CHAPTER 106 - LEVY COURT OF KENT COUNTY - AUTHORIZED TO BORROW NOT MORE THAN $75,000.00 AS NEED MIGHT REQUIRE

AN ACT AUTHORIZING AND EMPOWERING THE LEVY COURT OF KENT COUNTY TO BORROW UP TO BUT NOT EXCEEDING THE TOTAL SUM OF $75,000.00 AND TO GIVE SECURITY THEREFOR.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. The Levy Court of Kent County is hereby authorized and empowered on various and sundry occasions as need might require to borrow up to a total of $75,000.00 and to execute a bond of indebtedness or mortgage, or both, in favor of the obligee who shall have made the loan. Such bond of indebtedness or mortgage, or both, shall be executed in the name of the Levy Court, countersigned by the President thereof and attested to by the Clerk of the Peace and shall be at a rate of interest to be agreed upon between the Levy Court and said obligee, provided, however, that said rate shall not exceed six per cent per annum.

Section 2. It shall be lawful for and said Levy Court of Kent County is hereby authorized and empowered to execute a bond of indebtedness or mortgage, or both, in favor of the obligee or obligees to whom said Levy Court is now indebted.

Approved May 16, 1941.