Delaware General Assembly


CHAPTER 175 - SELBYVILLE

AN ACT AUTHORIZING THE MAYOR AND COUNCIL OF THE TOWN OF SELBYVILLE TO BORROW MONEY TO REDEEM CERTAIN OUTSTANDING BONDS AND ISSUE REFUNDING BONDS THEREFOR.

WHEREAS, the Mayor and Council of the Town of Selbyville, a Municipal Corporation of the State of Delaware, has heretofore issued bonds for various improvements in said town; and

WHEREAS, there remain outstanding of the said bonds the total sum of Fifty-six Thousand Dollars ($56,000.00), being an indebtedness of the said town; and

WHEREAS, the said bonds bear interest at a rate higher than is necessary to pay for money at the present time, and it is desirable to redeem the said bonds and refund the debt evidenced thereby at a lower rate of interest, but there are no funds available for the redemption of the said bonds;

Now, therefore, 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 thereof concurring therein):

Section 1. That the Mayor and Council of the Town of Selbyville, a municipal corporation of the State of Delaware, be and it is hereby authorized and empowered to borrow upon the faith and credit of the said corporation a sum of money, not exceeding the sum of Fifty-six Thousand Dollars ($56,000.00), to redeem the outstanding bonds of the said corporation, and The Mayor and Council of the Town of Selbyville is authorized from the proceeds of this issue to purchase any non-callable bonds that may be outstanding at any time the same may be purchased from the holders.

Section 2. That the said corporation for the purpose stated in Section 1 of this Act, be and it is hereby authorized and fully empowered to issue bonds of the said corporation, to be denominated and known as "Selbyville Refunding Bonds, Series of 1935", to an amount not exceeding in the aggregate the sum of Fifty-six Thousand Dollars ($56,000.00).

The said bonds shall be issued in such denominations as The Mayor and Council of the Town of Selbyville shall determine, and shall bear such date as shall Be deemed advisable, and shall be payable at such time or times as may be determined by The Mayor and Council of the Town of Selbyville, and shall bear a- rate of interest not exceeding three and one-half percentum (3 1/2%) per annum, payable semi-annually on the first days of January and July of each year.

It shall be the duty of the said corporation to pay at least Three Thousand Dollars ($3,000.00) of said bonds each year.

Section 3. That the said corporation shall direct and effect the sale of the bonds, at such time or times and on such terms as the said Corporation shall deem expedient; and no money derived from the sale of said bonds shall' be applied to the payment of any new indebtedness of the said corporation, but shall be used exclusively for the purpose of refunding the said outstanding bonds.

Section 4. That the form of the said bonds shall be prescribed by the said corporation, and the said bonds shall be signed by the Mayor, Treasurer and Secretary, of the corporation, and shall be sealed with the corporate seal of the said corporation, and shall be exempt from all State, County and Municipal Taxes. The said bonds may or may not be coupon bonds, as the said corporation shall direct.

Section 5. That the faith and credit of the said corporation are hereby pledged to the payment of the said bonds authorized by this Act.

Section 6. That the said corporation be and it is hereby authorized and directed to levy and collect sufficient taxes to pay at least Three Thousand Dollars ($3,000.00) on the principal of said bonds, together with the interest on all of the said bonds outstanding, each year, until all of the said bonds shall have been fully paid. The said taxes shall be assessed and collected in excess of, and in addition to, the sum or amount heretofore authorized to be raised by the said corporation for other purposes.

Section 7. That this Act shall be deemed and taken to be a Public Act and shall be published as such.

Approved April 18, 1935.