AN ACT TO AMEND THE CHARTER OF THE CITY OF DOVER, CHAPTER 158, VOLUME 36, LAWS OF DELAWARE, TO PROVIDE FOR THE ESTABLISHMENT OF A DEBT LIMIT.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected thereto concurring therein):
Section 1. Chapter 158, Volume 36, Laws of Delaware, is hereby amended by striking out and repealing the first two paragraphs of Section 50b and substituting in lieu thereof the following:
Section 50 (b). The Mayor and Council is hereby authorized and empowered to borrow from time to time on the faith and credit of The City of Dover sums of money for such purposes as may be deemed necessary and proper by the Mayor and Council of the said city which purposes shall be consistent with the powers conferred upon the Mayor and Council of The City of Dover by the charter thereof, as amended, for the management and maintenance of the said city and for these purposes the Mayor and Council shall have full power and authority to issue bonds of the said "The City of Dover".
The aggregate of the amounts so borrowed together with all other bonded indebtedness for which the full faith and credit of The City of Dover has been pledged shall not at any time exceed a sum equal to 25 per cent of the total assessed value of real property situate within the bounds of The City of Dover as such boundaries shall from time to time appear.
Approved June 30, 1959.