City of Dover
Delaware
Delaware
SPECIAL MEETING
May 21, 1945
A Special Meeting of the City Council of the City of Dover was held in the Council Room, City Hall, Dover, Delaware, on the 21st day of May, A.D. 1945, at 7:30 P.M. pursuant to notice.
The members present were Messrs. Keith, Hinkle, Vane, Carson, Hartnett, and LeFevre.
The meeting was called to order by the Mayor who presided. The Clerk was present and acting.
The Mayor presented and the Clerk read a communication from the City Solicitor advising that House Bill No. 112 entitled An Act Authorizing “the City of Dover” to Borrow Three Hundred Sixty Thousand Dollars and to issue Bonds Therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of “the City of Dover’, had passed both Houses of the One Hundred Tenth General Assembly of the State of Delaware and had been approved by the Governor on April 19, 1945.
The Mayor then advised that it would be necessary for Council to take action upon the several matters contained in the bill requiring action on the part of the Council, and the Council then proceeded to the authorization of the printing, sale and issue of the bonds authorized in said Act, as follows:
Mr. Hinkle presented the following resolution and moved its adoption, and which motion was duly seconded by Mr. Keith.
WHEREAS, pursuant to the provisions of an Act of the General Assembly entitled “An Act Authorizing “the City of Dover’ to borrow three hundred sixty thousand dollars and to issue bonds therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of “the City of Dover”, approved April 19, 1945, the City of Dover is authorized to refund its outstanding indebtedness not in excess of three hundred sixty thousand dollars; and
WHEREAS, the Council of the City of Dover believes it desirable and most advantageous to the best interests of the City of Dover that the present outstanding indebtedness of the said the City of Dover which should be refunded is the sum of three hundred sixty thousand dollars, which amount should be refunded at the earliest possible date,
NOW, THEREFOR, 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 cause to e prepared, notices of the call for redemption of the outstanding bonds and other indebtedness of the City of Dover as the several issues of the said bonds outstanding and other certificates of indebtedness 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 and other certificates of indebtedness of the said the City of Dover 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 or indebtedness incurred.
After 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. Keith
“ Hinkle
“ Vane
“ Carson
“ Hartnett
“ LeFevre
Against the Resolution: None.
The Solicitor called attention to the provision in the said Act authorizing and empowering the Council of the City of Dover to have prepared and to sell at such times and upon such conditions as Council saw fit, bonds with which to refund the outstanding indebtedness of the City of Dover, and to fix the rate of interest at which the refunding bonds would be issued. Thereupon Mr. Keith offered the following resolution:
RESOLVED, That the bonds to be issued pursuant to the provisions of said act entitled “An Act Authorizing “the City of Dover” to borrow three hundred sixty thousand dollars and to issue bonds therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of “the City of Dover”, approved April 19, 1945, be designated as “The City of Dover Refunding Bonds, Series of 1945”, and that the rate of interest on said bonds is hereby established at one and one-fourth per centum per annum, and that said 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. Hinkle 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. Keith
“ Hinkle
“ Vane
“ Carson
“ Hartnett
“ LeFevre
Against the Resolution: None.
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 three hundred sixty thousand dollars and to issue bonds therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of ‘the City of Dover’, approved April 19, 1945, and to be known as “the City of Dover Refunding Bonds, Series of 1945.” The proposed form of bond was read before Council and on motion of Mr. Keith seconded by Mr. Hinkle, the proposed form of bond was unanimously adopted as follows:
For the resolution: Messrs. Keith
“ Hinkle
“ Vane
“ Carson
“ Hartnett
“ LeFevre
Against the resolution: None.
A copy of the form of the bond was ordered to be spread upon the minutes. It is as follows:
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 coupon was read and examined by the members of the Council and on motion of Mr. Keith, seconded by Mr. Hinkle, was unanimously approved and adopted and a copy ordered spread upon the minutes of this meeting, on roll call, as follows:
For the Resolution: Messrs. Keith
Hinkle
Vane
Carson
Hartnett
LeFevre
Against the Resolution: None.
A copy of the form of the coupon was ordered to be spread upon the minutes. It is as follows:
On the first day of January (July) A. D. 10 $6.25
The City of Dover will pay to Bearer Six Dollars and Twenty-five cents ($6.25) at the Farmers Bank of the State of Delaware, at Doer, being six months interest then due on “City of Dover Refunding Bonds, Series of 1945”
Coupon No.
Mayor
Treasurer
The Council was advised by the Mayor that a number of negotiations had been carried on with prospective purchasers for the bonds to be issued under the provisions of the said At entitled “An Act authorizing ‘the City of Dover’ to borrow three hundred sixty thousand dollars and to issue bonds therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of ‘The City of Dover’ “, approved April 19, 1945, and that as a result thereof he had received an offer from Delaware Trust Company, a corporation of the State of Delaware, and the President, Directors and Company of the Farmers Bank of the State of Delaware, a corporation of the State of Delaware, to purchase the whole of said issue at par. After maturely discussing the offer made, the following resolution was offered by Mr. Keith, who moved its adoption:
WHEREAS, the Council of the City of Dover deems it advisable to call in and refund the outstanding indebtedness of 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 three hundred sixty thousand dollars and to issue bonds therefor, for the purpose of redeeming and refunding certain outstanding indebtedness of ‘the City of Dover’ “, approved April 19, 1945, to issue new bonds to be known as “the City of Dover Refunding Bonds, Series of 1945” for the purpose of raising sufficient funds with which to call in and refund the outstanding indebtedness of the City of Dover; and
WHEREAS, the Council of the City of Dover has received an offer from each the Delaware Trust Company and the President, Directors and Company of the Farmers Bank of the State of Delaware for the whole of said issue, and which offers so received are in like terms and effect, to-wit: to purchase the whole of said issue at par with interest on said bonds at the rate of one and one-fourth per centum per annum, payable January 1st and July 1st of each year; and
WHEREAS, the said offer made by the said Delaware Trust Company and the President, Directors and Company of the Farmers Bank of the State of Delaware constitute the best offers received and made for the purchase of said issue, and Council believes it for the best interest of the City of Dover that said offer be accepted;
NOW, THEREFORE, BE IT RESOLVED, that the offer on the part of the said Delaware Trust Company and the President, Directors and Company of the Farmers Bank of the State of Delaware to purchase the whole of said issue of Three Hundred Sixty Thousand Dollars be accepted, and the several bonds be divided equally between the said Delaware Trust Company and the said the President, Directors and Company of the Farmers Bank of the State of Delaware, in the following allotments, to-wit:
To Delaware Trust Company, a corporation of the State of Delaware, 180 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 President, Directors and Company of the Farmers Bank of the State of Delaware, a corporation of the State of Delaware, 180 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. Hartnett.
After maturely considering the terms of the foregoing Resolution the same was unanimously adopted upon roll call as follows:
For the Resolution: Messrs. Keith
Hinkle
Vane
Carson
Hartnett
LeFevre
Against the Resolution: None.
STATE POLICE HEAD TAXES
Upon motion of Messrs. Keith and Carson, the City Council voted to rescind a former resolution passed by them waving Poll Taxes of State Police, and instructed the City Manager that all State Police Officers should be assessed after January 1, 1945.
STREET AND SEWER PROGRAM
Upon motion of Messrs. LeFevre and Hartnett, the City Council authorized the City Manager to adopt the Street and Sewer Program as outlined in his last report, less the amount for continuing the sewer extending from Lotus Street.
ANNUAL REPORT OF FIRE CHIEF
Fire Chief, Thomas E. Baker, presented his annual report and upon motion of Messrs. LeFevre and Keith, the City Council accepted the report and referred it to the City manager for recommendations.
NATIONAL INSTITUTE OF MUNICIPAL LAW OFFICERS
Upon motion of Messrs. Hartnett and Vane, the City Council authorized the City Solicitor to take the proper steps for the City of Dover to become a member of the National Institute of Municipal Law Officers.
ADJOURNMENT
Council adjourned at 9:40 P.M.
Signed: Joseph O. Willis
City Clerk