SENATE BILL NO. 690
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF MILTON" TO PROVIDE A SUM 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 26, Chapter 194, Volume 45,
Laws of Delaware, as amended, be and the same is hereby further amended by adding at the end of said Section 26, a new subsection to be designated as Subsection (44) to read as follows:
(44) The Town Council of the Town of Milton shall have full power and authority to anticipate revenue by borrowing upon the faith and credit of the Town of Milton the sum or sums of, not exceeding Twenty-five Thousand Dollars ($25,000.00) in any one fiscal year, when, in the opinion of the majority of the said town council the needs of the Town of Milton demand it. The Town Council may secure such sum or sums of money so borrowed by promisory notes of the Town executed by the Mayor and attested by the Secretary of the Town Council, either with or without the corporate seal of the Town of Milton affixed as is requeSted by the hank or persons advancing the money on said notes, and no officer nor councilman shall be personally liable for the payment of such notes because it is signed by them as officers or councilmen of the Town of Milton, and as authorized by the Resolution of the Town Council; provided, however, that any sum of money borrowed on the faith and credit of the Town of Milton, as aforesaid, in any fiscal year, shall be paid out of the general funds of the Town at a minimum rate of ten percentum (10%) per fiscal year, and shall be completely paid at the end of ten (10) fiscal years following the first fiscal year when the money was borrowed with interest thereon and no part of the principal or, nor the interest on, any borrowing authorized by this subsection shall be taxable by the State of Delaware nor any political subdivision thereof.
Approved July 19, 1976