CHAPTER 79

AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF MILLSBORO" BEING CHAPTER 203, VOLUME 25, LAWS OF DELAWARE, AS AMENDED BY PERMITTING THE COMMISSIONERS OF MILLSBORO 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 thereof concurring therein):

Section 1. Chapter 203, Volume 25, Laws of Delaware, as amended, is hereby further amended by inserting a new Section to be known as Section 26A as follows:

Section 26A. The Commissioners of Millsboro shall have full power and authority to anticipate revenue by borrowing upon the faith and credit of the Town of Millsboro, the sum or sums of, not exceeding at any one time the total amount of Fifty Thousand Dollars ($50,000.00), with interest not to exceed Four per cent (4%) per annum on any unpaid principal balance to carry out any lawful purpose within the corporate powers of the Corporation. Said Commissioners may secure said sum or sums of money so borrowed by issuing promissory notes of the Town of Millsboro, duly authorized by resolution of the said Commissioners, and signed by the President of The Commissioners of Millsboro and attested by the Secretary, with the corporate seal of the Town affixed. No officer or Commissioner shall be personally liable for the payment of such notes because it is signed by them as officers of the Commissioners of Millsboro and is authorized by the resolution of The Commissioners; PROVIDED HOWEVER, that any sum of money borrowed on the faith and credit of The Commissioners of Millsboro, as aforesaid, shall be paid out of the general fund of The Commissioners of Millsboro at the minimum rate of Ten per cent (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 May 20, 1965.