Delaware Code (Titles 8, 9, 25, 30)

9 Del. C. § 6704

Authorization of bonds; terms; sale and interest rate; borrowing in anticipation of issuance of bonds

Official textdelcode.delaware.gov10 subsections

# (a)

The planning, acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any sewerage or water system may be authorized under this chapter, and bonds may be authorized to be issued under this chapter to provide funds for such purpose by ordinance or resolution of the county government.

# (b)

The county government, in determining the cost of acquiring or constructing any sewerage or water system, may include all costs and estimated costs of the issuance of the bonds, all planning, engineering, inspection, fiscal and legal expenses, and interest which it is estimated will accrue during the construction period and for 6 months thereafter on money borrowed or which it is estimated will be borrowed pursuant to this chapter.

# (c)

The bonds shall bear interest at such rates, may be in 1 or more series, may bear such dates, may mature at such times not exceeding 40 years from their respective dates, may be payable in such medium of payment, at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants and conditions and may be in such form, either coupon or registered as the ordinance or resolution provides. The reasonable expense of issuing such bonds shall be deemed part of the cost of constructing the sewer or water facilities.

# (d)

Bonds issued pursuant to this chapter may be sold at either public or private sale, upon such terms, conditions and regulations as the county government may prescribe; provided, that the county government may authorize the County Administrator to sell such bonds at public or private sale upon such terms, conditions and regulations as it may provide.

# (e)

If the county government determines to sell such bonds at public sale, then the county government shall advertise the bonds for sale at least once, 10 or more days before the date of sale, in at least 1 newspaper of general circulation published in the County, and in a newspaper of general circulation published in the City of New York, inviting bids for the bonds. The 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 bids, the conditions under which the bonds are to be sold and such other matters as the county government may determine. The county government may give notice of the sale of the bonds in such other manner as it may decide.

# (f)

The county government may require each bid for the bonds to be accompanied by a certified check in the amount of the bid. 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 checks submitted with the bid or bids.

# (g)

The county government may reject any and all bids, but in awarding the sale of the bonds, or any of them, they shall be sold to the purchaser or purchasers, which, in the judgment of the county government, offers the most advantageous terms.

# (h)

The county government shall direct and effect the preparation and printing of the bonds authorized by this chapter, shall determine whether such bonds shall be registered or bearer with coupons convertible into fully registered bonds, and shall prescribe the form of the bonds and, in the case of bearer bonds with coupons, the form of the coupons for the payment of interest thereto attached. The bonds shall state the conditions under which they are issued, the face amount of the bonds and, in the case of bearer bonds with coupons, the coupons thereto attached shall be payable at such place or places as may be designated by the county government. The bonds shall be executed, sealed and delivered as prescribed by the county government.

# (i)

Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the county government determines may be issued to the purchasers of bonds sold pursuant to this chapter.

# (j)

In anticipation of issuance of bonds, the county government may, by resolution, borrow money in such amounts as it may find necessary and authorize the issuance of negotiable notes therefor.

Amendment history

55 Del. Laws, c. 263; 57 Del. Laws, c. 762, § 10A; 59 Del. Laws, c. 583, § 2; 60 Del. Laws, c. 600, § 1; 64 Del. Laws, c. 68, § 4; 66 Del. Laws, c. 320, §§ 4-6

Source: view the official text

In this title (40 sections)

Full table of contents →