AN ACT TO AMEND AN ACT BEING CHAPTER 227, VOLUME 49, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO RE-INCORPORATE THE TOWN OF LAUREL" TO PERMIT THE ESTABLISHMENT OF A PENSION PLAN OR A HEALTH AND WELFARE PLAN, OR BOTH, FOR MUNICIPAL EMPLOYEES.
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 6, Chapter 277, Volume 49, Laws of Delaware, as amended, is hereby further amended by adding a new Paragraph at the end thereof to be designated as Paragraph (45) as follows:
(45) To establish by ordinance or resolution duly adopted in accordance with this Charter, a pension plan or a health and welfare plan, or both, for the employees of the Town of Laurel under such terms and conditions as the Mayor and Council of Laurel, in their discretion, deem most appropriate; provided, however, that any annual appropriation which is made by the Mayor and Council of Laurel under any such pension plan or any health and welfare plan, or both, shall not exceed a maximum of Fifteen per cent (15%) of the total annual payroll of the Town, and provided further, that the method of funding may be, if deemed advisable by the Mayor and Council of Laurel, accomplished through an insurance company licensed by the State of Delaware or authorized to do business in this State and approved by a majority of the Town Council.
Approved April 30,1970,