AN ACT TO AMEND 1176, SECTION 30, CHAPTER 43, REVISED CODE OF DELAWARE, 1935, RELATING TO AUTHORIZING THE LEVY COURT OF NEW CASTLE COUNTY TO BORROW UPON THE FAITH AND CREDIT OF NEW CASTLE COUNTY.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That 1176, Section 30, Chapter 43, Revised Code of Delaware, 1935, be and the same is hereby amended by striking out said section and by inserting in lieu thereof the following new section to be designated as 1176, Section 30:
1176, Section 30, Floating Debt; Limitation; Payment; Emergency:--The said Levy Court shall have the power and authority to borrow money upon the faith and credit of New Castle County by issuing bonds, notes, certificates of indebtedness or any other evidence of debt, not to exceed the sum of TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($250,000.00). The evidences of such indebtedness shall be in the form and manner prescribed by the said Levy Court but no such obligation shall bear interest at a greater rate of interest than Three Per Cent (3%). Such obligations shall not be issued or sold at less than their face value, and shall be issued in series and all such obligations issued at any time within the fiscal year shall constitute a series. No such obligation shall run for more than Twenty (20) years. At least Five Per Cent (5%) of the total outstanding obligations issued hereunder shall be retired by lot or paid, in each fiscal year. Said obligations shall be signed by the President of the said Levy Court and two (2) other members of the said Levy Court, and sealed by the seal of the Court of General Sessions. Said obligations may be issued for general County purposes and the full faith and credit of New Castle County shall be deemed to be pledged for the payment of the principal and interest of such obligations. The said obligations shall be made payable at any branch of the Farmers' Bank in said County and said obligations shall be exempt from all State, County or Municipal taxes.
In case of the destruction by fire of any of the Public Buildings of said County, or of any emergency resulting in great loss to the said County by destruction of said property or thereat thereof, the said Levy Court, by a unanimous vote, may provide for such emergency by temporary loan or loans, anything herein contained to the contrary notwithstanding until the next ensuing session of the General Assembly.