City of Dover
Delaware
Delaware
SPECIAL MEETING
October 19th, 1938
A special meeting of the City Council of the City of Dover was held on the 19th day of October, 1938. The meeting was called to order by Mayor Woodford at 11:30 A. M. and on roll call the following members answered present: Messrs. Keith, Downes, Hinkle, Vane, Millman and Burton.
A RESOLUTION
A RESOLUTION AUTHORIZING THE PROPER OFFICERS OR THE CITY OF DOVER TO EXECUTE A BOND FOR $22,000.00 COVERING THE CITY’S PORTION OF THE TAR DITCH SEWER EXTENSION
Upon motion of Messrs. Keith and Downes, the following resolution was unanimously adopted:
I, Joseph O. Willis, Clerk of the Council of the City of Dover, do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of said Council duly and regularly held on the nineteenth day of October, 1938, by the affirmative vote of all the members present at said meeting consisting of more than three-fourths of all the members elected to said Council, and that said resolution after its adoption was duly approved by the Mayor of the City of Dover.
RESOLUTION
WHEREAS Section 50 of Chapter 158 of Volume 36 of the Laws of Delaware, being the charter of the City of Dover provides that “Whenever the needs of the City shall require more money than is at the time in the City treasury from current receipts, the Council shall be authorizd and empowered to anticipate current revenue by borrowing such sum as shall be needed, not in excess of the sum of Fifty Thousand Dollars ($50,000.00) in any on year,” etc.
AND WHEREAS a sanitary sewer running along and with “Tar Ditch to Sanit Jones’ Creek” was and is a present need of the City of Dover.
AND WHEREAS the funds in the City Treasury are insufficient by the sum of Twenty-two Thousand ($22,000.00) Dollars to meet the present needs of the City including the portion of the City’s cost of said sanitary sewer.
AND WHEREAS the only sum borrowed during the present year under the provisions of Section 50 of Chapter 158 of Volume 36 of the Laws of Delaware aforesaid was the sum of Twenty-five Thousand ($25,000.00) Dollars.
NOW THEREFORE BE IT RESOLVED as follows –
That the Council of the City of Dover borrow the sum of Twenty-two Thousand ($22,000.00) Dollars from the President, Directors and Company of the Farmers Bank of the State of Delaware for the purpose of supplying the City treasury with funds to meet the needs of the said City;
That the amount so borrowed shall be evidenced by the bond of the City of Dover executed by the Mayor and Treasurer under the corporate seal of the said City;
That the said bond shall be dated as of the day when the money is borrowed, and shall bear interest at the rate of three and one-half (3 ½) percentum per annum and shall mature on the first day of December, 1938;
That the faith and credit of the City of Dover shall be deemed pledged for the payment of said bond both principal and interest.
IN WITNESS WHEREOF I have hereunto set my hand this nineteenth day of October, 1938.
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CLERK OF THE COUNCIL OF THE CITY OF DOVER
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KNOW ALL MEN BY THESE PRESENTS That the City of Dover, a municipal corporation of the State of Delaware is held and firmly bound unto The President, Directors and Company of the Farmers Bank of the State of Delaware, a Corporation of the State of Delaware, in the sum of Twenty-two Thousand ($22,000.00) Dollars lawful money of the United States of America, to be paid to the said The President, Directors and Company of the Farmers Bank of the State of Delaware, its successors or assigns on the first day of December, 1938, together with interest thereon at the rate of three and one-half (3 ½) percentum per annum.
This bond is issued under the authority of and in strict conformity with the provisions of Section 50 of Chapter 158 of Volume 36 of the Laws of Delaware being an act entitled “An Act Changing the Name of “The Town of Dover” to “The City of Dover” and establishing a Charter Therefore” approved April 10, 1929.
It is hereby certified and recited as follows – that the Council of The City of Dover did by resolution adopted October 19, 1938 ( and which resolution received the affirmative vote of more than three-fourths of all the members of Council and was approved the Mayor of said City) authorize the borrowing of the sum of Twenty-two Thousand ($22,000.00) Dollars; that the said sum was required for the needs of the said City and was the sum by which the funds in the City treasury were insufficient to fill the present needs of the City; that this bond is given to secure the said sum of Twenty-two Thousand ($22,000.00) Dollars borrowed by the said Council from The President, Directors and Company of the Farmers Bank of the State of Delaware the prupose aforesaid. That the only sum borrowed by the Council during the year 1938 was the sum of Twenty-five Thousand ($25,000.00) Dollars.
For the prompt payment of this bond, 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 caused this bond to be signed by its Mayor and its Treasurer, under the corporate seal of the said City, this 19th day of October, nineteen hundred and thirty eight.
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TREASURER OF THE CITY OF DOVER
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MAYOR OF THE CITY OF DOVER
Attest:
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CLERK OF THE CITY OF DOVER
APPROVED: __________________________
Mayor
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ELECTRIC RATE FOR DOVER SCHOOL
Upon motion of Messrs. Keith and Downes, the electric rate for the Dover Public School was changed to 3¢ per KW straight beginning October first, 1938.
ADJOURNMENT
Council adjourned at 12 o’clock noon
Signed: _____________________________
CLERK OF THE COUNCIL