AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO RE-INCORPORATE THE TOWN OF NEWARK," AS AMENDED, BY CHANGING THE PROVISIONS REGARDING THE BORROWING OF MONEY BY THE COUNCIL OF THE TOWN OF NEWARK TO MEET CURRENT EXPENSES.
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 of each branch thereof concurring therein):
Section 1. That Section 33, of Chapter 175, of Volume 18 of the Laws of Delaware, as amended, be, and the same is hereby further amended by striking out and repealing all of Section 33 thereof and by inserting in lieu thereof a new section to be known as Section 33, as follows:
Section 33. Whenever the needs of the Town shall require more money than is, at the time, in the Town Treasury from current receipts, the Council shall be authorized and empowered to anticipate current revenue by borrowing such amounts as are needed, not in excess of the sum of Fifty Thousand Dollars.
To exercise the power aforesaid the Council shall adopt a resolution to that effect, which resolution shall require the affirmative vote of at least two-thirds of all the members of the Council and the approval of the President of Council. The indebtedness created under this provision shall be evidenced by notes of the Town, and the faith and credit of the Town shall be deemed to be pledged thereby.
Approved May 9, 1949.