§ 2803. Costs; authorization, amount, terms, sale, interest rate, etc., of bonds.

481 words·~2 min read·/de/title-9/chapter-28-water-supply/2803

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 water supply system to be used in connection with the White Clay Creek Watershed, including costs of land, rights in lands and relocation of utilities and other improvements may be authorized under this chapter and bonds to provide funds for such purposes, may be authorized to be issued under this chapter by resolution of the County Council.

(b)The County Council in determining the costs of acquiring or constructing any such water supply system may include all costs and estimated costs of the issuance of the bonds, all planning, engineering, inspection, fiscal and legal expenses, and interest or estimated interest upon the bonds or other money borrowed pursuant to this chapter during the planning and construction period and for 6 months after completion.

(c)The bonds shall bear interest at such rates, may be in 1 or more series or issues, may bear such dates, may mature at such time, not exceeding 40 years from their respective dates of issue, 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 resolution or subsequent resolutions 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 by resolution may determine, or it may delegate authority to the County Executive to 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 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 forms 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.

(g)The County Council may advance funds for planning, engineering, acquisition of land, etc., from other funds of the County to be reimbursed from time to time by sale of water supply bonds.