CHAPTER 227 - DITCHES AND DRAINS - SUSSEX COUNTY
AN ACT AUTHORIZING THE LEVY COURT OF SUSSEX COUNTY TO BORROW ON THE CREDIT OF SUSSEX COUNTY A SUM OF MONEY NOT EXCEEDING THREE HUNDRED FIFTY THOUSAND DOLLARS FOR THE PURPOSE OF IMPROVING THE DITCHES AND DRAINS IN SAID COUNTY.
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 Sussex County is hereby authorized and empowered to borrow from the Federal Emergency Administration of Public Works a sum of money not exceeding Three Hundred Fifty Thousand Dollars ($350,000.00), to be expended in the improvement of ditches and drains in Sussex County, said sum shall be borrowed upon the faith and credit of Sussex County.
Section 2. For the purpose of securing the payment of One Hundred Seventy-five Thousand Dollars ($175,000.00), of said sum so borrowed upon the faith and credit of Sussex County, the Levy Court of Sussex County, is authorized to issue bonds in such denominations, at such rate of interest not exceeding five per centum per annum, as the Levy Court may deem expedient.
Section 3. The interest upon said bonds shall be payable semi-annually each year from the date of the issue. The Levy Court shall decide upon and determine the classes and times of maturity of said bonds, and the aggregate of each class. Bonds may contain provisions for the registration thereof as the Levy Court may determine. The bonds shall bear such date as the Levy Court may determine and shall be numbered serially.
Section 4. The bonds shall be prepared under the supervisions of the Levy Court and shall be signed by the Receiver of Taxes and County Treasurer, the President of the Levy Court and the Clerk of the Peace of Sussex County, and shall be under the Seal used by said Levy Court. The signature of the Receiver of Taxes and County Treasurer shall be engraved or printed on each coupon or interest warrant. It shall be the duty of the officers named to execute said bonds when directed by the Levy Court so to do, and it shall be the duty of the Receiver of Taxes and County Treasurer and of the Levy Court to keep a record of said bonds.
Section 5. The bonds shall be exempt from all State, County and municipal taxation, and the purchaser thereof shall not be obligated to see to or in any manner be responsible for the application of the purchase money; the bonds may be of such form and may contain such provisions as are not in conflict with the provisions hereof.
Section 6. The Levy Court shall determine when the bonds or any number thereof may be sold, and until sold said bonds shall remain in the custody of the Levy Court. Whenever it shall be deemed advisable that any part or all of said bonds shall be sold, the Levy Court shall sell and dispose of the same after having advertised them in the public papers at least once each week for at least three weeks. No commission or other compensation shall be charged or paid to the Levy Court, or any member thereof for effecting the sale or negotiation of said bond.
Section 7. The bonds, principal and interest, shall be payable at the Farmers Bank of the State of Delaware, at Georgetown, Delaware, and the Levy Court is directed to pay the interest on the bonds to said Farmers Bank when and as the same shall become due, and to pay said Bonds when and as the respective classes mature.
Section 8. The Levy Court of Sussex County shall annually raise by levy and taxation upon the real estate in the several drainage districts in Sussex County a sum sufficient for the payment of the interest due in such 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 'co pay the interest on any unpaid bonds, which amount shall be set apart by the Receiver of Taxes and County Treasurer to be applied to the payment of interest on said bonds and the redemption thereof as they mature.
The sums to be raised for payment of interest and principal of said bonds as aforesaid, shall be raised in the same manner as ditch taxes are raised and shall be in addition to all sums authorized to be raised as ditch taxes by any other Statute.
Section 9. All money received from the sale of said bonds, after the payment of the charges and expenses connected with the preparation and sales thereof, shall be deposited in the Farmers Bank aforesaid, to the credit of the Levy Court in a separate account, and payments therefrom shall be made only upon the order of said Levy Court and in such manner as may be provided by said Levy Court; provided, that the money thus obtained shall be used for the purpose of paying off and discharging the sum borrowed, as aforesaid, from the Federal Emergency Administration of Public Works, and that no part of said money shall be used for any other purpose.
Approved April 22, 1935.