Delaware General Assembly


CHAPTER 155 - MILLSBORO

AN ACT TO AUTHORIZE THE COMMISSIONERS OF MILLSBORO TO BORROW TWENTY-FIVE THOUSAND DOLLARS ($25,000.00) TO REDEEM OUTSTANDING BONDS AND TO PAY FOR CERTAIN IMPROVEMENTS IN THE TOWN OF MILLSBORO.

WHEREAS, The Commissioners of Millsboro has-heretofore issued bonds for Seventeen Thousand Dollars ($17,000.00) for indebtedness of the town of Millsboro; and, whereas, the said bonds and indebtedness bear interest at a rate higher than is necessary to pay for money at the present time, and it is desirable to redeem said bonds and to refund the debts evidenced thereby at a lower rate of interest, and there being no funds available for the redemption of said bonds and to make certain needed improvements, now, therefore,

Be it enacted by the Senate rind 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 Commissioners of Millsboro is hereby authorized and empowered to borrow on the faith and credit of The Commissioners of Millsboro the sum of Twenty-five Thousand Dollars ($25,000.00), or so much thereof as may be necessary to redeem the outstanding bonds and to make certain necessary improvements in the Town of Millsboro.

Section 2. That The Commissioners of Millsboro, for the purpose set forth in Section 1 of this Act, shall have full power and authority to issue bonds of the Town of Millsboro, said bonds to be denominated "Bonds of Millsboro, Series of 1937" (to an amount not exceeding in the aggregate Twenty-five Thousand Dollars ($25,000.00).

The said bonds shall be issued in denominations of One Thousand Dollars ($1,000.00) each, shall bear date 1937, shall be numbered consecutively beginning with number one, and shall bear interest at a rate not exceeding four per centum (45) per annum, payable semi-annually, on the first day of January and July of each year. It shall be the duty of the said The Commissioners of Millsboro to pay the principal of at least one of these bonds during the year 1938 and in the even numbered year from that time forward until the full amount of the said bond issue shall have been fully paid, the bonds to be paid to be selected for redemption consecutively beginning with Bond Number One, the power to redeem any or all of said bonds being reserved in The Commissioners of Millsboro at any interest period while any of said bonds remain unpaid.

Section 3. The Commissioners of Millsboro shall direct and effect the preparation and sale of said bonds authorized by this Act, at such time or times and on such terms as the said The Commissioners of Millsboro shall deem expedient, but Seventeen Thousand Dollars ($17,000.00) of such bond issue shall be applied to the redemption of outstanding indebtedness of the said the Commissioners of Millsboro, and such funds up to the extent of Seventeen Thousand Dollars ($17,000.00) shall be used exclusively for such refunding purposes.

Section 4. That the form of said bonds shall be prescribed by the said The Commissioners of Millsboro, and the said bonds shall be signed by the Alderman and by the Treasurer of the said The Commissioners of Millsboro, and be sealed by the corporate seal of said corporation, and shall be exempt from State, County and Municipal taxation.

The bonds may or may not be coupon bonds, as The Commissioners of Millsboro may determine.

Section .5. That The Commissioners of Millsboro is hereby authorized and required to levy and raise by taxation in each year a sum of money sufficient to pay the interest on all of said bonds and at least Five Hundred Dollars ($500.00) on the principal of said bond issue while any of said bonds shall remain unpaid, beginning with the year 1938.

Section 6. That the faith of The Commissioners of Millsboro is hereby pledged for the payment of any bonds that may be issued under the provisions of this Act.

Section 7. The Twenty-five Thousand Dollars ($25,000.00) of bonds and various forms of indebtedness to be paid by the moneys arising from the sale of the bond issued under the provisions of this Act shall be cancelled when the same is paid by writing on the face of each bond or other form of indebtedness the words "Cancelled and paid" with the date of payment and signed by The Commissioners of Millsboro, and the bonds or other forms of indebtedness so cancelled shall be preserved by The Commissioners of Millsboro.

Section 8. That before the provisions of this Act shall go into effect the borrowing of a sum of money not to exceed Twenty-five Thousand Dollars ($25,000.00) as aforesaid shall be submitted to and approved by a majority of the votes cast at a special election which the said The Commissioners of Millsboro is hereby authorized and directed to call within sixty (60) days after the approval of this Act by the Governor. The said election shall be called by The Commissioners of Millsboro and shall be held, certified to and recorded in the same manner as the election of the officers of said Town. At such election every person qualified to vote for officers of the Town at any annual election shall be qualified to vote one vote at this election. If the borrowing of the said money shall not be approved by a majority of the said votes at said special election, the said The Commissioners of Millsboro is authorized and directed to call any other special elections from time to time, to be held in like manner and for the same purpose as the above described election, with the provision that no two special elections shall be called for this purpose within six months of each other.

Approved May 17, 1937.