AN ACT TO AMEND CHAPTER 186, VOLUBLE 28, LAWS OF DELAWARE, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF ELLENDALE," BY AUTHORIZING THE TOWN OF ELLENDALE TO BORROW NOT EXCEEDING SIX THOUSAND DOLLARS ($6,000.00) AND TO ISSUE BONDS TO SECURE THE PAYMENT THEREOF.
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 Chapter 186, Volume 23, Laws of Delaware, be and the same is hereby amended by adding to said Chapter a new section to be known as Section 24, as follows:
"Section 24. The Board' of Commissioners of the Town of Ellendale, is hereby authorized and empowered to borrow upon the faith and credit of the said Town, a sum of money not to exceed the sum of Six Thousand Dollars ($6,000.00), and to issue bonds to secure the payment thereof.
"The money so borrowed shall be used for the purpose of and to contribute toward improving the streets, not including the alleys, by paving same with asphalt and stone, to be done by any company having the right to do such work, and the balance thereof to be used in the future improvement of said streets as and when required.
"The said bonds shall be prepared under the direction of said Board of Commissioners of the Town of Ellendale and shall have such form and bear such rate of interest not to exceed the legal rate, and may contain provisions for redemption before maturity, and have such date of maturity as the Board of Commissioners of the Town of Ellendale shall determine.
"The said bonds shall be sold as and when the Board of Commissioners of the Town of Ellendale may determine and upon such terms as shall be most advantageous for the Town of Ellendale.
"The Board of Commissioners of the Town of Ellendale is hereby authorized and empowered to impose and levy a special tax upon the persons and property of the persons subject to assessment for the purpose of defraying the annual interest on said bonds and an adequate sinking fund for the redemption thereof at maturity, provided, that the special tax shall not in any one year exceed the sum of One Thousand Dollars ($1,000.00)."
Section 2. This Act shall not become effective until it shall have been approved by a majority of the voters in the Town of Ellendale, legally qualified to vote at the last Town Election, and who have not since been disqualified for any cause; and for that purpose the Board of Commissioners of the Town of Ellendale are hereby authorized and directed to provide for, regulate and announce the result of said Election, the same to be held on a day and date the said Board of Commissioners shall hereafter designate; if a majority of the ballots cast at the said Election shall be for the bond issue the said Board of Commissioners shall have the right to exercise all the powers above specified; but if a majority of the ballots shall be against the bond issue the said Board of Commissioners shall not have the right to exercise any such powers.
Section 3. This Act shall be deemed and taken to be a Public Act.
Approved April 27, 1951.