AN ACT TO AMEND CHAPTER 158 OF VOLUME 36 OF THE LAWS OF DELAWARE, ENTITLED "AN ACT CHANGING THE NAME OF 'THE TOWN OF DOVER' TO 'THE CITY OF DOVER' AND ESTABLISHING A CHARTER THEREFOR," BY AUTHORIZING THE SAID CITY TO BORROW A CERTAIN SUM OF MONEY FOR EMERGENCY CAPITAL EXPENDITURES UPON RESOLUTION OF THE CITY COUNCIL.
WHEREAS, it has been necessary for the City of Dover during the past year to make certain large expenditures for repairs to the incinerator, for the repair and rebuilding of the street lighting system and for replacement of worn out equipment of the said City, all of which said expenditures have been in the nature of capital expenditures; and
WHEREAS, the said City has made the said expenditures out of the general operating funds of the said City; and
WHEREAS, it is desirable and necessary for the said City of Dover, in order to carry on its normal governmental functions, to reimburse the general operating account of the said City for the said capital expenditures; NOW, THEREFORE,
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 House of the General Assembly concurring therein):
Section 1. The City of Dover is hereby authorized and empowered to borrow a sum of money not exceeding One Hundred Thousand Dollars ($100,000.00) and to issue bonds or other evidence of indebtedness therefor, to be repaid within ten years, for the purpose of reimbursing the general operating funds of the said City of Dover for emergency capital expenditures made from the said operating funds during 1950.
Section 2. the said sum of money not exceeding One Hundred Thousand ($100,000.00) shall be borrowed and the said bonds or other evidence of indebtedness shall be issued therefor upon resolution of the Council of the City of Dover approved by the Mayor of the said City, and the faith and credit of the said City of Dover shall be pledged for the payment of any such bonds or other evidence of indebtedness which shall be issued upon the authority of said resolution and under the provisions of this Act.
Approved June 5, 1951.