AN ACT TO AMEND AN ACT ENTITLED "AN ACT CHANGING THE NAME OF 'THE TOWN OF MILFORD' TO 'THE CITY OF MILFORD' AND ESTABLISHING A CHARTER THEREFOR" BY PROVIDING AN INCREASE IN THE LIMIT OF TAXATION.
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 branch thereof concurring therein):
Section 1. That Chapter 162, Volume 37, Laws of Delaware, 1931, as amended by Chapter 185, Volume 45, Laws of Delaware, 1944-45 be and the same is hereby amended by striking out and repealing sub-section 14 of Section 13 thereof, and by inserting in lieu thereof a new sub-section 14 as follows:
"14. The limit of taxation for current expenses is that rate which by estimation will produce a sum not exceeding One Hundred Thousand Dollars ($100,000.00), but added thereto there shall also be fixed a rate which will produce an amount sufficient to provide for interest on bonds, the redemption thereof at their several maturities and to cover the sinking fund requirements."
Approved May 10, 1951.