AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO AUTHORIZE THE COMMISSIONERS OF MILLSBORO TO BORROW $600,000.00 AND TO ISSUE BONDS TO SECURE THE PAYMENT. THEREOF FOR THE PURPOSE OF IMPROVING AND EXTENDING THE WATER SYSTEM AND OF PROVIDING A SEWAGE DISPOSAL PLANT AND SYSTEM IN THE TOWN OF MILLSBORO AND TO CONTROL AND REGULATE THE SAME" BEING CHAPTER 27, VOLUME 54, LAWS OF DELAWARE, AS AMENDED, BY PROVIDING FOR DISPOSITION OF EXCESS FUNDS OF CONSTRUCTION.
WHEREAS, the General Assembly of the State of Delaware passed an Act in the year 1963 being Chapter 27, Volume 54, Laws of Delaware, as amended, authorizing the Commissioners of Millsboro to borrow $600,000.00 and to issue bonds for the repayment of the sum of money borrowed; and
WHEREAS, general obligation bonds in the total amount of $600,000.00 were authorized to be issued by the Commissioners of Millsboro of which total amount $375,000.00 was actually issued as the total estimated cost of the sewage disposal system; and
WHEREAS, it appears that the cost of sewage disposal system will be less than $375,000.00 and that provision should be made for the transfer of funds not actually used in construction;
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected to each House thereof concurring therein):
Section 1. Chapter 27, Volume 54, Laws of Delaware, as amended, is hereby further amended by inserting therein a new Section to be known as Section 14A as follows:
Section 14A. Any proceeds of the bond issue authorized by the voters at the Special Election as required by this Act and not utilized in the manner authorized by the voters may be transferred, following the completion of construction, to the general fund of the municipality; provided, however, that no funds shall be so transferred without a favorable vote of the qualified voters at a Special Election.
Approved December 14, 1965.