OF THE CITY OF WILMINGTON.

fice at New Castle County the application, commission and return under which said land may be condemned as To be recorded aforesaid, together with the receipts and certificates for the payment of said damages.

thorized to borrow

$800,000

Section 5. For the sole purpose of paying for the land Mayor and and for the erection, equipment and furnishing of the Council aubuilding hereby provided for, The Mayor and Council of Wilmington is hereby authorized and empowered to borrow upon the faith and credit of the City of Wilmington, as hereinafter provided, a sum not exceeding Eight Hundred Thousand Dollars, and for the purpose of securing the payment of such sum to issue bonds in denominations of One Thousand Dollars each and bearing such rate of interest, not exceeding Four and One-half Per Interest Centum per annum, as the said The Mayor and Council of Wilmington may deem expedient. The interest upon said bonds shall be payable semi-annually in each and every year from the date of the issue thereof.

Said bonds shall be divided into shall be paid at their face value as follows:

Class

classes and

Payable
semi-annually

Classes of bonds

May be redeemed at ex

years by May

Said bonds may at the option of The Mayor and Counpiration of five cil of Wilmington contain a provision for the redempor and Council tion thereof by the said The Mayor and Council of Wilmington, at any time after the expiration of five years from the date thereof at a premium not to exceed Five Per Cent.

of Wilmington

Said bonds shall be prepared under the supervision of The Council of The Mayor and Council of Wilmington,

OF THE CITY OF WILMINGTON.

bonds to be

vision of May

or and Council

and shall be signed by the Mayor of the City of Wilming- Preparation of ton under the seal of the said City and shall be counter- under supersigned by the City Treasurer and City Auditor of the said City in the same manner as other City bonds, and it shall be the duty of the said officers to execute said bonds when directed by The Council to do so, and it shall be puty of City the duty of the City Auditor and the City Treasurer to Treasurer keep a record of the said bonds.

Auditor and

bonds

Council to sell

Building Com

deirable

the Council

Section 6. Said bonds shall be prepared and signed Custody of as soon after the passing of this Act as practicable, and until sold, as hereinafter provided, shall remain in the custody of the City Treasurer of the City of Wilmington. Whenever in the judgment of the Wilmington Building Commission it shall be deemed desirable that Mayor and any part or all of the said bonds shall be sold, The Coun- bonds when cil of The Mayor and Council of Wilmington shall sell mission deems 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. The request of the said Wilmington Building Commission for the sale of any or all of the said bonds shall be certified to the said The Council under the hand To certify to of the Chairman of the said Commission, and upon the receipt thereof the said The Council shall proceed forthwith to sell the bonds as therein requested. No commissio nor other compensation shall be charged or paid to any member of the said The Council or to any member No commisof the said Wilmington Building Commission for effect- bonds to Coun ing the sale or negotiation of said bonds. Said bonds, mission principal and interest, shall be payable at the Farmers' Bank at Wilmington, Delaware, in gold coin of the Unit- Place for payed States of America equal in weight and fineness to the cipal and present standard, out of the money from time to time appropriated for that purpose by The Council as hereinafter provided; and the said The Council is hereby authorized and directed to pay the interest on said bonds

sionfor sale of

cilor Com

ment of prin

interest

Council au

thorized to pay interest and

principal

when due

OF THE CITY OF WILMINGTON.

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 The Council in fixing the rate of taxCouncil to pro- ation shall annually until the first installment of said ments on bonds bonds shall become due and payable shall in like manner

vide for pay

when fixing tax rate

to keep a sep

arate account

provide for a sum equal to the amount of said 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 City Treasurer be set apart by City Treasurer him in a separate account to be opened for that purpose; and the said City Treasurer shall apply the said sum annually to the payment of such part of the said loan and interest thereon as may from time to time become due under the provisions of this Act. All of the said bonds shall bear the same date and shall be numbered from 1 to 800 (or to such number thereof as may be issued) inclusive. All money received from the sale of any or all of said bonds, after the payment of the charges and expense connected with the preparation and sale thereof, shall be deposited by the City Treasurer at the Farmers' Bank at Wilmington in a separate account, and payments therefrom shall be made only upon orders fund to be paid signed by the Chairman and Treasurer of the Said Wilmington Building Commission and none of the money received from the sale of the said bonds, or any of them, shall be applied to any purpose except as provided in this Act. The bonds to be issued shall be substantially · in the following form, to-wit:

Payments from

only on orders signed by Chairman and Treasurer of Building Commission

Form of bond

The Mayor and Council of Wilmington in the State of Delaware for value received hereby acknowledges its in

OF THE CITY OF WILMINGTON.

debtedness and promises to pay to the holder of this bond at the Farmers' Bank at Wilmington, Delaware, on the day of A. D., 19 the sum of One Thousand Dollars ($1,000.) with interest thereon at the rate of Per Centum per annum, payable day of

semi-annually on the

and in each year. This bond is one of the authorized issue of eight hundred bonds, aggregating Eight 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,

entitled, "An Act to provide for the erecting and furnishing of a new Municipal Building for the City of Wilmington."

It is hereby certified that this bond is one of the issue authorized by the above recited Act of the General Assembly, and that the faith and credit of the said The Mayor and Council of Wilmington are pledged for the punctual payment of the principal and interest of this bond according to its terms.

IN WITNESS WHEREOF, The Mayor of the said City of Wilmington, the City Treasurer and the City Auditor of the said City have hereunto set their hands and the seal of the said City at the City of Wilmington, Delaware, this day of A. D., 19

Mayor of the City of Wilmington.

City Treasurer of the City of Wilmington.

City Auditor of the City of Wilmington.

Said bonds shall contain such provisions, in addition to those herein set forth, and not inconsistent with the requirements of this Act, as the said The Council shall determine.