HOUSE BILL NO. 861
AN ACT TO AMEND CHAPTER 166, VOLUME 43, LAWS OF DELAWARE, AS AMENDED, TO AUTHORIZE THE TOWN OF GEORGETOWN TO BORROW MONEY IN ANTICIPATION OF REVENUES.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all of the members elected to each House thereof concurring therein):
Section 1. Section 30, Chapter 166, Volume 43, Laws of Delaware, as amended, is hereby further amended by striking out all of Section 30 and inserting in lieu thereof a new Section 30 to read as follows:
"Section 30. Floating Debt.
Whenever current receipts are insufficient to provide for the needs of the Town, the Council is authorized to borrow money in anticipation of revenues on the full faith and credit of Town Council of Georgetown, such sum or sums not exceeding One Hundred Thousand Dollars ($100,000.00) in any one year, when, in the opinion of a majority of the Members of the Town Council of Georgetown, the needs of the Town required. Any sum so borrowed shall be secured by promissory notes of Town Council of Georgetown duly authorized by Resolution adopted by the Town Council of Georgetown and signed by the Mayor of the Town of Georgetown and attested by the Secretary of the Town Council of Georgetown with the corporate seal affixed and no officer nor member of Council shall be liable for the payments of such notes because it is signed by them as officers of the Town and is authorized by the Resolution passed by the Town Council of Georgetown; PROVIDED HOWEVER, that the total sum outstanding at any one time shall not exceed One Hundred Thousand Dollars ($100,00.00); AND PROVIDED
FURTHER, that any sum of money so borrowed, as aforesaid, in any fiscal year shall be repaid from the general funds of the Town and shall be completely repaid at any time but must be completely repaid at the end of ten (10) fiscal years when said sum or sums were borrowed with interest thereon; AND PROVIDED FURTHER that such ad valorem taxes shall be levied as are necessary to pay the principal of and interest on said bonds, as 'is required without regard to any other limitation concerning the maximum amount of taxation and such notes and the interest thereon shall be exempted from all taxation by the State of Delaware or by any political subdivision, agency or subdivision thereof."
Approved May 22, 1976