HOUSE BILL NO. 684
AN ACT TO AMEND CHAPTER 41, TITLE 9 OF THE DELAWARE CODE TO INCREASE THE AMOUNT THAT KENT COUNTY MAY BORROW AND TO REMOVE THE MAXIMUM INTEREST RATE OF SIX PERCENT ON COUNTY LOANS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section I. Amend Chapter 41, Title 9 of the Delaware Code by striking all of Section 4111 and inserting in lieu thereof the following:
§4111. Borrowing power; limitation
The county government may, from time to time as occasion may require, borrow up to a total of $1,000,000 and may execute a bond of indebtedness or mortgage, or both, in favor of the obligee who shall have made the loan. Such bond of indebtedness or mortgage, or both, shall be executed in the name of the county government, countersigned by the President thereof and attested by the clerk of the peace. The bond shall bear such rate of interest as may be agreed upon between the county government and the obligee."
Approved June 30, 1980.