AN ACT TO AMEND CHAPTER 166, VOLUME 43, LAWS OF DELAWARE, AS AMENDED, TO INCREASE THE AMOUNT OF MONEY WHICH THE CITY OF GEORGETOWN MAY BORROW AND TO INCREASE TOTAL AGGREGATE BONDED INDEBTEDNESS.
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. Section 20, Chapter 166, Volume 43, Laws of Delaware, as amended, is hereby further amended by striking all of paragraph "17", and substituting in lieu thereof a new paragraph "17" to read as follows:
17. The bonded indebtedness shall not at any one time in the aggregate exceed the total of 25 per centum of the value of the real property situate within the limits of the Town as shown by the last assessment preceding the creation of the said indebtedness.
Section 2. Chapter 166, Volume 43, Laws of Delaware, as amended, is hereby further amended by striking all of Section "30" and inserting in lieu thereof a new Section "30" to read as follows:
Section 30. Whenever current receipts are insufficient to provide for the needs of the Town, the Council is authorized to anticipate revenue by borrowing such amounts as are required, which shall be repaid from current revenue received thereafter; provided, however, that the amount of such indebtedness shall not at any time exceed the aggregate sum of Fifty Thousand Dollars ($50,000.00). Indebtedness created hereunder shall be evidenced by bond or note of the Town, and the faith and credit of the Town shall be deemed to be pledged for the due payment thereof. To exercise the power aforesaid, the Council shall adopt, by the affirmative vote of a majority of all members of the Council, a resolution providing for such borrowing.
Approved June 30, 1969.