2011 Delaware Code
Title 9 - Counties
CHAPTER 7. PARK DISTRICTS
Subchapter V. Bonds; Powers to Issue; Terms

TITLE 9 Counties Provisions Affecting All Counties CHAPTER 7. PARK DISTRICTS Subchapter V. Bonds; Powers to Issue; Terms

§ 760. Bonds; limitation.

For the payment of land purchased for parks or boulevards, for the building, maintaining, improving and protecting of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for recreation centers, any park district is authorized to issue the bonds of such park district and pledge its property and credit therefor to an amount including existing indebtedness of such district so that the aggregate indebtedness of such district shall not exceed 2 1/2 percent of the value of the taxable property therein, to be ascertained by the last assessment for county taxes previous to the issue from time to time of such bonds.

9 Del. C. 1953, § 760; 52 Del. Laws, c. 42.;

§ 761. Issuance of bonds; use authorized.

The issue of bonds by any park district shall be authorized by ordinance, and a copy of the same properly certified by the secretary shall be filed with the department of finance or receiver of taxes and county treasurer.

9 Del. C. 1953, § 761; 52 Del. Laws, c. 42; 55 Del. Laws, c. 85, § 6M.;

§ 762. Attestation of bonds; interest; maturity; sale.

Such bonds of a park district shall be issued when authorized under §§ 760 and 761 of this title in the name of the district, signed by the president and secretary, and countersigned by the treasurer, with the seal of said district affixed; they shall bear interest at not exceeding 5 percent per annum payable semiannually, and the principal shall be payable at such time and place as may be determined by the board, not exceeding 20 years from their date. The board of such district may sell the bonds in any manner it deems for the best interests of the district, at not less than par, and the proceeds thereof shall be used exclusively for the purpose authorized in this chapter.

9 Del. C. 1953, § 762; 52 Del. Laws, c. 42.;

§ 763. Tax for interest and principal.

All park districts, at or before the time of issuance of bonds, shall provide for the levy of taxes, in addition to all other taxes, sufficient to pay the principal of and interest upon said bonds as the same becomes due, and shall file a certified copy of the ordinance or ordinances providing for the levy of said taxes with the department of finance or receiver of taxes and county treasurer.

9 Del. C. 1953, § 763; 52 Del. Laws, c. 42; 55 Del. Laws, c. 85, § 6N.;

§ 764. Issuance of bonds; bond anticipation notes.

Whenever the commission shall have authorized the issuance of bonds by an ordinance duly adopted pursuant to lawful authority, the commission may borrow money in anticipation of the issuance of such bonds so authorized and, for such purpose, may issue, and from time to time, renew negotiable bond anticipation notes of the commission of an aggregate principal amount not exceeding the principal amount of such bonds authorized by such ordinance. The commission shall authorize such notes by a resolution or resolutions which shall determine the date on which such notes are to be payable, the maximum principal amount thereof and the rate or maximum rate of interest to be borne thereby and the manner of their signing. The faith and credit of the commission are hereby pledged to the payment of the principal of and interest on any notes issued pursuant to this section.

9 Del. C. 1953, § 764; 52 Del. Laws, c. 42.;

§ 765. Use of funds.

Moneys raised by the issuance of notes in anticipation of the issuance of bonds shall be used only to finance the purpose or purposes for which the proceeds of the bonds may be used and such proceeds shall be applied, to the extent necessary, to pay and retire such notes.

9 Del. C. 1953, § 765; 52 Del. Laws, c. 42.;