CHAPTER 326
AN ACT TO AMEND AN ACT BEING CHAPTER 94, VOLUME 56, LAWS OF DELAWARE, ENTITLED "AN ACT AUTHORIZING THE LEVY COURT OF SUSSEX COUNTY TO ISSUE BONDS ON THE FULL FAITH AND CREDIT OF THE COUNTY NOT EXCEEDING $2,500,000 TO PROVIDE FUNDS FOR THE CONSTRUCTION OF A NEW COURT HOUSE AND/OR AN ADDITION TO THE EXISTING COURT HOUSE AND EQUIPMENT TO BE USED THEREIN, PROVIDING FOR THE POWER OF CONDEMNATION AND METHOD OF REPAYMENT OF SAID BONDS" TO REMOVE THE MAXIMUM RATE OF INTEREST WHICH MAY BE PAID ON BONDS, TO REMOVE THE MAXIMUM RATE OF INTEREST ON BOND ANTICIPATORY NOTES, AND TO PERMIT ADDITIONAL BOND ANTICIPATORY NOTES TO BE ISSUED.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 3, Chapter 94, Volume 56, Laws of Delaware, be and the same is hereby amended by striking out all of said Section 3 and substituting in lieu thereof the following:
Section 3. The bonds of each issue shall be dated, shall bear interest at a rate or rates which, in the opinion of the members of the Levy Court of Sussex County, is the best rate or rates of interest attainable at the time the bonds are sold, payable semiannually, shall mature at such time or times not exceeding forty (40) years and may be made redeemable 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. The Levy Court shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds. The interest on and principal of all bonds issued pursuant to this Act shall be made payable at the Farmers Bank of the State of Delaware at Georgetown, Delaware. The bonds shall be signed by the President of the Levy Court of Sussex County and by one other member of the Levy Court of Sussex County, and the seal of the County, or a facsimile thereof shall be affixed thereto and any coupons attached thereto shall bear the facsimile signature of the President of the Levy Court. In case any member whose signature or a facsimile thereof shall appear on any bonds or coupons shall cease to be a member of the Levy Court before the delivery of such bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this Act shall have, and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of this State. Such bonds and the income therefrom shall be exempt from all taxation by the State of Delaware or by any political sub-division, agency or authority thereof. The bonds may be issued in coupon or in registered form, or both, as the Levy Court may determine and provision may be made for the registration of any coupon bonds as to principal alone, and also as to both principal and interest, and for the reconversion of any bonds registered both as to principal and interest into coupon bonds. The Levy Court may sell such bonds either at public or private sale and in such manner and for such price but not less than par value as it may determine to be for the best interest of the County. The proceeds of such bonds shall be used solely for the payment of costs of the construction of a new Court House, including parking areas and landscaped areas, or improvements to the existing Court House, including additions or repairs thereto, or both, whether contracts for such new construction or additions or repairs to the existing Court House have been executed before or after the passage of this Act, and the purchase of necessary furniture and equipment to be used therein, as the resolution authorizing the issuance of such bonds may provide. The proceeds of such bonds shall at no time revert to the general fund of the County, but shall be deposited in a special account and at all times remain available to the Levy Court for the purposes herein set forth. If the proceeds of such bonds, by error of estimates, or otherwise, shall be less than the cost of the project, additional bonds may in like manner be issued to provide the amount of such deficit; provided that the aggregate principal amount of such additional bonds together with the principal amount of all bonds theretofore issued, shall not exceed the amount of $2,600,000 and unless otherwise provided in the resolution authorizing the issuance of the bonds shall be deemed to be in the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which such bonds are issued, the surplus shall be paid into the funds hereinafter provided for the payment of principal and interest of such bonds. Prior to the preparation of definitive bonds, the Levy Court may, under like restrictions, issue temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The Levy Court may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified and required by this Act. The Levy Court may provide for the securing of the opinion of competent counsel, whether within or without the State, respecting the validity of the bonds and may pay for the cost thereof out of the proceeds of the sale of the bonds.
Section 2. Section 4, Chapter 94, Volume 56, Laws of Delaware, be and the same is hereby amended by striking out all of said Section 4 and substituting in lieu thereof the following:
Section 4. The Levy Court may issue and sell notes of Sussex County at either public or private sale for not less than par value. The notes shall bear interest at a rate which, in the opinion of the members of the Levy Court of Sussex County, is the best rate or rates of interest available at the time each note is issued. The notes shall be made payable not more than one (1) year after issuance and may be renewed by the issuance and sale of new notes, but all such notes shall mature and be paid not later than June 30, 1971. The notes shall be signed by the President of the Levy Court of Sussex County and by one other member of the Levy Court of Sussex County and the seal of the County shall be affixed thereto. All notes issued pursuant to this Act shall be made payable at Farmers Bank of the State of Delaware at Georgetown, Delaware. The notes may be redeemed at par value and accrued interest prior to their maturity if the right of the County to do so shall have been reserved by an express provision in the notes. The principal and interest on said notes, including renewal notes, shall be paid from the proceeds of the sale of the bonds. The notes shall be general obligations of the County and the full faith and credit of the County shall be pledged for the full and complete payment of the interest on and principal of such notes and such notes shall be exempt from taxation with respect to both principal and interest by the State of Delaware or any political sub-division thereof for any purpose. The Levy Court of Sussex County shall have the power and be under the obligation to levy and collect such ad valorem taxes as are necessary to pay the principal of and interest on the said notes as they fall due without regard to any other limitation concerning the maximum rate of taxation. The proceeds of such notes shall at no time revert to the general fund of the County but shall be deposited in a special account and at all times remain available to the Levy Court for the purposes set forth herein.
Approved February 9, 1970.