Gage v. City of Wilmington

HERRMANN, Justice:

This certification arises from an action seeking a declaratory judgment that Wilmington Ordinance 71-050, providing for the sale and issuance of certain municipal bonds, is unlawful.

I

The Ordinance, enacted by the Mayor and Council of Wilmington on July 9, 1971, authorizes the issuance of negotiable municipal bonds, in the maximum aggregate principal amount of $1 million, “to finance the cost of the acquisition and reconstruction of vacant, unsafe and unsanitary housing units in the City and the acquisition of vacant lots for the same purposes.”

The Ordinance contains the…