CHAPTER 278

AN ACT TO AMEND AN ACT, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF LEWES" BEING CHAPTER 170, VOLUME 43, LAWS OF DELAWARE, AS AMENDED, RELATIVE TO THE POWER OF THE COMMISSIONERS TO BORROW MONEY.

Be it enacted by the General Assembly of the State of Delaware (two-thirds of the Members elected to each House concurring therein):

Section 1. That Section 15 (A), Chapter 170, Volume 43, Laws of Delaware, as amended, be and the same is hereby further amended by striking out all of said Section and inserting in lieu thereof the following:

(A) Commissioners of Lewes may borrow money and issue bonds or certificates of indebtedness to secure the repayment thereof whenever in the opinion of the Commissioners, such borrowing shall be expedient to provide funds for the execution of any lawful purpose within the provisions and scope of the charter powers of the Corporation. And said Commissioners may, from time to time, borrow money and issue bonds and certificates of indebtedness as aforesaid, without any special legislation authority other than that contained in this Section, provided however, that the amount of indebtedness permitted to be incurred pursuant to this Section shall not at any time exceed in the aggregate the total sum of Fifteen per centum (15%) of the value of the real property situate within the limits of the Town of Lewes as shown by the last assessment preceding the creation of the indebtedness, and provided further that the borrowing of any money pursuant to this Section shall be authorized by the Commissioners of Lewes and shall be approved by the electors of the Town in the manner and at the time following.

Section 2. That Chapter 170, Volume 43, Laws of Delaware, as amended, is hereby further amended by inserting therein a new Section to be designated as Section 15A as follows:

15A. The Commissioners of Lewes shall have full power and authority to anticipate revenue by borrowing upon the faith and credit of the Town of Lewes, the sum or sums of, not exceeding Thirty Thousand Dollars ($30,000.00), in any one fiscal year, when, in the opinion of the majority of the said Commissioners, the needs of the said Town demand it. Said Commissioners may secure said sum or sums of money so borrowed by promissory notes of the Town of Lewes, duly authorized by resolution of said Commissioners, and signed by the Mayor and attested by the Secretary, either with or without the corporate seal of the Town affixed as is requested by the bank or person advancing the money on said notes, and no Officer nor Commissioner shall be personally liable for the payment of such notes because it is signed by them as Officers of the Town of Lewes, and is authorized by the resolution of the Commissioners; provided however, any sum of money borrowed on the faith and credit of the Town of Lewes, as aforesaid, in any fiscal year, shall be paid out of the general funds of the City, at the minimum rate of Ten per centum (10%) per fiscal year and shall be completely paid at the end of ten (10) fiscal years following the first fiscal year which said money was borrowed with interest thereon.

Approved January 2, 1962.