網頁圖片
PDF
ePub 版

OF ROADS AND BRIDGES.

G H I J K L M N

$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000
$5,000

1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952

Section 28. Said bonds shall be prepared under the Signature supervision of the Levy Court Commissioners and shall be signed by the County Treasurer, the President of the Levy Court and the Clerk of the Peace of Kent County and shall be under the seal used by the Levy Court of Kent County. It shall be the duty of such officers to execute said bonds when directed by the Levy Court to do 80, and in any case not later than July 1st, 1913, and it shall be the duty of the County Treasurer and the Levy Court to keep a record of said bonds. Said bonds, or any part thereof, shall be sold as follows:

[ocr errors]

ing

The County Road Engineer shall, on the first day of Engineer to June, A. D. 1913, and on the first day of April, thereafter Court on first in each year advise the Levy Court of Kent County in estimated writing of the estimated portion of the said sum of One od in succeedHundred Thousand Dollars herein provided for, which will be needed for the improvement of roads in the succeeding twelve months. Whereupon, the County Treasurer, the President of the Levy Court and Clerk of the Bonds then to Peace, or a majority of them, are hereby authorized and pufficient numdirected to sell a sufficient number of the bonds herein sum needed

OF ROADS AND BRIDGES.

provided for to secure a sum sufficient to defray the cost of improvements to be made during the year; and to this end the County Treasurer, President of the Levy Court and the Clerk of the Peace are hereby directed to advertise twice a week for four consecutive weeks in such newspapers in or out of the State as in their judgment

may be conducive to said sale, that they will receive bids Bids for bonds at such place or places as may be named in said respec

tive advertisements for the bonds so decided to be sold, under such regulations as may be made in their discretion and accrued interest between the date of the bonds and the time of sale and delivery of and payment for said bonds shall be adjusted with the purchaser thereof under such regulations as may be made in the discretion of the said County Treasurer, the President of the Levy Court and the Clerk of the Peace, provided that any ov

er-due coupons attached to said bonds shall before the Over-due at- sale of said bonds be detached and cancelled in accordtached coupons to be cancelled ance with the provisions of this Act. And upon the day

mentioned in said advertisement as the day for opening the bids for the proposals thereby called for, they shall receive such sealed proposals for the purchase of as many of such bonds as may be designated in said advertisement, and on the opening of said sealed proposals as many of said bonds or certificates of indebtedness as have been so bid for shall be awarded by the said County Treasurer, President of the Levy Court and Clerk of the Peace to the highest responsible bidder or bidders therefor, for cash, provided the prices bid are adequate in the judgment of the County Treasurer, President of the Levy Court, and Clerk of the Peace. If two or more bidders have made the same bid and such bid is the highest and the bonds so bid for by the highest responsible bidders are in excess of the whole amount of bonds of certificates so offered for sale, such bonds shall be awarded such highest responsible bidders bidding the same price in a ratable proportion. If any of said bonds so offered

as provided in act

Award of bonds

OF ROADS AND BRIDGES.

when bids are

for sale are not bid for or if any insufficient price be bid for them they may be subsequently disposed of under the direction of the County Treasurer, President of the Private sale Levy Court, and Clerk of the Peace aforesaid at private too low sale upon the best terms they can obtain for the same. Provided, however that they shall not be sold at private Not to be sold sale for less than par and accrued interest. No commission or other compensation shall be charged or paid to any of said officers for effecting the sale or negotiations of said bonds.

for less than par

Section 29. Said bonds, principal and interest, shall Principal and be payable at the Farmers Bank at Dover, Delaware, in able at Dover 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 Kent County as hereinafter provided; and the said Levy Court is hereby authorized and directed to pay the interest on said bonds to the said Farmers Bank 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 annu- Levy Court to ally, until the first installment of said bonds shall be- equal to intercome due and payable, provide for a sum equal to the amount of interest due each year upon said bonds and as and when said bonds shall become due and payable, shall in like manner provide for a sum equal to the amount of such bonds in addition to 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 this Act.

provide a sum

est due

OF ROADS AND BRIDGES.

Number and date of bonds

Section 30. All of said bonds shall bear the same date, and shall be numbered from 1 to 100 inclusive. All money received from the sale of any or all of said bonds, after the payment of the charges and expenses connected with the preparation and sale thereof, shall be deposited as herebefore provided.

Form of bond

Section 31. The bonds to be used shall be in the following form to wit:

United States of America.

State of Delaware.
Class

Number
Kent County Highway Improvement Bond.
$1,000

$1,000 Kent County in the State of Delaware, for value received hereby acknowledges its indebtedness and promises to pay to the holder of this bond at the Farmers Bank at Dover, on the

day of

A. D. 19----, the sum of One Thousand Dollars with interest thereon at the rate of five per centum per annum, payable semi-annually on the

day of and

This bond is one of the authorized issue of one hundred bonds aggregating One Hundred Thousand Dollars, by virtue of and in strict compliance with an Act of the General Assembly of the State of Delaware approved

A. D. 1913 and providing for the permanent improvement of public highways in Kent County, Delaware, and in pursuance of a resolution of the Levy Court of Kent County adopted A. D. 19--. It is hereby certified that this bond is one of the issue authorized by the above recited Act of the General Assembly and the faith and credit of said Kent County are pledged for the punctual payment of the principal and interest of this bond according to its

each year.

terms.

OF ROADS AND BRIDGES.

In Witness Whereof the County Treasurer, President of the Levy Court and Clerk of the Peace, of Kent County, have hereunto set their hand and seal of the Levy Court of Kent County, at the Town of Dover, in Delaware, this first day of July, 1913.

County Treasurer of Kent County.

President of the Levy Court of Kent County.

Clerk of the Peace of Kent County. Section 32. Said bonds shall contain such provisions in addition to those set forth in this Act, and not inconsistent with the requirements of this Act, as said Levy Court shall determine, and the coupons shall be in the following form, to wit: No. -

Kent County, Delaware, will pay to the bearer at the Farmers Bank of the State of Delaware, at Dover, on the first day of

A. D.

the sum of Twenty-five Dollars for six months' interest on Bond No.

Kent County Highway Improvement Bond of 1913.

[ocr errors][merged small][merged small]

Section 33. That Chapter 140 of Volume 25 of the Chap: 140, Laws of Delaware and all Acts or parts of Acts incon-repealed sistent with the provisions of this Act be and the same are hereby repealed.

Approved March 20, A. D. 1913.

« 上一頁繼續 »