AUTHORIZING BOND ISSUE FOR MOUNT PLEASANT SCHOOL DISTRICT
AN ACT TO AUTHORIZE THE BOARD OF EDUCATION OF THE MOUNT PLEASANT SPECIAL SCHOOL DISTRICT TO BORROW A SUM OF MONEY UPON THE FAITH AND CREDIT OF THE SCHOOL DISTRICT FOR THE PURPOSE OF PURCHASING LAND UPON WHICH A HIGH SCHOOL IS TO BE CONSTRUCTED.
WHEREAS the Board of Education of the Mount Pleasant Special School District has obtained an option agreement to purchase a tract of land within the school district on which to build a high school; and
WHEREAS in accordance with the prior approval of the Board of Education of the State of Delaware, the Board of Education of the Mount Pleasant Special School District has expended the sum of Five Thousand Dollars ($5,000.00) as consideration for the option agreement that contains terms favorable to the said Special School District; and
WHEREAS funds required to purchase the said land under the option agreement are authorized under legislation now pending before the General Assembly but the benefit of the option agreement and the consideration expended therefor will be lost unless funds are made available promptly; NOW, THEREFORE,
Be it enacted by the 118th General Assembly of the State of Delaware:
Section 1. Anything in the Delaware Code of 1953 and acts amendatory thereof notwithstanding the Board of Education of the Mount Pleasant Special School District is authorized and empowered to borrow sums totaling not more than One Hundred Twenty-Five Thousand Dollars ($125,000.00) and to pledge the full faith and credit of the school district to the repayment of the said sums.
Approved November 15, 1955.