AN ACT TO AMEND CHAPTER 277, VOLUME 49, LAWS OF DELAWARE, ENTITLED "AN ACT TO RE-INCORPORATE THE TOWN OF LAUREL" BY INCREASING THE DEBT LIMIT OF SAID TOWN.
WHEREAS in the last paragraph of Section 15, Chapter 277, Volume 49, Laws of Delaware, being the Charter of the Town of Laurel, the indebtedness of said Town, for any and all purposes, at any one time may not exceed, in the aggregate, fifteen percentum of the assessed value of all real property situated within the limits of the Town, and subject to assessment for the purpose of annual taxation; and
WHEREAS, it has become necessary for the health and safety of the Town of Laurel to provide for a sewage disposal plant and sewer extensions under the direction of the Water Pollution Commission of the State of Delaware, and for that purpose, to borrow money and issue bonds to secure the due payment thereof in an amount which will cause the said debt limitation to be exceeded and to require the said debt limit to be twenty-five per centum of the assessed value of all real property situated within the limits of the Town and subject to assessment for the purposes of annual taxation;
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected to each House concurring therein):
Section 1. The last paragraph of Section 15, Chapter 277, Volume 49, Laws of Delaware is hereby amended by striking out the word "fifteen" as it appears therein and by substituting and inserting in lieu thereof the word "twenty-five".
Approved May 5, 1959.