AN ACT TO AMEND CHAPTER 155, VOLUME 28, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF BLADES" TO PERMIT THE BORROWING OF MONEY IN ANTICIPATION OF REVENUES.
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 I. Chapter 155, Volume 28, Laws of Delaware, as amended, is hereby further amended, by inserting a new Section designated as Section 22A to read as follows:
Section 22A. The Town may borrow money in anticipation of revenues on the faith and credit of the Town of Blades such sum or sums not exceeding Ten Thousand Dollars ($10,000.00) in any one year when, in the opinion of a majority of the Town Council of Blades, the needs of the Town demand it. Any sum so borrowed shall be secured by promissory notes of the Town of Blades, duly authorized by Resolution of the Town Council of Blades and signed by the Mayor and attested by the Secretary with the corporate seal affixed and no officer or councilman shall be liable for the payment of such notes because it is signed by them as officers of the Town of Blades and is authorized by the Resolution of the Town Council; PROVIDED, HOWEVER, that any sum of money borrowed on the faith and credit of the Town of Blades, as aforesaid, in any fiscal year shall be paid from the general fund of the Town, and shall be completely paid at the end of Ten (10) fiscal years following the first fiscal year when said money was borrowed with interest thereon. Any interest payable on any note or notes issued pursuant to this Section shall be exempt from taxation by the State of Delaware or any political subdivision thereof.
Approved April 9, 1970.