AN ACT TO AMEND SECTION 504, TITLE 22, DELAWARE CODE, RELATING TO PARKING AUTHORITIES.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 22, Delaware Code, is amended by adding, immediately following Section 504 (b) (17), of said title, a new subsection as follows:
(18) To execute such mortgages covering its lands and buildings, including construction mortgages, as may be necessary or desirable in the carrying out of its business; provided, however, that in the event of a default by an authority which results in title to a parking project passing to a private mortgagee or person, all tax exemption privileges or other special privileges accorded to such parking project because of its public nature shall cease, except exemption from tax of bonds or the interest thereon or the income therefrom.
Approved April 30, 1969.