(a) The County Council of New Castle County may appropriate public moneys toward the maintenance and support of free public libraries for the use of the residents of New Castle County and for all purposes incident thereto. (b) The Wilmington Institute, a corporation of the State, may administer a free library for the use of the residents of New Castle County outside of the City of Wilmington, and may perform all functions incident thereto, such functions to be in addition to those now devolving upon the Wilmington Institute under existing laws and to be paid for with other funds than those received from the City of Wilmington. (c) The County Council of New Castle County and the Wilmington Institute may enter into continuous contracts, pursuant to resolutions of their respective bodies, with each other and with other persons or corporations, whether public or private, respecting payments of money to be made toward the maintenance and support of a free library for the use of the residents of New Castle County outside the City of Wilmington. (d) The County Council of New Castle County may construct and equip free public libraries in New Castle County and for said purpose, may acquire land by purchase or gift and may enter into contracts for the construction and equipping of such public libraries in New Castle County outside of the City of Wilmington. The County Council may enter into contracts with the Wilmington Institute for the operation and maintenance and support of the said public library. (e) For the purpose of providing funds for the acquisition of land and construction and equipping of the public library provided in subsection (d) of this section, the County Council of New Castle County may borrow money upon the faith and credit of New Castle County by issuing bonds notwithstanding any limitation prescribed by this chapter or any other law. (1) The bonds shall bear interest at such rates, may be in 1 or more series, may bear such dates, may mature at such times not exceeding 20 years from their respective dates, may be payable in such medium of payment, at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as the resolution or subsequent resolutions provide. (2) The bonds shall be sold at public sale upon sealed proposals after at least 10 days notice published at least once in a newspaper published in the City of Wilmington. Any of the bonds may be sold at private sale to the United States of America or any agency, instrumentality or corporation thereof, at not less than par. (3) Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the County Council determines may be issued to the purchasers of bonds sold pursuant to this subsection. (4) The rate of interest may be determined in advance of sale, or the bonds may be offered for sale at a rate of interest to be fixed by the successful bidder for such bonds. (5) Bonds bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon have ceased to be officers of the County. (6) The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceeding relating to the matters authorized by subsection (d) of this section. The resolution authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. (7) The faith and credit of the County are pledged to the payment of any bonds issued by the County under this section. The County Council shall annually appropriate to the payment of such bonds and the interest thereon the amounts required to pay such bonds and interest as the same become due and payable. Notwithstanding the provisions of any other law the County Council may levy an ad valorem tax, with limitation as to rate or amount, upon all property taxable by the County to raise the moneys necessary to meet any such appropriation.
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