AN ACT TO AMEND CHAPTER 159, VOLUME 43, LAWS OF DELAWARE, ENTITLED "AN ACT CHANGING THE CORPORATE NAME OF "THE COMMISSIONERS OF CAMDEN" TO "THE TOWN OF CAMDEN" AND ESTABLISHING A CHARTER THEREFOR," RELATING TO FLOATING DEBT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all the members elected to each branch thereof concurring therein):
Section 1. That Section 38 of Chapter 159, Volume 43, Laws of Delaware, be and the same is hereby amended by striking out and repealing all of said section and inserting in lieu thereof a new Section 38 as follows:
Section 38. The Town Council of said Town shall have full power and authority to borrow upon the faith and credit of the Town of Camden, the sum or sums of money, not exceeding Three Thousand Dollars ($3,000.00) in any one fiscal year, when in the opinion of the majority of Council the needs of said Town demand it. Said Council may secure said sum or sums of money by promissory notes or certificates of indebtedness of the Town of Camden, duly authorized by resolutions of Council, and signed by the President, or by the acting President, of the Council and by the Secretary, either with or without the corporate seal of the Town, affixed as is requested by the bank or person advancing the money on said notes or certificates, and no officer nor member of Council shall be personally liable for the payment of such notes or certificates because it is signed by them as officers of the Council, and is authorized by the resolution of the Council. Provided, however, any sum of money borrowed on the faith and credit of the Town of Camden as aforesaid in any fiscal year shall be paid out of the general funds of the Town, at the minimum rate of twenty-five per centum per fiscal year and shall be paid at the end of four fiscal years following the first fiscal year which said money was borrowed with interest thereon; provided further, that at no time shall the total amount of said indebtedness authorized to be incurred by this Act exceed the sum of Three Thousand ($3,000.00) Dollars.
Approved May 2, 1949.