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OF THE LEVY COURT.

CHAPTER 45.

OF THE LEVY COURT.

AN ACT to authorize the Levy Court of New Castle County to bor

row two hundred thousand dollars to be expended for the perm-
anent improvement of public highways of New Castle County
under the provisions of Chapter 139, Volume 23, Laws of Dela-
ware, entitled “An Act to provide for the repeal of Chapter 380,
Volume 22, Laws of Delaware, being an Act entitled, 'An Act to
provide for the permanent improvement of the Public Highways
in the State of Delaware'," and providing for the permanent im-
provement of the Public Highways in New Castle County, Del.

aware.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That the Levy Court of New Castle Coun Levy Court of ty, be and is hereby authorized and empowered to borrow County emupon the faith and credit of said County, as hereinafter borrow not provided, a sum not exceeding two hundred thousand dol- $200,000 lars, to be expended for the permanent improvement of highways of New Castle County, under the provisions of an Act entitled “An Act to provide for the repeal of To improve Chapter 380, Volume 22, Laws of Delaware, being an Act der provisions entitled “An Act to provide for the permanent improve- Vol. 23 ment of the public highways in the State of Delaware,' and providing for the permanent improvement of the public highways in New Castle County, Delaware,” being Chapter 139, Volume 23, Laws of Delaware, and for the purpose of securing the payment of such sum, to issue bonds in denominations of one thousand dollars each and To issue bonds bearing such rate of interest, not exceeding four and one-half per centum per annum as said Levy Court may Interest paydeem expedient. The interest upon said bonds shall be able semi-an

OF THE LEVY COURT.

payable semi-annually in each and every year from the date of issue thereof.

Bonds divided into classes

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Section 2. Said bonds shall be divided into twenty classes, and shall be paid at their face value as follows: Class.

Amount. Year of Maturity. A. --$15,000.

1945. B. --$15,000.

1946. C. $15,000.-

1947. D. $15,000---

1948. E. $15,000.--

1949. _$10,000_.

1950. G. --$10,000_

1951. H. _$10,000

1952, I. $10,000

1953. J. $10,000.

1954. K. $10,000.--

1955. L. $10,000_

1956. M. --$10,000

1957 N. _$10,000_

1958. 0. $10,000_

1959. P. _$ 5,000--

1960. Q. $ 5,000---

1961. R. $ 5,000--

1962. S. --$ 5,000

1963. T. _$ 5,000

1964.

May be redeemed at ex

years from date of issue

Said bonds may at the option of the Levy Court conpiration of five tain a provision for the redemption thereof by the Levy

Court at any time after the expiration of five years from the date thereof, at a premium not to exceed five per cent.

Bonds to be signed by

Section 3. Said bonds shall be prepared under the urer president supervision of the Levy Court Commissioners and shall of Levy Court be signed by the County Treasurer, the President of the

Levy Court and the Clerk of the Peace of New Castle

the Peace

OF THE LEVY COURT.

County, and shall be under the seal used by the Levy Court of New Castle County. It shall be the duty of such officers to execute said bonds when directed by the Levy Court to do so, and it shall be the duty of the County Treasurer and the Levy Court to keep a record of said bonds.

Section 4. Said bonds, or any part thereof, may be sold on resosold when and as the said Levy Court Commissioners, Levyn court shall by resolution determine, and until sold shall remain in the custody of the County Treasurer. Whenever in County Treasthe judgment of the Levy Court Commissioners it shall bonds until be deemed desirable that any part or all of said bonds shall be sold, said Levy Court Commissioners may sell and dispose of the same on the most advantageous terms possible after having advertised the same in the public press at least once each week for at least two weeks. No To advertise commission or other compensation shall be charged or No compensapaid to any member of said Levy Court for effecting the bers of Levy sale or negotiation of said bonds.

Court for sale of bonds

Section 5. Said bonds, principal and interest shall be principal and payable at the Farmers' Bank of Wilmington, Delaware, paid at For in gold coin of the United States of America equal in weight and fineness to the present standard, out of the money from time to time appropriated for that purpose by the Levy Court of New Castle County as hereinafter provided; and the said Levy Court of New Castle County is hereby authorized and directed to pay the interest on said bonds to the said Farmers' Bank and when and as the same shall become due and to pay said bonds when and as the respective classes mature, in accordance with the foregoing schedule. The said Levy Court in fixing the rate of taxation shall annually, until the first install- Levy Court to ment of said bonds shall become due and payable, pro- interest when vide for a sum equal to the amount of interest due each year upon said bonds, and as and when said bonds shall

OF THE LEVY COURT.

Levymoure to become due and payable, shall in like manner provide for por sinal when a sum equal to the amount of such bonds in addition to Swing tax rate the amount necessary to pay the interest on the unpaid

bonds as before provided, which shall, when collected and paid to the County Treasurer, be set apart by him in a separate account to be opened for that purpose; and the said County Treasurer shall apply the said sum annually to the payment of such part of said loan and interest thereon as may from time to time become due under the provisions of Section 2 of this Act.

Dating and numbering bonds

of sale

Section 6. All of said bonds shall bear the same date and shall be numbered from one to one hundred inclusive. All money received from the sale of any or all of said bonds, after the payment of the charges and ex

penses connected with the preparation and sale thereof, Cost of prepare shall be deposited by the County Treasurer at the Farmpaid for out ers' Bank at Wilmington to the credit of the Levy Court

of New Castle County, in a separate account, and payments therefrom shall be made in the same manner as other payments by said Levy Court; provided that no part of the money thus obtained, except as in this Section provided, shall be used for any other purpose than

for the permanent improvement of highways under the Menery to be provisions of an Act entitled, “An Act to provide for the chant seu Forte repeal of Chapter 380, Volume 22, Laws of Delaware, Chap. 139, being an Act entitled, “An Act to provide for the per

manent improvement of the public highways in the State of Delaware," and providing for the permanent improvement of the public highways in New Castle County, Delaware," being Chapter 139, Volume 23, Laws of Delaware; and provided further that the purchasers or holders of said bonds shall not be bound to see to, or be affected by, the application of said money realized from the sale of said bonds.

Vol. 23

OF THE LEVY COURT.

And provided further, that of the money thus obtained, not less than the sum of One Hundred Thousand Dol- Not less than lars thereof, shall be spent in the various Hundreds of spent on one the said County, upon such roads andparts of roads as, highway from together with the improved roads already built in said Kent county County, will make one continuous permanent highway in said County, from the Pennsylvania State line to the dividing line between said New Castle County and Kent County.

line

And provided further, that before any of the remaining One Hundred Thousand Dollars of the money thus obtained shall be spent in the building of any additional roads or parts of roads in said County, the Levy Court of said County is hereby authorized, directed and required to set aside a sufficient fund, each year, for the purpose of repairing and maintaining in good condition. at all times, all the improved public highways in said County; which fund shall be not less than Three Hundred Not less than

to Dollars per mile, for each year, for each and every mile beige nua lyaset of the public roads or highways already improved as already condaforesaid, and the said Levy Court is hereby directed and structed required to repair, keep and maintain at all times, in good and first class condition, each and all of said improved public roads and highways in said County, and to construct and maintain in effective condition a thorough system of ditching and drainage in connection with aforesaid public Roads and Highways.

Section 7. The bonds to be issued shall be in the fol- Form of bond lowing form, to wit:

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