SPECIAL MEETING
February 14, 1953
The special meeting of City Council was held Saturday, February 14, 1953, at 7:30 P.M. with Mayor Haman presiding. Councilmen present were Messrs Biddle, Helm, Holpp, Mundy and Smith.
YMCA DONATION
Council authorized a donation of $5000 to the Dover Recreation Fund (YMCA) to be paid at the rate of $500 per month for ten months during the year 1953 and directed that a letter to be sent to the YMCA stating other costs to the City for the recreation program.
ANDERSON TRAILER
Council directed that C.P. Anderson, 637 N. Bradford Street be granted thirty days in which to complete removal of a trailer located on the premises in the rear of his home at that address.
WATER TO COTY
Council directed the City Manager to write to Coty, Inc. for more details on their request for extension of a 10" water line to their property on McKee Road in conjunction with the extension of a water main to the Harley Taylor development at Northwest Dover Heights.
FLOWERS TO MAYOR
Council directed that flowers be sent to Mayor Haman who is confined to his home by illness.
RESOLUTION - SALE OF BONDS
By unanimous vote, Council adopted the following Resolution:
WHEREAS, the Mayor and City Council of The City of Dover has determined to improve the electric generating plant of The City of Dover in the manner described in Section 1 of this resolution, and it is estimated that such improvement will cost not less than $290,000, and the Mayor and Council desires to issue bonds of The City of Dover of the aggregate principal amount of $290,000 to finance the cost of such improvement, as hereinafter provided, and said bonds have been approved by a majority of the votes cast at a referendum election duly called and held in said City on September 17, 1951 pursuant to Section 9 of Chapter 336 of Volume 48 of the Laws of Delaware, approved June 5, 1951; and
WHEREAS, the Mayor and City Council of The City of Dover has determined to improve the electric transmission system and the water system of The City of Dover in the manner described in Section 2 of this resolution, and it is estimated that such improvement will cost not less than $500,000, and the Mayor and Council desires to issue bonds of The City of Dover of the aggregate principal amount of $500,000, to finance the cost of such improvement, as hereinafter provided, and said bonds have been approved by a majority of the votes cast at a referendum election duly called and held in said City on December 27, 1951 pursuant of Section 9 of Chapter 315 of Volume 47 of the Laws of Delaware, approved June 29, 1949; and
WHEREAS, the Mayor and City Council of The City of Dover has determined to improve the sewage disposal plant and sanitary sewer system of The City of Dover in the manner described in Section 3 of this resolution, and it is estimated that such improvement will cost not less than $310,000, and the Mayor and Council desires to issue bonds of The City of Dover of the aggregate principal amount of $310,000 to finance the cost of such improvement, as hereinafter provided, and said bonds have called and held in said City on December 27, 1951 pursuant to Section 9 of Chapter 336 of Volume 48 of the Laws of Delaware, approved June 5, 1951; NOW, THEREFORE,
BE IT RESOLVED by the Council of The City of Dover in Council met, as follows:
Section 1. The City of Dover shall issue its negotiable bonds of the aggregate principal amount of $290,000, pursuant to Section 9 of Chapter 336 of Volume 48 of the Laws of Delaware, approved June 5, 1951, in order to raise funds for the repair, renovation and/or rehabilitation of the electric generating plant maintained and operated by The City of Dover. Each of said bonds shall bear the designation “The City of Dover Electric Plant Bond, Series of 1953.”
Section 2. The City of Dover shall issue its negotiable bonds of the aggregate principal amount of $500,000, pursuant to Section 9 of Chapter 315 of Volume 48 of the Laws of Delaware, approved June 29, 1949, in order to raise funds for the repair, rehabilitation, replacement and/or extension of the electric transmission system and the water system maintained and operated by The City of Dover, and for necessary additions thereto. Each of said bonds shall bear the designation “The City of Dover General Improvement of the Water and Electrical Plant Bond, Series of 1953.”
Section 3. The City of Dover shall issue its negotiable bonds of the aggregate principal amount of $310,000, pursuant to Section 9 of Chapter 336 of Volume 48 of the Laws of Delaware, approved June 5, 1951, in order to raise funds for the repair, rehabilitation, replacement and/or extension of the sewage disposal plant and sanitary sewer lines maintained and operated by The City of Dover, and for necessary additions thereto. Each of said bonds shall bear the designation “The City of Dover Sanitary System Sewer System Bond, Series of 1953.”
Section 4. Said $290,000 The City of Dover Electrical Plant Bonds, Series of 1953, shall consist of two hundred and ninety bonds of the denomination of $1,000 each, numbered from 1 to 290, inclusive, in the order of their maturity, and shall constitute an issue of bonds payable in annual installments on June 1 in each year as follows, viz.: $14,000 in each of the year 1954 to 1957, inclusive, and $13,000 in each of the years 1958 to 1975, inclusive.
Section 5. Said $500,000 The City of Dover General Improvement of the Water and Electrical Plant Bonds, Series of 1953, shall consist of five hundred bonds of the denomination of $1,000 each, numbered from 1 to 500, inclusive, in the order of their maturity, and shall constitute an issue of bonds payable in annual installments on June 1 in each year as follows, viz.: $21,000 in each of the year 1954 to 1973, inclusive, and $20,000 in each of the years 1974 to 1977, inclusive.
Section 6. Said $310,000 The City of Dover Sanitary Sewer System Bonds, Series of 1953, shall consist of three hundred and ten bonds of the denomination of $1,000 each, numbered from 1 to 310, inclusive, in the order of their maturity, and shall constitute an issue of bonds payable in annual installments on June 1 in each year as follows, viz.: $12,000 in each of the year 1954 to 1957, inclusive, and $13,000 in each of the years 1958 to 1973, inclusive, $14,000 in each of the years 1974 and 1975 and $13,000 in each of the years 1976 and 1977.
Section 7. Each of said bonds shall be dated March 1, 1953. Each of said bonds shall bear interest from its date until its maturity at a rate which shall not exceed 3% per annum, and such interest shall be payable on December 1, 1953 and semi-annually thereafter on each June 1st and December 1st. Both principal of and interest on said bonds shall be payable at the office of the Delaware Trust Company, in The City of Dover, Delaware, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts.
Section 8. Each of said bonds shall be a coupon bond, without privilege of registration. None of said bonds shall be redeemable prior to its stated maturity, without the consent of the holder thereof. Each of said bonds shall be signed by the Mayor of The City Of Dover and by he Treasurer of said City and shall be sealed with the corporate seal of said City.
Section 9. The bonds, and the interest coupons representing the interest payable thereon, shall be in substantially the following form:
(Form of Bond)
No. No.
UNITED STATES OF AMERICA
STATE OF DELAWARE
COUNTY OF KENT
THE CITY OF DOVER
BOND,
SERIES OF 1953
$1,000 $1,000
THE CITY OF DOVER (hereinafter referred to as “City”), a municipal corporation of the State of Delaware, hereby acknowledges itself indebted and for value received promises to pay to the bearer of this bond, on June 1, 19** the principal sum of
ONE THOUSAND DOLLARS ($1,000)
and to pay interest on such sum from the sate of this bond until it matures, at the rate of per centum ( %) per annum, payable on December 1, 1953 and thereafter semi-annually on June 1 and December 1, upon presentation and surrender, as they severally mature, of the interest coupons annexed hereto. Both principal of and interest on this bond are payable at the office of the Delaware Trust Company, in Dover, Delaware, in any coin or currency of the United State of America which at the time of payment is legal tender for the payment of public and private debts.
(Paragraph to appear only in The City of Dover Electric Plant Bonds, Series of 1953)
This bond is one of an authorized issue, the aggregate principal amount of which is $500,000, the bonds of which are of like tenor, except as to number and maturity, and has been duly authorized and issued pursuant to and in accordance with the provisions of Chapter 336 of Volume 48 of the Laws of Delaware, approved June 5, 1951. The bonds of said issue have been approved by a majority of the votes cast at a referendum election held in said City on December 27, 1951.
The faith and credit if the City are hereby irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms.
It is hereby certified and recited that all conditions, acts and things required by the Constitution or statutes of the State of Delaware to exist, to have happened and to have been performed precedent to and in the issuance of this bond, exist, have happened and have been performed, and that the issue of bonds of which this is one, together with all other indebtedness of the City, is within every debt and other limit prescribed by such Constitution or statutes.
IN WITNESS WHEREOF, the City has caused this bond to be executed in its name and signed by its Mayor and by its City Treasurer, and its corporate seal to be hereunto affixed, and the interest coupons hereto attached to be authenticated by the facsimile signatures of its Mayor and City Treasurer, and this bond to be dated as of March 1, 1953.
Mayor
City Treasurer
(Form of Coupon)
No. $
The City of Dover, a municipal corporation of the State of Delaware, will pay to the bearer of this coupon on the 1st day of December, 19 , the sum of
June,
DOLLARS ($ )
at the office of the Delaware Trust Company, in Dover, Delaware, in any coin or currency of the United States of America which is then legal tender for the payment of public and private debts, being the interest then due on its City of Dover Bond, Series of 1953, dated March , 1953, No. .
Mayor
City Treasurer
Section 10. The Mayor and City Treasurer are hereby authorized and directed to cause said bonds to be prepared and to execute said bonds in accordance with their terms.
Adopted February 14, 1953.
Approved:
Clerk of Council Mayor
(Hand Written “February 16, 1953")
RESOLUTION - NOTICE OF BOND SALE
By unanimous vote, Council adopted the following resolution:
WHEREAS, the Mayor and Council of The City of Dover desires to make provision for the sale of the $1,100,000 bonds of The City of Dover hereinafter described; NOW, THEREFORE,
BE IT RESOLVED by the Mayor and Council of The City of Dover, as follows:
(1) The $1,100,000 of bonds dated March 1, 1953, which are to be issued pursuant to the resolution heretofore adopted by the Mayor and Council on February 14, 1953, and which are described in the Notice of Sale hereinafter set forth, shall be sold at public sale pursuant to and in accordance with the following Notice of Sale:
NOTICE OF SALE
THE CITY OF DOVER, DELAWARE
$,100,000 BONDS
The City of Dover (herein referred to as “City”), a municipal corporation of the State of Delaware, will receive sealed proposals will be received until 7:30 o’clock, P.M., Eastern Standard Time, on March 16, 1953, at which time all proposals received will be publicly opened and considered by the Mayor and Council of the City of Dover, Delaware. Each proposal submitted should be addressed to F.P. Neylan, City Clerk, at City Hall, Dover, Delaware, and should be enclosed in a sealed envelope marked “Proposal for Bonds.”
The bonds consist of the following three issues of bonds, viz.:
(1) $290,000 The City of Dover Electric Plant Bonds, Series of 1953, payable in annual installments on June 1 in each year as follows, viz.: $14,000 in each of the years 1954 to 1957, inclusive, and $13,000 in each of the years 1958 to 1975, inclusive.
(2) $500,000 The City of Dover General Improvement of the Water and Electric Plant Bonds, Series of 1953, payable in annual installments on June 1 in each year as follows, viz.: $22,000 in each of the years 1954 to1959, inclusive, and $23,000 in each of the years 1960 to 1975, inclusive.
(3) $310,000 The City of Dover Sanitary Sewer System Bonds, Series of 1953, payable in annual installments on June 1 in each year as follows, viz.: $14,000 in each of the years 1954 to1957, inclusive, and $15,000 in each of the years 1958 to 1959, and $14,000 in each of the years 1930 to 1975, inclusive.
The bonds are dated March 1, 1953 and will be in the denomination of $1,000 each. Interest is payable on December 1, 1953 and thereafter semi-annually on June 1 and December 1. The bonds are coupon bonds, without privilege of registration, and are payable at the Delaware Trust Company, in Dover, Delaware.
No proposal for less than all of the bonds will be considered. Bidders are invited to name the rate of interest which the bonds are to bear. The rate must be a multiple of one-eighth of one per centum, must not exceed three per centum (3%) per annum, and must be the same for all the bonds. The bonds will be awarded tp the bidder offering to take at the lowest rate of interest, at a price of not less than par and accrued of premium will determine the award.
The faith and credit of the City are pledged to the payment of the bonds. The City is authorized and required to levy on all property taxable by the City, within the limitations prescribed by the law, such as valorem taxes as may be necessary to pay the bonds and the interest thereon.
Each proposal must be accompanied by a certified or bank cashier’s check or checks for $22,000 drawn upon an incorporated bank or trust company and payable to the order of the City, to secure the City against any loss resulting from a failure of the bidder to comply with the terms of his proposal. The check or checks of the bidder whose proposal is accepted will be deposited by the City and credited on the purchase price. The proceeds of the check or checks will be retained by the City as liquidated damages in case the bidder fails to accept delivery of and pay for the bonds. Checks of unsuccessful bidders will be returned upon the award of the bonds. The right to reject any or all of the proposals is hereby reserved.
The approving opinion of Messrs. Reed, Hoyt, Taylor & Washburn of New York City, will be furnished the purchaser, without cost.
Dated, February 14, 1953
City Clerk
(2) The City Clerk is hereby directed to publish said notice of sale in the Delaware State News and the Dover Index, newspapers published in the City of Dover, and in The Bond Buyer, a financial newspaper published in the City and State of New York, such publication, in each case, to be made not less than ten days prior to the date set for the receipt of sealed proposals.
Adopted February 14, 1953.
Approved:
Clerk of Council Mayor
Council adjourned at 11:00 P.M.
F. Neylan
City Clerk