§ 2204. Bonds; authorization, amount, terms, sale and interest rate.
410 words·~2 min read·
/de/title-9/chapter-22-sewers/subchapter-i-general-provisions/2204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The planning, acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any sewerage system may be authorized under this chapter and bonds may be authorized to be issued under this chapter to provide funds for such purposes by ordinance of the County Council.
(b)The County Council, in determining the cost of acquiring or constructing any sewerage 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 subsequent ordinances provide. Debt incurred by the County Council pursuant to this chapter may be represented by uncertificated obligations of the County Council which may be authorized in accordance with the same procedures applicable to bonds which are permitted to be issued under this chapter, and the County Council may determine all procedures appropriate to the establishment of a system of issuing uncertificated debt.
(d)The bonds shall be sold at public sale upon sealed proposals after at least 10 days’ notice published at least once in a newspaper published in the City of Wilmington at such price and upon such terms, conditions and regulations as the County Council may prescribe; provided, that the County Council may authorize the County Executive to sell such bonds at public or private sale upon such terms, conditions and regulations as it may prescribe.
(e)Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the County Council determines may be issued to the purchasers of bonds sold pursuant to this chapter.
(f)The rate of interest may be determined in advance of sale, or the bonds may be offered for sale at a rate of interest to be fixed by the successful bidder for such bonds.