Delaware Code Title 14 Sec. 9141 – Replacement of lost, destroyed, or defaced bonds
(a) Upon written request of the owner of the unmatured bond, or the owner’s legal representative, successor, or assign, the Board may issue a new bond to replace an unmatured bond which has been lost, destroyed, or defaced if all of the following are provided:
(1) Proof of ownership of the unmatured bond.
(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 College and any bank at which the bond and coupons are payable against any loss that may be suffered on account of such replaced bond and coupons.
(4) Payment of the cost of preparation of the new bond and coupons, if any.
Terms Used In Delaware Code Title 14 Sec. 9141
- Board: means the Board of Trustees of the Delaware Technical and Community College. See Delaware Code Title 14 Sec. 9101
- College: means the Delaware Technical and Community College. See Delaware Code Title 14 Sec. 9101
- 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
(b) Any new bond and coupons must be executed by the officials, including a member of the Board, in office at the time the new bond is issued and must bear the seal of the College. The coupons, if any, must be signed by the facsimile of the signatures of the appropriate officers. The new bond must include a statement in substantially the following form: “This bond has been reissued to replace a lost, destroyed, or defaced bond.”
(c) The new bond must be authorized by a resolution of the Board that must include a copy of the written request of the owner or the owner’s legal representative, successor, or assign and the designation, date, maturity, interest rate, denomination, and number of the new bond.