AN ACT TO AMEND AN ACT ENTITLED, "AN ACT TO REINCORPORATE THE TOWN OF LAUREL", BEING CHAPTER 164, VOLUME 29, LAWS OF DELAWARE, BY AUTHORIZING THE MAYOR AND COUNCIL OF LAUREL TO BORROW MONEY FOR MUNICIPAL PURPOSES, AND TO ISSUE NEGOTIABLE BONDS THEREFOR; PROVIDING THE LIMITATIONS OF INDEBTEDNESS BY SUCH BOND ISSUE, AND THE MANNER IN WHICH THE SAID MAYOR AND COUNCIL OF LAUREL SHALL PROCEED TO BORROW MONEY AND ISSUE SAID BONDS; AND PROVIDING FOR THE BORROWING OF MONEY IN THE EVENT OF CALAMITY.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all members elected to each House thereof concurring therein):
Section 1. That the Act entitled, "An Act to reincorporate the Town of Laurel", being Chapter 164, Volume 29, Laws of Delaware, be and the same is hereby amended by striking out all of the first paragraph of Section 6, subsection 24 and by inserting in lieu thereof the following:
(24) To borrow money for municipal purposes, and to issue negotiable bonds therefor, which bonds shall be exempted from taxation under any law of this State. But said corporation shall not at any time in any manner, or for any purpose, except as hereinbefore provided, become indebted or issue bonds to an amount that will in the aggregate, including all indebtedness of every kind, and all bonds issued, exceed fifteen per centum of the assessed value of the real estate within said Town, such value to be ascertained and determined by the last assessment preceding the creation of such indebtedness and the issuing of such bonds; provided, that no ordinance authorizing the borrowing of money and the issuing of bonds shall be passed, unless it shall receive the affirmative four-fifths vote of all the members of the Council, and be duly approved by the Mayor; and further provided, that no ordinance passed as aforesaid shall be operative, and no money shall be borrowed or bonds issued thereunder, unless said ordinance shall be approved by a majority of all the votes of freeholders cast at the Town election, subsequent to the passing of said ordinance, or at a special election held pursuant to an ordinance of the Council providing for such election, and at which the said ordinance authorizing the borrowing of money and the issuing of bonds, shall be submitted to the qualified freehold voters of said Town; and further provided that, if through calamity or casualty, any public building or public works, or any part thereof, shall be destroyed or injured beyond the available means or ability of the corporation at the time to replace or repair, said corporation may, under authority of an ordinance passed by the affirmative vote of two-thirds of all the members of the Council and duly approved by the Mayor, borrow, as a temporary loan, a sum to be specified in such ordinance for replacing or repairing the properties or works destroyed or injured, or making suitable substitutes therefor, which sum shall be applied to that purpose, and to no other, and shall be payable, principal and interest, in such time, times and manner, as the ordinance shall prescribe.
Approved April 17, 1947.