CHAPTER 218
WILMINGTON
AN ACT TO FURTHER AMEND AN ACT ENTITLED "AN ACT PROVIDING FOR APPROPRIATIONS 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, AS AMENDED BY CHAPTER 169, VOLUME 41, LAWS OF DELA-. WARE, 1937, BY CHANGING THE PERIOD OF MATURITY OF ALL BONDS HEREAFTER ISSUED BY "THE MAYOR AND COUNCIL OF WILMINGTON".
Be it enacted by the Senate and House of Representatives of the State of Delaware in. General Assembly met (two-thirds of each House concurring therein):
Section 1. That Section 2 of Chapter 178, Volume 40, Laws of Delaware, 1935, as amended by Section 2 of Chapter 169, Volume 41, Laws of Delaware, 1937, be and the same is hereby further amended by striking out all of sub-paragraph (h) of said Section and by inserting and enacting in lieu thereof a new sub-paragraph (h) of said Section 2 as follows:
(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 twenty-five 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 1 of Chapter 169, Volume 41, Laws of Delaware, 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; provided, further, that nothing herein contained shall be construed to prevent the issue of bonds by "The Mayor and Council of Wilmington" to mature in equal annual installments within a period of less than twenty-five years, or to prevent a provision for the redemption of bonds prior to the date of maturity.
Approved April 7, 1947.