AN ACT TO AMEND TITLE 22, DELAWARE CODE, RELATING TO PARKING AUTHORITIES.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Subsection 504 (c) of Title 22, Delaware Code, is hereby amended by striking said subsection in its entirety and substituting in lieu thereof the following:
(c) The Authority shall not at any time, or in any manner, pledge the credit or taxing power of the State of Delaware, nor shall any of its obligations be deemed to be obligations of the State of Delaware, nor shall the State of Delaware be liable for the payment of principal or of interest on such obligations.
Section 2. Section 508, Title 22, Delaware Code, is hereby amended by adding the following at the end of the last paragraph of said Section:
The financial aid rendered by a Municipality to the Authority under this provision may take the form of a guarantee of, or joint participation, as obligor, in, the revenue bonds of the Authority issued pursuant to Section 505 of this Chapter. Said guarantee or join participation shall be in such form, and subject to such terms and conditions as the Municipality may deem appropriate, including the issuance of general obligation bonds secured by the full faith and credit of the Municipality as part of, or supplementary to the Authority's revenue bonds. The aggregate amount of any guarantee, or joint participation as obligor, in whatever form, including issuance of general obligation bonds, entered into or issued by a municipality under the foregoing provision shall be in addition to and not within the limitations of any existing statutory debt limitation of the municipality.
Approved June 26, 1969.