Notice; selection by lot.
Wilmington City Code § 2-451
in effectSec. 2-451. - Notice; selection by lot.
(a) Whenever the city shall determine to redeem all or part of the bonds of any series in accordance with the rights reserved so to do, or when the city or the fiscal agent shall be required to redeem bonds pursuant to mandatory redemption provisions, the city or the fiscal agent, as the case may be, shall cause a notice of intention to redeem, signed in the name of the city by the fiscal agent, to be published once a week for two consecutive weeks, the first publication to be at least 30 days and not more than 60 days before the redemption date, in one daily newspaper published in the English language and of general circulation in the city. At least 30 days before the redemption date the fiscal agent shall mail such notice to each registered owner appearing upon the bond registered of the registered bonds to be redeemed, but failure so to mail any such notice shall not affect the validity of the proceedings for redemption. Such notice shall specify, unless a pertinent supplemental ordinance shall otherwise provide, the series and the maturities of the bonds so to be redeemed and also, if less than all then outstanding bonds of a maturity are to be redeemed, the numbers of the bonds to be redeemed which may be expressed in designated blocks, if applicable, and the date fixed for redemption, the redemption price and the place of payment and shall further state that, from and after such date, interest thereon will cease to accrue.
(b) In connection with the redemption of less than all the bonds of a particular maturity or series, the fiscal agent shall draw by lot the number of the bonds to be redeemed in such manner as it shall deem proper unless the supplemental ordinance establishing the terms and provisions of such bonds or the redemption provisions of the particular bonds provides that they shall be redeemable in the order or inverse order of their numbers or that such bonds shall be redeemable in the order or inverse order of their maturities and all bonds of a particular maturity or maturities are being redeemed. For the purpose of any drawing, the fiscal agent shall assign a number for each basic denomination.
(Code 1968, § 30-102)
Source: City of Wilmington, Delaware, City Code, City Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/de/wilmington/codes/code_of_ordinances?nodeId=PTIIWICO_CH2AD_ARTVIFI_DIV7GEOBBO_S2-451NOSELOFetched: 11/6/2026