Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1891-04-10
AN ACT
To Allow the Town Council ofMii-
ford to Issue Bonds for Certain
Purposes.

] the protection OF Said lOWu dsdlu9i -iiS' 49,
also for the purpose Of establishing proper
Electric Light Plant by purchase or other
wise, sufficient to properly light sara toWh
and furnish light for private use; that lne
said Town Council Of Milford, for the purpose
Of carrying into effect the provision OF thls
Act. shall have full power aud authority, ana
are hereby directed to issue Sonas OF the
Town Of Milford, of such denominations as
thev shall deem best, bearing interest at
rate not exceeding six per centum per aiihull
payable semi annually on the hrst Gays OF
| IuIv and January, respectively IN eaen year.
| at lie First National Bank in the said town
Of Milford; the principal OF such Donds snslI
be made PAYABLE in twenty years from the
date Of the issue thereof the sara 1oW1
Council reserviug to itself the power anu
authority Of redeeming said bonds or any
part of them at the expiration OF hVe years
| from the date Of the issue Of the SAME <f0'
sfded. however, that if the said Town Ooun-
Gil elect to redeem any of said BONDS al tue
expiration OF Ave years as Aforesaid, sucn
election shall be effected on the hrst days OF
Tulv and January, and in pursuance OF z no
tice to that effect published by sail Town
Council of Milford for the space OF thirty
days in two newspapers-one puDlisheu IN
the CITY of Wilmington and Que Ill the said
Town of Milford-and in calling said bonds
for redemption and payment they ssall oe
called consecutively, commencing with the
lowest number: the interest Oh all said bonds
so called shall cease from the date of the re-
demptiou thereof, aud said bonds when paio
shall be cancelled.
SECTION II.-That the said Town Couneil
of Milford shall direct and effect the prePar,
alton aud printing of the bonds authoilzeu
nv this Act and shall also prescribe the form
Of said bonds, which shall be signed by the
President of the Town Council and counter
stoned bv the Secretary, and shall be sealed
| will, the corporate seal of said town, aud pc
EXEMPT from all State, County aud Munici-
pal taxation; as the said bonds ana coupons
| thereon are paid the same shall be cancelieu
| in such manner, as the SAID Iown SouuSll
snail direct, and it is further provided that
the Town Council of Milford shall place the
bonds in the hands of the Board of Light ana
Water Commissioners, hereinafter provided
for. who shall negotiate the sale and deiiV-
erv of the same, and the money-the pro
ceeds Of the sale of said bonds shall De oe-
posted with the Treasurer OF the Board OF
Light aud Water Commissioners, 10 De useu
for the purpose OF carrying into effect the pro-
visions of this Act.
SECTION fII.-Thst fhe Town Council of
Milford IS authorized and required to levy
npou ali assessable real aud leasehold estates,
or houses on ground rent IN the said town,
annually. a special tax sufficient to pay an
the interest aocruing on said bonds ana an
the expenses of. properly keeping up ana
operating said Water Works and EleetIlS
Light Plant as aforesaid, which the rents ana
revenues derived from said Water Works
and Electric Light Plant may be inadequate
70 meet. SAID Town Council is also author
led. empowered and directed to levy tur-
ther special tax upon the said real and lease
hold estates or houses on ground rent IN sald
town, annually, for the purpose OF estaDAsh-
ing a sinking fund adequate to the reaenP-
ton at or before maturity; OF all the Donus
which NAV beSissued under the provisions
of this Act; provided that the amount 10 Is
raised for the purpose of establishing said
SINKING fund for the redemption OF said
bonds Shall not exceed the sum OF two thous
aud 10 ooo) dollars in any one year. The
sinb,ng fnnd provided for by this Act shall
be deposited in the First National BANK OF
Milford. aud shall not be available ior any
other purpose; but if the 1own NounelI
shall elect to invest said iuuo III SOME SaiS
securities until such time as it may be needed,
for the redemption of the bonds authorized
bv this Act they are hereby authorized 70
d. 60 bv three.fourths of the members OF
| Co,,,ci1 apreeiue thereto The Treasurer OF
thetoVu Shall give additional bond with SUI
fictent surety for such sum as Counell may
determine and approve, II Is also PI1V Yl1l1
that any, real or leasehold estate OF houses
ON Ground rent within the limits OF said town
IF Milford which the Town Council may de-
eide are not benefited by said Water WORKS
and Electric Light shall not be subject TO
| taxation for the purposes provided Tor IN TINS
Act.
| SECTION IV.-That James M. Hall, Nathan
pratt George w Maashall Charles Barker
and Geo. H, Hall be and they are hereby
amounted a board ofLight and water Com
missiouers for one, two, three, four ana nVe
wears respectively, they shall draw lois tor
4 fbe diAeTeut terms, the highest number to
taIe the longest term and so on down to the
lowest term. as their terms shall expire; their
srcressors shall be elected for a period OF
/ Ave wears at an annual election OF the Irse-
| holders and ground rent leaseholders OF tne
| said town of Milford; said election TO De nelu
/ at the Lookup in said town on the FlIst
/ TUESDAY in March and annually on the same
dav thereafter; but if a vacancy shall occur
! of anv time before the next annual election
nv death. resignation, removal or Otherwise
! said vacancy shall be filed by the remain
| no commissioners until the next annual
elsction when the unexpired term or terms
/ Of such members shall be filled by an eiec-
tiou in the same manner and at the same uiue
ae nrovided for the election of member for
81 e 100. at said election each freeholder,
md ground rent leaseholder, shall nave one
vote for every dollar and fractional part OF a
doiiar of tax assessed to him or her respect-
| ;,,el,,. and females shall have right TO vote
IN rerson or by proxy as they may prefer
and no person shall be eligible 10 an Si S
as member the Board of Light and WaleI
] "Reminiscences except he be freehoider OF
- --o,,,,d rent leaseholder of said town.
csid election shall be called by the Town
! Sorrcii and be held and certified TO, ana
! - corded in the same manner as the electlon
g. to,y, officers provided for In Section III
M the Charter of the Town Of Milford, ana
the said Board of Light and water SolliLis-
sioners shall, within ten days aHeI the az
nroval ofthis Act by vote OF the HeshO /,
Pr - o,~o,,rd ren; leaseholders of said
town. and annually thereafter organize "
The election of a president secretary anu
trassurer from their own number, except the
!. treoenrer who NAV, or may not be mem-
her N said board as may be deemed best py
said commissioners. It shall be the auly Of q
fine President of the Board Of Light anu
water Commissioners, to sign all orders on
- t-.,s,,ra, Tor all bills aud expenses con-
tracted for and approved by saio BOAR 80! ~
ti,e construction, management, aud operating
, ssid water Works and Electric Light FlanI,
! 80 stau sion all contracts aud notices. II
st,aii he the duty of the Secretary to keep an
accurate record of all the business fansaetee
bv the said commissioners ana shall alllss'
III orders on the treasurer and other papers
a;l,,sd b,, the President It shal be the duty
2 oftbe Treasurer to have the custody OF an
: money arising from the sale Of the bonas
antboTized by this Act as the same may be
3 NEGOTIATED and sold, and of all money de
J rived from water rents and electric Ie y
, he shall keep an accurate account Oh al
money received and discussed by him, anS
annually make full report to the Tow
Council of the same, and at the , exPiIasio %
of his term turn over all moneys DoSss an
naners belonging to his Office to his sue
e eessor. The treasurer shall also give BON
i for The faithful perform nce Of his duty Il
! such sum as the Board Of Light and wste
Commissioners may require ana sa li' ~. ~
n nensation as the said Board Of Light an
! water Commissioners may allow.
J. SECTION V.-The said Light and Waite
? Commissioners are hereby authorized az
a iocst;on erection. construction, cquipmer
.s and operating said Water Works and Ele'
!. trie LIGHT Plant, for furnishing said town
] Milford with an ample supply OF water an
fe lieht. as aforesaid aud TO purchase hose an
-. .,,~r;aoaa and such other instrument