City of Dover
Delaware
Delaware
SPECIAL MEETING
March 5, 1935
A special meeting of the City Council of the City of Dover was held in the Council Room, City Hall, Dover, Delaware, on the 5th day of March A.D. 1935 at 7:30 P.M. pursuant to notice. The members present were Mayor J. Wallace Woodford, Messrs. Frear, LeFevre, Keith, Burton, Hinkle, Millman, Downes and Clark, all being members of the Council. The meeting was called to order by the Mayor who presides. The Clerk was present and acting.
The Mayor presented and the Clerk read a communication from the City Solicitor advising that House Bill 55 entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of Redeeming and Refunding Certain Outstanding Bonds of ‘The City of Dover’ had passed both Houses of the one hundred fifth General Assembly of the State of Delaware and had been approved by the Governor on February 28, 1935.
Thereupon the following Resolution was offered by Mr. James A. Downes:
WHEREAS, the pursuant to the provisions of an Act of the General Assembly entitled ‘An Act Authorizing “The City of Dover” to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefo, for the Purpose of Redeeming and Refunding Certan Outstanding Bonds of “The City of Dover”, approved February 28, 1935, The City of Dover is authorized to refund its outstanding bonded indebtedness not in excess of Four Hundred Fifty Thousand Dollars; and
WHEREAS, the present bonded indebtedness of The City of Dover is Four Hundred Thirty-nine Thousand Dollars; and
WHEREAS, The Council of The City of Dover believes it desirable and most advantageous to the best interest of The City of Dover that the present outstanding bonds of the said The City of Dover representing the total bonded indebtedness of said City in the amount of Four Hundred Thirtynine Thousand Dollars should be called in and redeemed at the earliest possible date under the right of redemption provisions as set forth in the respective issues of the bonds outstanding;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DOVER
SECTION 1. That the Mayor of The City of Dover, and the Treasurer thereof, be and they are hereby authorized and directed to prepare, or cuase to be prepared, notices of the call for redemption of the outstanding bonds of The City of Dover as the several issues of the said bonds outstanding shall become callable for the purpose of payment or redemption, and shall cause such notices to be published and all things done in all particulars as shall be required to be published or done in order to call any and all outstanding bonds of the said The City of Dove for redemption and payment, and as required by the respective Acts of The General Assembly under which such bonds or any of them were issued.
Mr. Thos. V. Keith moved the adoption of the Resolution which motion was seconded by Mr. Jesse S. Burton. Ater maturely discussing the provisions of the Resolution, roll call on the motion to adopt the Resolution was ordered, with the following result:
For the Resolution: Messrs.
Grover C. Frear, yes;
John P. LeFevre, yes;
Thos. V. Keith, yes;
Jesse S. Burton, yes;
W.M. Hinkle, yes;
C.F. Millman, yes;
J. A. Downes, yes;
Thos. F. Clark, yes.
Against the Resolution: None.
On motion of Mr. W.M. Hinkle the action of the Council on the 11th day of February A.D. 1935 designating the rate of interest to be paid on the refunding bonds to be issued by The City of Dover pursuant to an Act entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of Redeeming and Refunding Certain Outstanding Bonds of ‘The City of Dover’”, approved February 28, 1935, and which motion was seconded by Mr. Grover C. Frear the action o fthe Council n establishing a rate of four percentum per annum interest rate was rescinded. Thereupon Mr. John P. LeFevre offered the following resolution:
RESOLVED, That the rate of interest to be fixed at three and one-half per centum per annum to be paid by The City of Dover on “The City of Dover Refunding Bonds, Series of 1935, to be issued pursuant to an Act entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of Redeeming and Refunding Certain Outstanding Bonds of ‘The City o fDover’”, aproved February 28, 1935, and that the interest be paid semi-annually on the first day of January and the first day of July of each year while such bonds or any of them remain outstanding and unpaid and not called for redemption pursuant to the provisions of said Act.
Mr. Grover C. Frear seconded the motion for the adoption of the foregoing resolution and after maturely considering the resolution the same was unanimously adopted on roll call as follows:
For the Resolution: Messrs.
Grover C. Frear, yes;
John P. LeFevre, yes;
Thos. V. Keith, yes;
Jesse S. Burton, yes;
W.M. Hinkle, yes;
C.F. Millman, yes;
J.A. Downes, yes;
Thos. F. Clark, yes.
Against the Resolution: None.
On motion duly made by Mr. Thos. V. Keith seconded by Mr. John P. LeFevre and unanimously adopted the City Manager was authorized and directed to receive bids for the printing of “The City of Dover Refunding Bonds, Series of 1935” and to accept the best bid obtainable for the printing of the same.
The City Solicitor presented a proposed form of bond to be issued pursuant to an Act entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of Redeeming and Refunding Certain Outstanding Bond of ‘The City of Dover’”, approved February 28, 1935, and to be known as “The City of Dover Refunding Bonds, Series of 1935.” The proposed form o fbond was read before Council and on motion of Mr. Thos. V. Keith seconded by Mr. James A. Downes, the proposed form o fbond was unanimously adopted as follows:
For the Resolution: Messrs.
Grover C. Frear, yes;
John P. LeFevre, yes;
Thos. V. Keith, yes;
Jesse S. Burton, yes;
W.M. Hinkle, yes;
C.F. Millman, yes;
J.A. Downes, yes;
Thos. F. Clark, yes;
Against the Resolution: None.
A copy of the form of the bond was ordered to be spread upon the minutes. It is as follows:
UNITED STATES OF AMERICA
STATE OF DELAWARE
CITY OF DOVER REFUNDING BOND SERIES OF 1935
Number
$1000.00
Series
The City of Dover, a municipal corporation of the State of Delaware, for value received, promises to pay to the Bearer of this Bond on the First day of July 19 the sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of three and one-half (3 ½%) percentum per annum, payable semi-annually on the first day of January and the first day of July in each year hereafter until the maturity of this bond or its redemption date upon presentation and surrender as they severally mature of the coupons therefor annexed hereto. Both principal and interest of this Bond will be paid in lawful money of the United State of America at the Farmers Bank of the State of Delaware at Dover.
The City of Dover reserves the right to redeem this Bond and other Bonds of the same issue on any interest payment date after the expiration of five years from the date of this Bond at par and accrued interest, provided such redemption be made in pursuance of notice signed by the Mayor of The City of Dover and by the Treasurer of said City published in siad City indicating the Bonds called. In making such calls the City shall call the Bonds according to their number, beginning with the lowest number. Bonds when so called shall cease to bear interest on the redemption date.
This Bond is one of an issue of Bonds aggregating Four Hundred and Thirty Nine Thousand ($439,000.) Dollars, numbered from one to four hundred and thirty nine, inclusive said Bonds being of the denomination of One Thousand ($1000.00) Dollars each and of like tenor and effect except as to maturities, and is issued under and in strict conformity with an Act of the General Assembly of the State of Delaware entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, For the Purpose of Redeeming and Refunding Certain Outstanding Bonds of ‘The City of Dover’:, approved February 28, 1935.
It is hereby certified and recited that all acts, conditions and things required to exist or be done precedent to and in the issuance of this Bond by the Laws and Constitution of the State of Delaware have happened and been performed, and that the total indebtedness of The City o fDover, including this Bond, does not exceed any constitutional or statutory limitation. For the prompt payment hereof, both principal and interest as the same become due, the faith and credit of The City of Dover are hereby pledged.
IN WITNESS WHEREOF The City of Dover has cuased this Bond to be signed by its Mayor and its Treasurer, under the corporate seal of the said City, and the coupons hereto annexed to be authenticated by the facsimile signatures of the Mayor and the Treasurer of the said City, and this Bond is to be dated the first day of July 1935.
J. Wallace Woodford,
Mayor of the City of Dover
C. Burton Sypherd Sypherd,
Treasurer of The City of Dover
The City Solicitor also submitted a form of coupon to be attached to the several bonds to be issued pursuant to said Act. The form of coupn was read and examined by the members of the Council and on motion of Mr. John P. LeFevre, seconded by Mr. James A. Downes, was unaimously approved and adopted on roll call as follows:
For the Resolution: Messrs.
Grover C. Frear, yes;
John P. LeFevre, yes;
Thos. V. Keith, yes;
Jesse S. Burton, yes;
W.M. Hinkle, yes;
C.F. Millman, yes;
J.A. Downes, yes;
Thos. F. Clark, yes;
Against the Resolution: None.
as a form of coupon to be used and attached to said bonds and a copy of said coupon was ordered to be spread upon the minutes, as follows:
Coupon No.
No. Mayor
Series Treasurer
The Council was advised by the Mayor that several bids had been received for the purpose of refunding bonds of the City of Dove to be issued pursuant to an Act entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of redeeming and Refunding Certain Outstanding Bonds of ‘The City of Dover’”, approved February 28, 1935. The several bids received were read to Council and after maturely considering the several proposals the following resolution was offered by Mr. Thos. V. Keith:
Whereas, The Council of The City of Dover deems it advisable to call in and redeem the outstanding bonds evidencing the total bonded indebtedness of the said The City of Dover; and
Whereas, the City of Dover has been authorized by an Act entitled “An Act Authorizing ‘The City of Dover’ to Borrow Four Hundred Fifty Thousand Dollars and to Issue Bonds Therefor, for the Purpose of Redeeming and Refunding Certain Outstanding Bonds of ‘The City of Dover’”, approved February 28, 1935, to issue new bonds to be known as “The City of Dover Refunding Bonds, Series of 1935” for the purpose of raising sufficient funds with which to call in and redeem the outstanding bonds of The City of Dover; and
Whereas, the Council of The City of Dover has received a number of bids for “The City of Dover Refunding Bonds, Series of 1935”; and
Whereas, a number of the bids so received are in like terms and effect.
NOW, THEREFORE, BE IT RESOLVED, that the following allotments be made to the following named subscribers or bidders for the said bonds; namely:
To the President, Directos and Company of the Farmers Bank of the State of Delaware, a corporation of the State of Delaware, 113 bonds each of the denomination of $1000.00, such bonds to be equally selected from each of the series of the bonds so issued at par;
To Delaware Trust Company, a corporation of the State of Delaware, 113 bonds each of the denomination of $1000.00, such bonds to be equally selected from each of the series of the bonds so issued at par;
To The First National Bank of Dover, a corporation existing under the laws of the United States of America, 113 bonds each of the denomination of $1000.00, such bonds to be equally selected from each of the series of the bonds so issued at par;
To William W. Richardson, Dover, Delaware, 100 bonds each of the denomination of $1000.00 such bonds to be equally selected from each of the series of the bonds so issued at par.
Settlement to be made upon the execution and delivery of the bonds.
The foregoing Resolution was seconded by Mr. W.M. Hinkle.
After maturely considering the terms of the foregoing Resolution the same was unanimously adopted upon roll call as follows:
For the Resolution: Messrs.
Grover C. Frear, yes;
John P. LeFevre, yes;
Thos. V. Keith, yes;
Jesse S. Burton, yes;
W.M. Hinkle, yes;
C.F. Millman, yes;
J.A. Downes, yes;
Thos. F. Clark, yes;
Against the Resolution: None.
Council adjourned at 10 o’clock P.M.
Signed:
City Clerk