SENATE BILL NO. 412
AN ACT TO AMEND CHAPTER 212, VOLUME 25, LAWS OF DELAWARE, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF BETHANY BEACH AND GIVING IT AUTHORITY TO ISSUE BONDS", AS AMENDED, TO GIVE THE COMMISSIONERS OF THE TOWN OF BETHANY BEACH THE POWER TO BORROW UP TO $200,000.
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. Amend 5I5, Chapter 212, Volume 25, Laws of Delaware, as amended, by striking the last paragraph in said section and inserting in lieu thereof the following paragraph:
"The said Commissioners shall have the power to borrow money in anticipation of all revenues on the faith and credit of the Town, such sum or sums not exceeding two hundred thousand dollars ($200,000), when, in the opinion of a majority of the Commissioners elected, the needs of the Town require it. Any sum so borrowed shall be secured by a promissory note or notes of the Commissioners duly authorized by Resolution of the Commissioners and signed by the President and attestedby the Secretary of the Commissioners with the corporate seal affixed. No Commissioner shall be liable for the payment of any such note because it is signed by him as a Commissioner, provided he is so authorized by Resolution of the Commissioners. Any such sum of money borrowed on the faith and credit of the Town 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. At no time shall the amount of outstanding principal from any such borrowing or borrowings exceed the sum of two hundred thousand dollars ($200,000)."
Approved May 19, 1978.