Delaware § 562 Bonds; issuance of by county government; resolution authorizing issuance and fixing terms of; use of general funds in lieu of issuing bonds

Delaware Statutes

§ 562 — Bonds; issuance of by county government; resolution authorizing issuance and fixing terms of; use of general funds in lieu of issuing bonds

Delaware·Title 9·Part Provisions Affecting All Counties·Ch. 5 SUBURBAN COMMUNITY IMPROVEMENTS·Subch. Fire Hydrants and Water Mains

(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 also state:

(1)The total amount of the bond issue (which shall be determined from an estimate submitted to the county government by the county engineer and the amount of the bond issue may be in the amount of the county engineer’s estimate and up to 10 percent thereover);

(2)The purpose of the bond issue;

(3)The date of maturity, or that the bonds shall mature serially or be retired by lot, as the case may be; and

(4)All other terms and conditions under which the bonds

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(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 also state:

(1) The total amount of the bond issue (which shall be determined from an estimate submitted to the county government by the county engineer and the amount of the bond issue may be in the amount of the county engineer’s estimate and up to 10 percent thereover);

(2) The purpose of the bond issue;

(3) The date of maturity, or that the bonds shall mature serially or be retired by lot, as the case may be; and

(4) 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 accustomed to dealing in municipal, county or state bond issues.

(c) If the estimate or estimates from the county engineer, as hereinabove provided, after making provision for 10 percent over and above estimated costs, is or are less than $20,000, the county government may use moneys in its own general fund to defray costs of the improvements.

Delaware § 562 (Bonds; issuance of by county government; resolution authorizing issuance and fixing terms of; use of general funds in lieu of issuing bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.