FORMERLY HOUSE BILL NO. 351
AN ACT TO AMEND AN ACT ENTITLED: "AN ACT TO RE-INCORPORATE THE TOWN OF SMYRNA," AUTHORIZING THE SMYRNA TOWN COUNCIL TO BORROW FUNDS EQUAL TO A MAXIMUM OF ONE AND ONE-HALF PER CENT OF TOTAL TAXABLE ASSESSMENTS, AND TO ISSUE BONDS AND NOTES THEREFOR.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of the members elected to each House thereof concurring therein):
Section 1. Amend Section 26, Chapter 192, Volume 36, Laws of Delaware, by striking the present Section 26 in its entirety, and substituting in lieu thereof a new Section 26 which shall read as follows:
Section 26. Town Bonds and Notes
The Town Council of the Town of Smyrna shall have full power and authority to borrow, upon the faith and credit of the Town of Smyrna, a sum or sums of money not exceeding one and one-half per cent (11/2%) of the total taxable assessed property value in any one fiscal year not to exceed a total of six per cent (6%) of total assessed value, when in the opinion of the majority of Council the needs of the Town demand it. The Town Council may secure such sum or sums of money by promissory note or notes, or certificates of indebtedness of the Town of Smyrna, duly authorized by resolution of Council, and signed by the Secretary, and by the Mayor or the acting Mayor of Council, with or without the corporate seal of the town affixed in accordance with the request of the person or corporation advancing the money on said notes or certificates, and no officer or member of Council shall be personally liable for the payment of such note or notes, because of his signature as an officer of the Council, his membership in Council or his approval of the authorizing resolution. Provided, however, that any sum of money borrowed by the Council on the full faith and credit of the Town of Smyrna as aforesaid shall be repaid in full, together with all interest and charges thereon,
within a period not to exceed ten (10) years and shall be repaid in equal annual installments out of the General Funds of the Town.
This provision in no way shall be intended to apply to the right of the Mayor and .Council to submit to the voters for their approval capital improvement projects to be financed by long term bond issue, the sale of said bonds to be in accordance with the established procedures required in connection with same.
Approved June 25, 1971.