Sec. 4-51. - Effect of issuance of bonds for water or sewer purposes on debt limitation.

In ascertaining the amount of the bonded debt incurred or bonds issued in the name of the city for the purposes of any limitation with respect to the amount of such bonded debt or bonds issued, contained either in section 71 of the act entitled "An Act to Revise and Consolidate the Statutes of the City of Wilmington," approved on April 13, 1883, and constituting chapter 207 of Volume 17 of the Laws of Delaware, or the acts amendatory thereof or supplemental thereto, or in any other law now in effect, there shall be excluded from such bonded debt or bonds issued all bonds issued in the name of the city which have been or may hereafter be issued either for the purpose of providing a supply of water for the city or which have been or may hereafter be issued pursuant to the Wilmington Sewer Revenue Bond Act of 1949 (chapter 269 of Volume 47 of the Laws of Delaware) or the acts amendatory thereof.

(49 Del. L. ch. 275, § 1)

Sec. 4-52. - Bond anticipation notes authorized.

Whenever the council shall have authorized the issuance of bonds by an ordinance duly adopted pursuant to lawful authority, the council may borrow money in anticipation of the issuance of such bonds so authorized and, for such purpose, may issue, and from time to time, renew negotiable bond anticipation notes of the city, of an aggregate principal amount not exceeding the principal amount of such bonds authorized by such ordinance. The council shall authorize such notes by a resolution or resolutions which shall determine the date on which such notes are to be payable, the maximum principal amount thereof and the rate of maximum rate of interest to be borne thereby and the manner of their signing. The council in such resolution may delegate to the city treasurer authority to sell the notes thereby authorized, either at public or private sale, and to determine within the limitations prescribed by such resolution the rate of interest to be borne by such notes and the principal amount thereof. The faith and credit of the city are hereby pledged to the payment of the principal of and interest on any notes issued pursuant to this section.

(51 Del. L. ch. 310, § 1)

Sec. 4-53. - Use of proceeds of bond anticipation notes.

Moneys raised by the issuance of notes in anticipation of the issuance of bonds shall be used only to finance the purpose or purposes for which the proceeds of the bonds may be used and such proceeds shall be applied, to the extent necessary, to pay and retire such notes.

(51 Del. L. ch 310, § 2)

Sec. 4-54. - Correction of nonsubstantive errors.

The council hereby is authorized to correct any defects as to form, but not as to substance, in any outstanding obligations of said city, when it appears to the satisfaction of said council that the city has received adequate value for such obligations.

When such correction is authorized by resolution of council, then the proper officers of said city are hereby authorized to correct such outstanding obligations either by changing same, or by issuing new obligations in lieu thereof upon the surrender of such defective obligations.

(29 Del. L. ch. 133, § 1)

Secs. 4-55—4-75. - Reserved.