of said bonds, after the payment of the charges and expenses connected with the preparation and sale thereof, shall be deposited by the County Treasurer in the Farmers Bank of the State of Delaware, at Wilmington, Delaware, to the credit of the Levy Court of New Castle County in a separate account and payments thereof shall be made in the same manner as other payments by said Levy Court; provided that no part of the money thus obtained, except as in this Section provided shall be used for any other purpose than those hereinbefore stated; and provided further that the purchasers or holders of said bonds shall not be bound to see to or to be affected by the application of said money realized from the sale of said bonds. Said bonds shall contain such provisions, not inconsistent with the requirements of this Act, as the Levy Court may deem expedient. Said Bonds shall be exempt from all State, County and Municipal taxation.