CHAPTER 122

FORMERLY

HOUSE BILL NO. 383

AN ACT TO AMEND AN ACT BEING CHAPTER 277, VOLUME 49, LAWS OF DELAWARE, AS AMENDED, ENTITLED: "AN ACT TO REINCORPORATE THE TOWN OF LAUREL", TO INCREASE THE AMOUNT OF MONEY WHICH MAY BE BORROWED IN ANTICIPATION OF REVENUES AND FIXING THE AGE FOR CAPITATION TAXES.

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, is hereby further amended by striking out all of said subsection (39), and substituting in lieu thereof the following:

"(39) TO borrow money in anticipation of revenuues on the faith and credit of the Town of Laurel such sum or sums not exceeding three percent (3%) of the assessed value of all real property situate within the limits of the Town of Laurel subject to assessment for the purpose of the annual real estate taxation in any one year when, in the opinion of three-fourths of all the elected members of the Town Council of Laurel, the needs of the Town require it. Any sum so borrowed shall be secured by Promissory Notes of Mayor and Council of Laurel, duly authorized by Resolution passed by at least three-fourths of all the elected members of the Town Council of Laurel and signed by the Mayor and attested by the Town Manager with the corporate seal affixed and no officer nor 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 fiscal years following the first fiscal year when said money was borrowed with interest thereon; and provided further that such ad valorem taxes shall be levied as necessary to pay the principal of and interest on said borrowing as is required without regard to any other limitation concerning the maximum rate of taxation and such notes and interest thereon shall be exempt from all taxation by the State of Delaware or by any political subdivision, agency or subdivision thereof."

Section 2. Section 33, Chapter 277, Volume 49, Laws of Delaware, as amended, be and the same is hereby further amended by striking out the words and figures "Twenty-One (21)" as the same appears in said Section and substitute in lieu thereof the words and figures "Eighteen (18)".

Approved June 26, 1975