ROADS AND BRIDGES, NEW CASTLE COUNTY in each year. This Bond is one of the authorized issue of five hundred bonds aggregating five 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. 1921, entitled, "An Act to authorize the Levy Court of New Castle County to borrow $500,000 to be expended for the permanent improvement of public highways of New Castle County under the provisions of Chapter 63, Volume 29, Laws of Delaware, as amended, and in pursuance of a resolution of the Levy Court of New Castle County, adopted A. D. 1919. 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 New Castle County are pledged for the punctual payment of the principal and interest of this bond according to the terms. IN WITNESS WHEREOF the County Treasurer, President of the Levy Court and Clerk of the Peace of New Castle County, have hereunto set their hands and the seal used by the Levy Court of New Castle County, at the City of Wilmington, in Delaware, this day of ... A. D. 19.... County Treasurer of New Castle County President of the Levy Court of New Castle County Section 8. Clerk of the Peace of New Castle County Said bonds shall contain such provisions in addition to those set forth in Section 7 of this Act and not inconsistent with the requirements of this Act as said Levy Court shall determine. Approved March 28, A. D. 1921. CHAPTER 89 ROADS AND BRIDGES, NEW CASTLE COUNTY AN ACT to authorize the Levy Court of New Castle County to borrow $200,000 to be expended for the permanent improvement of bridges in New Castle County. 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 County be, and is hereby, authorized and empowered to borrow upon the faith and credit of said New Castle County as hereinafter provided, a sum not exceeding two hundred thousand dollars ($200,000) to be expended for the permanent improvement of bridges of New Castle County, and for the purpose of securing the payment of such sum to issue bonds in denominations of one thousand dollars ($1,000) each bearing such rate of interest not exceeding six per centum per annum, as said Levy Court may deem expedient. The interest upon said bonds shall be payable semi-annually in each and every year from the date of issue thereof. Section 2. Said bonds shall be divided into nineteen classes and shall be paid at their face value, as follows: Said bonds may at the option of the Levy Court contain 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. Section 3. Said bonds shall be prepared under the 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 New Castle 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 when and as the said Levy Court Commissioners shall by resolution determine, and until sold shall remain in the custody of the County Treasurer. Whenever in the judgment of the Levy Court Commissioners it shall 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, whether above or below par, after having advertised the same in the public press at least once each week for at least two weeks. No commission or other compensation shall be charged or paid to any member of said Levy Court for effecting the sale or negotiation of said bonds. Section 5. Said bonds, principal and interest shall be payable at the Farmers' Bank at Wilmington, Delaware, in gold ROADS AND BRIDGES, NEW CASTLE COUNTY 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 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 annually, until the first instalment of said bonds shall become 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 Section 2 of this Act. Section 6. All of said bonds shall bear the same date and shall be numbered from one to two hundred inclusive. All money received from the sale of any or all of the said bonds after the payment of the charges and expenses connected with the preparation and sale thereof shall be deposited by the County Treasurer at the Farmers' 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 bridges in New Castle County; 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. Section 7. The bonds to be issued shall be in the following form, to wit: New Castle 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 Wilmington, on the .. day of.... A. D., 19....., the sum of one thousand dollars, with interest thereon at the rate of.. .per centum per annum, payable semi-annually on the and ... .... ...in each year. This Bond is one of the authorized issue of two hundred bonds aggregating two 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., 1921, entitled, "An Act to Authorize the Levy Court of New Castle County to Borrow $200,000 to be Expended for the Permanent Improvement of Bridges in New Castle County." ... 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 said New Castle County are pledged for the punctual payment of the principal and interest of this bond according to the terms. IN WITNESS WHEREOF the County Treasurer, President of the Levy Court and Clerk of the Peace, of New Castle County, have hereunto set their hands and the seal used by the Levy Court of New Castle County, at the City of Wilmington, in Delaware, this day of .A. D. |