§ 650 — Bonds; power of county government to issue; terms

Delaware § 650

• Jurisdiction: Delaware
• Title: 9
• Part: Provisions Affecting All Counties
• Ch. 6: SUBURBAN PARKS AND RECREATION
• Subch.: County Bonds; Assessments and Costs

Text

(a) The county government may issue bonds of the county to finance the cost of acquiring and constructing such recreational and park facilities. Said bonds shall bear interest at a rate which shall not exceed 5 percent per annum and the income therefrom shall not be subject to state taxation. Each issue of said bonds shall be payable within 30 years after date of the bonds of such issue. The reasonable expenses of issuing such bonds shall be deemed a part of the cost of acquisition and construction of such park and recreation facilities. The full faith and credit of the county shall be pledged to the payment of such bonds and the interest thereon.

(b) The county government shall advertise said bonds for sale in at least 2 issues each of 2 newspapers, 1 of which shall be 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. The advertisements shall state the total amount of the proposed issue, the denominations of said bonds, the place of payment of said bonds and interest, the place and date of opening said bids, and the conditions under which said bonds are to be sold. Said county government may give notice of the sale of said bonds in such other manner as it may decide.

(c) The county government may require each bid for said bonds to be accompanied by a certified check in the amount of the bid, and after the bonds are awarded or sold to the successful bidder or bidders therefor, the county government shall return to the unsuccessful bidder or bidders the certified check or check submitted with the bid or bids.

(d) The county government shall have the right to reject any and all bids, but in awarding the sale of said bonds, or any of them, they shall be sold to the person, persons, firm or corporation which, in the judgment of the county government, offers the most advantageous terms. Said bonds shall not be offered for sale until the attorney for the county government has submitted the attorney’s opinion in writing that the bonds will, when duly sold, executed, delivered and paid for, be validly issued in accordance with the provisions of this chapter.

(e) The county government shall direct and effect the preparation and printing of the bonds authorized by this chapter, fix the rate of interest, and shall prescribe the form of said bonds and the coupons for the payment of interest thereto attached. Said bonds shall state the conditions under which they are issued. The coupons and face amount thereof shall be payable at any state or national bank designated by the county government. Said bonds shall be signed by the presiding officer of the county government, countersigned by the clerk of the peace, and sealed with the official seal of the county government.

Legislative History

9 Del. C. 1953, § 650; 49 Del. Laws, c. 112, § 1 ; 49 Del. Laws, c. 357 ; 50 Del. Laws, c. 567, § 7 ; 57 Del. Laws, c. 762, § 4B ; 63 Del. Laws, c. 142, § 13 ; 70 Del. Laws, c. 186, § 1