RELATING TO TOWN OF CLAYTON
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF CLAYTON" BY EMPOWERING THE TOWN TO BORROW MONEY WHEN AN EMERGENCY ARISES.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of each Branch concurring therein):
Section 1. That Chapter 131, Volume 33, Laws of Delaware, as amended, be and the same is hereby further amended by adding a new paragraph at the end of Section 24 of said chapter to read as follows:
"Whenever the needs of the Town of Clayton for emergency repairs and improvements to the water system, the sewer system, the electrical distribution system and the streets shall require an expenditure of more money than is at the time in the treasury of the town from current receipts, the Town Council of the Town of Clayton is authorized and empowered to borrow such sum or sums as shall be needed for such emergency repairs and improvements, not to exceed at any time the aggregate amount of Twenty-five Thousand Dollars ($25,000.00). Any indebtedness created hereby shall be evidenced by bond or note of the Town of Clayton, and the faith and credit of the Town of Clayton shall be deemed to be pledged for the due payment thereof. The Town Council of the Town of Clayton is hereby authorized and required to levy and raise by taxation such sum of money as may be required to pay the debt and interest of such indebtedness according to the terms of the bond or note evidencing such indebtedness.
Approved July 6, 1953.