RELATING TO MUNICIPAL PARKING AUTHORITIES
AN ACT TO AMEND TITLE 22, DELAWARE CODE OF 1953, RELATING TO "MUNICIPALITIES" BY AUTHORIZING MUNICIPALITIES ESTABLISHING PARKING AUTHORITIES TO FINANCE THE COST OF LAND ACQUISITION FOR PARKING FACILITIES BY THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE MUNICIPALITY.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. § 508, Title 22, Delaware Code of 1953, is amended by adding at the end thereof a new paragraph as follows:
Any municipality establishing an authority under this chapter may, under such terms and conditions as it may deem appropriate, provide for and pay to such authority such sum or sums of money necessary to acquire in whole or in part the lands upon which such authority may undertake to erect a parking facility as herein provided; the municipality for the purpose of providing said money may issue its general obligation bonds secured by the faith and credit of the municipality. The aggregate amount of general obligation bonds issued by a municipality under this provision shall be in addition to and not within the limitations of any existing statutory debt limitation of the municipality.
Approved June 4, 1953.