Exchange of bonds.

Wilmington City Code § 2-442

in effect

Sec. 2-442. - Exchange of bonds. (a) All bonds of any series issued under this division shall be exchangeable for like bonds of different authorized denominations or for bonds in different form of the same series, as the case may be, and, in each case, in the same aggregate principal amount, maturing on the same dates and bearing the same rate of interest as the bonds to be exchanged, all in the manner hereinafter provided, unless such exchange would be unreasonably expensive to the city or would cause the interest payable on such series to become includable in the income of the recipients thereof for federal income tax purpose. The holder of any bearer coupon bond or the registered owner of any registered bond desiring to exchange such bond shall surrender—or, in the case of registered bonds, shall cause his attorney duly authorized to surrender—such bond in negotiable form or, as the case may be, accompanied by an appropriate instrument of transfer, together with all unmatured coupons appertaining to coupon bonds so surrendered, at the principal office of the fiscal agent or at such other place as the fiscal agent may designate, together with a written request for exchange, setting forth the form of bond requested to be issued in exchange, the denomination thereof and, if to be issued in partial or fully registered form, the person in whose name such bonds are to be registered. Thereupon and subject to the provisions of section 2-443, the city and the fiscal agent shall execute and deliver to the persons thereunto entitled a new bond in the form requested in authorized denominations aggregating the principal amount of the bond surrendered, maturing as to principal on the same date, bearing the same rate of interest, and bearing the same designation as to series. (b) All fully registered bonds issued in exchange for bonds of any series shall be dated on the date of issuance thereof and shall bear interest from the date which interest was initially payable with respect to such series or from the next preceding interest payable date of such series, whichever is later, or, if the date of authentication shall be an interest-payable date of such series, from such date. All coupon bonds issued in exchange for bonds of any series shall be dated as of the date of the initial issuance of such series and all matured coupons shall be removed from such bonds prior to their authentication and delivery in exchange. (Code 1968, § 30-93)

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_S2-442EXBOFetched: 11/6/2026