RELATING TO TOWN OF HARRINGTON
AN ACT TO AMEND CHAPTER 167, VOLUME 40, LAWS OF DELAWARE ENTITLED "AN ACT CHANGING THE NAME OF 'THE TOWN OF HARRINGTON' TO 'THE CITY OF HARRINGTON' AND ESTABLISHING A CHARTER THEREFOR" BY CHANGING THE AMOUNT OF THE FLOATING DEBT.
Be it enacted by the General Assembly of the State of Delaware (two thirds of all the Members elected to each Branch thereof concurring therein):
Section 1. Chapter 167, Volume 40, Laws of Delaware, as amended, be and the same is hereby further amended by striking out all of Section 32 thereof and substituting in lieu thereof a new paragraph to be known as Section 32 to read as follows:
Section 32. Whenever during the year the current receipts are insufficient to provide for the needs of the city, the Council is authorized to anticipate revenue by borrowing money not in excess of the sum of Twenty-five Thousand Dollars ($25,000), which shall be repaid from current revenue received thereafter; provided, however, such borrowing shall at no time exceed in the aggregate Twenty-five Thousand Dollars ($25,000). Indebtedness created hereby shall be evidenced by bonds or notes of the city, and the faith and credit of the city shall be deemed to be pledged for the due payment thereof, but no agency or instrumentality of the city shall borrow money upon the credit of the city except by resolution of the Council.
Approved June 30, 1953.