BILL NO. 528
AN ACT TO AMEND AN ACT ENTITLED "AN ACT AMENDING, REVISING AND CONSOLIDATING THE CHARTER OF THE CITY OF SEAFORD" TO REDUCE THE VOTING AGE IN MUNICIPAL ELECTIONS TO EIGHTEEN YEARS, TO AMEND THE REQUIREMENT FOR A RESERVE FUND, AND TO AMEND THE AMOUNT WHICH MAY BE BORROWED UPON 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 1. Section 7 (c) Chapter 42, Volume 53, Laws of Delaware, is hereby amended by striking out the words "twenty—one" as they appear in said Section and substituting in lieu thereof the word "eighteen."
Section 2. Section 33, Chapter 42, Volume 53, Laws of Delaware, is hereby amended by striking out all of Subsections (A), (B), and (C) of said Section and substituting in lieu thereof a new Subsection designated as Subsection (A) to read as follows:
(A) The City Council is hereby enjoined to set aside one (1) per cent of the net receipts received from the sale of electricity as a reserve fund to be held in trust to be used solely for the expansion, replacement, rebuilding or improvement of the electrical transmission system; provided, however, that after the said reserve fund shall have reached the amount or value of One Hundred Thousand Dollars ($100,000), it will no longer be mandatory to add to the reserve fund until the reserve fund falls below the amount of One Hundred Thousand Dollars ($100,000).
Section 3. Section 37, Chapter 42, Volume 53, Laws of Delaware, is hereby amended by striking out all of said Section 37 and substituting in lieu thereof the following:
upon the faith and credit of The City of Seaford the sum or sums of, not exceeding One Hundred Thousand Dollars ($100,000) in any one fiscal year, when, in the opinion of the majority of the said City Council, the needs of the City of Seaford demand it. The City Council may secure such sum or sums of money so borrowed by promissory notes of the City executed by the Mayor and attested by the Secretary of City Council, either with or without the corporate seal of The City of Seaford affixed as is requested by the Bank or persons advancing the money on said notes, and no officer or Councilman shall be personally liable for the payment of such note because it is signed by them as officers or Councilmen of The City of Seaford, and is authorized by the Resolution of the City Council; provided, however, that any sum of money borrowed on the faith and credit of The City of Seaford, as aforesaid, in any fiscal year, shall be paid out of the general funds of the City at the minimum rate of ten per centum (10%) per fiscal year and shall be completely paid at the end of ten (10) fiscal years following the first fiscal year which said money was borrowed with the interest thereon, and no part of the principal of nor the interest on any borrowing authorized by this Section shall be taxable by the State of Delaware nor any political subdivision thereof.
Approved May 10, 1972.