Delaware § 515 Sale of bonds; proceeds of sale; advertising required

Delaware Statutes

§ 515 — Sale of bonds; proceeds of sale; advertising required

Delaware·Title 9·Part Provisions Affecting All Counties·Ch. 5 SUBURBAN COMMUNITY IMPROVEMENTS·Subch. Sidewalks, Streets, Signs, Drainage, Storm Sewers

(a)The county government shall negotiate the sale and delivery of the bonds. The proceeds of the sale of the bonds shall be paid into the treasury of the county government to be used for the purposes provided in this subchapter; provided, however, that any excess received from the sale of the bonds beyond the cost of the project shall immediately be transferred to the special sinking fund required by § 532 of this title after payment to the Division of Highways for preliminary engineering and construction inspection costs.

(b)The county government shall advertise the bonds for sale in at least 2 issues each of 2 newspapers, 1 of which shall be published in a newspaper of general circulation in the City of Wilmington, Delaware, and 1 of which shall be published in the City of New York, i

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(a) The county government shall negotiate the sale and delivery of the bonds. The proceeds of the sale of the bonds shall be paid into the treasury of the county government to be used for the purposes provided in this subchapter; provided, however, that any excess received from the sale of the bonds beyond the cost of the project shall immediately be transferred to the special sinking fund required by § 532 of this title after payment to the Division of Highways for preliminary engineering and construction inspection costs.

(b) The county government shall advertise the bonds for sale in at least 2 issues each of 2 newspapers, 1 of which shall be published in a newspaper of general circulation in the City of Wilmington, Delaware, and 1 of which shall be published in the City of New York, inviting bids for the same, which advertisements shall state the total amount of the proposed issue, the denominations of the bonds, the place of payment of the bonds and interest, the place and date of opening the bids, and the conditions under which the bonds are to be sold. The county government may give notice of the sale of the bonds in such other manner as it may decide.

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