AUTHORIZING NEWARK SPECIAL SCHOOL DISTRICT TO BORROW MONEY
AN ACT TO AUTHORIZE THE BOARD OF EDUCATION OF THE NEWARK SPECIAL SCHOOL DISTRICT TO BORROW A SUM OF MONEY UPON THE FAITH AND CREDIT OF THE SCHOOL DISTRICT FOR THE PURPOSE OF MEETING ITS FINANCIAL COMMITMENTS.
WHEREAS the Levy Court of New Castle County did forward to the Board of Education of the Newark Special School District a resolution duly adopted on September 13, 1955 stating that the amount of the assessment for tax purposes in the Third District, Pencader Hundred, Brookside Park, had been reduced by the sum of $1,961,400 ; and
WHEREAS the Third District of Pencader Hundred, Brookside, is included in the Newark Special School District for tax purposes ; and
WHEREAS the Board of Education of the Newark Special School District relying on an assessment submitted to the said Board previous to May, 1955 did, during the month of May, 1955 fix a tax rate based on the larger assessment ; and
WHEREAS the funds now available by reason of said reduction in assessment are insufficient to meet the contractual obligations of the Newark Special School District ; and
WHEREAS, by reason of said reduction, in the original assessment, the said Newark Special School District will need an additional sum of $7800 to meet its contractual obligations; NOW, THEREFORE
Be it enacted by the 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 Newark Special School District is hereby authorized and
empowered to borrow sums totaling not more than SEVENTY-EIGHT HUNDRED DOLLARS ($7800.00) and to pledge the full faith and credit of the School District to the repayment of the said sum and/or sums.
Approved February 29, 1956.