CHAPTER 177 - DOVER
AN ACT AUTHORIZING "THE CITY OF DOVER" TO BORROW THREE HUNDRED SIXTY THOUSAND DOLLARS AND TO ISSUE BONDS THEREFOR, FOR THE PURPOSE OF REDEEMING AND REFUNDING CERTAIN OUTSTANDING INDEBTEDNESS OF "THE CITY OF DOVER".
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all the members elected to each branch of the Legislature concurring therein):
SECTION 1. That "The City of Dover", a municipal corporation created by and existing under the laws of the State of Delaware, be and it is hereby authorized and empowered to borrow, on the faith and credit of the said "The City of Dover", a sum of money not exceeding Three Hundred Sixty Thousand Dollars ($360,000.00) to be used for the purpose of redeeming and refunding the outstanding indebtedness together with accrued interest thereon of the said "The City of Dover".
SECTION 2. That the City Council of the said "The City of Dover" for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the said "The City of Dover" to an amount not exceeding in the aggregate the sum of Three Hundred Sixty Thousand Dollars ($360,000.00) to be known as "The City of Dover Refunding Bonds, series of 1945".
SECTION 3. The said bonds shall be issued in such denominations as the said City Council of "The City of Dover" may deem proper and shall be numbered consecutively, beginning with number one, and shall bear interest at a rate not exceeding two and one-half per centum per annum, payable on the first days of January and July in each and every year, at the Farmers Bank of the State of Delaware, at Dover, on the presentation of the coupons attached to said bonds, representing said semi-annual interest, and shall be divided into series which shall mature and be due and payable as follows:
Series Amount Maturity Date
A $15,000 July 1, 1946
B. 15,000 July 1, 1947
C 15,000 July 1, 1948
D. 15,000 July 1, 1949
E. 15,000 July 1, 1950
F 15,000 July 1, 1951
G. 15,000 July 1, 1952
H. 15,000 July 1, 1953
I 15,000 July 1, 1954
J 15,000 July 1, 1955
K. 15,000 July 1, 1956
L. 15,000 July 1, 1957
M 15,000 July 1, 1958
N. 15,000 July 1, 1959
O. 15,000 July 1, 1960
P. 15,000 July 1, 1961
Q. 15,000 July 1, 1962
R 15,000 July 1, 1963
S 15,000 July 1, 1964
T 15,000 July 1, 1965
U. 15,000 July 1, 1966
V. 15,000 July 1, 1967
W 15,000 July 1, 1968
X 15,000 July 1, 1969
Provided, however, that any or all of the said bonds may be redeemed at the option of the Council of "The City of Dover" at par and accrued interest at any interest period after the expiration of one year from the date of said bonds; and provided further, that if the City Council shall at any time after the expiration of one year from the date of said bonds; elect to redeem any of said bonds, such redemption shall be made in pursuance of notice signed by the Mayor of the City of Dover and by the Treasurer of said City, published once a week for two consecutive weeks in each newspaper published in said City. Such notice shall indicate the bonds called, and in making such calls the City shall call the bonds according to their number, beginning with the lowest number, and the interest on any of said bonds shall cease from the date named in any of said calls for redemption.
All bonds issued under the provisions of this Act of whatever series and of whatever denomination, constituting the residue of said issue shall mature and become due and payable on July 1, 1969.
SECTION 4. Said bonds shall bear date as of the first day of January or the first day of July of the year in which the same shall be issued, and the principal thereof shall be payable at the Farmers Bank of the State of Delaware, at Dover.
SECTION 5. The City Council of "The City of Dover" shall direct and effect the preparation, printing and sale of said bonds authorized by this Act at such time or times and on such terms as it may deem expedient, and all the moneys arising from said sale shall be applied to carrying into effect the provisions of this Act.
SECTION 6. The form of said bonds, with coupons thereto attached, shall be prescribed by the City Council of "The City of Dover" and said bonds shall be signed by the Mayor of "The City of Dover" and by the Treasurer of said City., and sealed with the corporate seal of said corporation, and shall be exempt from State, County and Municipal taxes. As said bonds and coupons thereto attached shall be paid the same shall be cancelled as the said City Council shall direct.
Facsimile signatures of the Mayor of The City of Dover and of the Treasurer of The City of Dover may be imprinted upon the coupons attached to said bonds in lieu of the respective signatures of the said Mayor and Treasurer of The City of Dover in their own original hand writing.
SECTION 7. The said City Council of "The City of Dover"
is hereby authorized and required to levy and raise by taxation in each year any sum of money that may be required to pay the interest accruing on said bonds or any of them, whilst any of said bonds remain unpaid. And the said City Council is further authorized and required to levy and raise by taxation from time to time such sum or sums as said City Council shall deem proper to establish a sinking fund adequate for the redemption of said bonds or any of them, at or before their maturity. Taxes for interest and sinking fund, as aforesaid, shall be levied and raised as taxes for general municipal purposes in the said City are levied and raised and shall be in addition to the taxes raised for all or any other purposes.
SECTION 8. The Bonds authorized by this Act may be issued at one time or at different times, as the City Council of "The City of Dover" shall determine, and the authority to issue and sell any bonds or number of bonds under this Act shall not be deemed to be exhausted until the aggregate of the amount of bonds issued under this Act shall be Three Hundred Sixty Thousand Dollars.
SECTION 9. The faith and credit of the said "The City of Dover" are hereby pledged for the payment of all of the bonds that may be issued under the provisions of this Act.
SECTION 10. A statement appearing in the bonds issued under the provisions of this Act to the effect that the bonds have been duly authorized, shall be deemed and held to be conclusive evidence in favor of the holder of any of such bonds, that all the terms and conditions of this Act have been fully met and complied with.
Approved April 19, 1945.