Delaware General Assembly


CHAPTER 68

FORMERLY

SENATE BILL NO. 202

AS AMENDED BY SENATE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTERS 65 AND 87, TITLE 9, DELAWARE CODE, RELATING TO THE ISSUANCE OF BONDS BY SUSSEX COUNTY.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §6511, Chapter 65, Title 9, Delaware Code, by striking subsections (a) and (b) of §8511 in their entireties and inserting in lieu thereof new subsections (a) and (b) as follows:

"(a) The county government may issue bonds of Sussex County to finance the cost of constructing sewage disposal or water facilities in any sanitary sewer or water district, respectively. Bonds issued to finance such facilities may be issued to fund Interest on such bonds for a period not to exceed six months during the period of construction of the facilities being financed. The moneys raised by the Issuance of such bonds shall be held in a separate account and shall be expended only for the construction of sewage disposal or water facilities in the sanitary sewer or water district for which the bonds are Issued.

(b) The bonds shall bear Interest at a rate or rates per annum determined by the county government. Interest on the bonds shall be exempt from taxation by the State or any political subdivision thereof for any purpose. Each issue of bonds shall be payable within 40 years after the date of their issue. The Interest coupons and face amount of the bonds shall be payable at a state or national bank designated by the county government. The reasonable expenses of issuing such bonds shall be deemed a part of the cost of constructing the sewer or water facilities. The full faith and credit of Sussex County shall be pledged to the payment of such bonds and the interest thereon."

Section 2. §6512(c), Title 9, Delaware Code, Is hereby repealed in its entirety and a new Section 6512(c) shall be enacted as follows:

"(c) In the event that the bonds so offered for sale are not bid for, or If no legally acceptable bid is received for the bonds, they may be sold under the direction of the county government at private sale upon the best terms they can obtain for the same, provided that they shall not be sold at private sale for less than par and accrued Interest."

Section 3. §8518, Title 9, Delaware Code, is hereby repealed In its entirety and a new §8518 shall be enacted as follows:

"Bonds issued pursuant to this Chapter shall not be subject to any debt limit Imposed by the laws of the State of Delaware."

Section 4. Section 6704(f), Title 9, Delaware Code, Is hereby repealed In It entirety, and a new §8704(f) shall be enacted as follows:

"(f) In the event that the bonds so offered for sale are not bid for, or if no legally acceptable bid is received for the bonds, they may be sold under the direction of the county government at private sale upon the best terms they can obtain for the same, provided that they shall not be sold at private sale for less than par and accrued interest."

Approved June 27, 1983.