§ 513 — Bonds; issuance by county government; resolution authorizing issuance and fixing terms of; use of general and other funds to finance construction

(a) If the vote of the community is in the affirmative, the county government shall promptly meet and by resolution authorize the issuance of bonds, except as hereinafter specifically provided, to defray the expenses of the improvement or improvements favored by the freeholders of the community. The resolution shall not be adopted until after contract bids have been received and thereby the contract cost definitely determined. The amount of the bond issue shall be determined by taking the cost of the preliminary engineering and construction inspection costs up to 10 percent of the contract bid and adding the total to the actual contract bid. The resolution shall state the purpose of the bond issue, the date of maturity, or that the bonds shall mature serially or be retired by lot, as the case may be, and all other terms and conditions under which the bonds are to be issued.

(b) The county government, before deciding upon the terms and conditions of the bond issue, shall seek the advice of at least 2 substantial bankers or brokers in Delaware who are accustomed to dealing in municipal, county or state bond issues.

(c) If the contract bid or bids, hereinabove provided, after making provision for 10 percent over and above contract bid or bids, is or are less than $20,000, the county government may use moneys in its own general fund to defray costs of construction. Notwithstanding the provisions of § 532 of this title, the county government may also use excess moneys from previous bond issues to finance contract costs in whole or in part for projects in other suburban communities.

Legislative History

45 Del. Laws, c. 123, § 12 ; 46 Del. Laws, c. 292, § 4 ; 48 Del. Laws, c. 94, § 1 ; 9 Del. C. 1953, § 513; 55 Del. Laws, c. 85, § 4A ; 60 Del. Laws, c. 609, § 3