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", BEING CHAPTER 162 OF VOLUME 37, LAWS OF DELAWARE, AS AMENDED, RELATING TO FLOATING DEBT.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected thereto concurring therein):
Section 1. That Section 32, Chapter 162, Volume 37, Laws of Delaware, be amended by striking out and repealing all of Section 32 and substituting in lieu thereof the following:
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 $25,000. Indebtedness created hereby shall be evidenced by bond or note 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 May 19, 1955.