Delaware Code Title 14 Sec. 2114 – Replacement of lost, destroyed or defaced bonds
The school board of any district may issue a new bond to replace an unmatured bond which has been lost, destroyed or defaced, upon the written request of the owner thereof, the owner’s legal representatives, successors or assigns, and upon giving:
(1) Proof of ownership;
(2) Proof of loss or destruction, or, in the case of a defaced bond, the bond and coupons, if any;
(3) Adequate security to indemnify the district and the bank or banks at which the bond and coupons are payable against any loss that may be suffered on account of such replaced bond and coupons; and
(4) Payment of the cost of preparation of the new bond and coupons, if any.
Terms Used In Delaware Code Title 14 Sec. 2114
- District: means a reorganized school district. See Delaware Code Title 14 Sec. 2101
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- School board: means a board of education of a reorganized school district. See Delaware Code Title 14 Sec. 2101
Any new bond and coupons shall be executed by the officials (including, in the case of a school district, a member of the board of school trustees of the district) in office at the time of such replacement and shall bear the seal of the district. The coupons, if any, shall be signed by the facsimile of the signatures of the appropriate officers. There shall be endorsed on the new bond a statement in substantially the following form:
“This bond has been reissued to replace a lost, destroyed or defaced bond.”
The replacement shall be authorized by a resolution of the school board which shall set forth a copy of the written request of the owner, the owner’s legal representatives, successors or assigns, and the designation, date, maturity, interest rate, denomination and number of the replaced bond.
14 Del. C. 1953, § ?2112A; 57 Del. Laws, c. 280; 70 Del. Laws, c. 186, § ?1;