AN ACT TO AMEND AN ACT ENTITLED, "AN ACT AMENDING, REVISING AND CONSOLIDATING THE CHARTER OF THE TOWN OF GEORGETOWN", BEING CHAPTER 166, VOLUME 43, LAWS OF DELAWARE, AS AMENDED, BY INCREASING THE LIMITATION UPON BORROWING FOR CURRENT EXPENSES.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all the Members elected to each Branch concurring therein):
Section 1. Section 30, Chapter 166, Volume 43, Laws of Delaware, as amended, is amended by striking out said Section and substituting in lieu thereof a new Section 30 as follows :
Section 30. Whenever current receipts are insufficient to provide for the needs of the Town, the Council is authorized to anticipate revenue by borrowing such amounts as are required, which shall be repaid from current revenue received thereafter; provided, however, that the amount of such indebtedness shall not at any time exceed the aggregate sum of Twenty-Five Thousand Dollars ($25,000.00). Indebtedness created hereunder shall be evidenced by bond or note of the Town, and the faith and credit of the Town shall be deemed to be pledged for the due payment thereof. To exercise the power aforesaid, the Council shall adopt, by the affirmative vote of a majority of all members of the Council, a resolution providing for such borrowing.
Approved June 1, 1955