FORMERLY HOUSE BILL
AN ACT TO AMEND CHAPTER 277, VOLUME 49, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO RE-INCORPORATE THE TOWN OF LAUREL" BY INCREASING THE AMOUNT OF MONEY THAT MAY BE BORROWED ON THE FAITH AND CREDIT OF THE TOWN OF LAUREL.
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. Subsection (39), Section 6, Chapter 277, Volume 49, Laws of Delaware, as amended by Chapter 206, Volume 56, Laws of Delaware, is hereby further amended by striking said subsection (39) in its entirety and inserting in lieu thereof a new subsection (39) to read as follows:
"(39) To borrow money in anticipation of revenues on the faith and credit of the Town of Laurel such sum or sums not exceeding Seventy-five Thousand Dollars ($75,000.00) in any one year when, in the opinion of a majority of the Town Council of Laurel, the needs of the Town demand it. Any sum so borrowed shall be secured by promissory notes of the Mayor and Council of Laurel, duly authorized by Resolution of the Town Council of Laurel and signed by the Mayor and attested by the Town Clerk 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 Laurel 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 Mayor and Council of Laurel, 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."
Approved July 26, 1972.