HOUSE BILL NO. 951
AN ACT TO AMEND CHAPTER 138, VOLUME 41, LAWS OF DELAWARE, RELATING TO THE TOWN OF CLAYTON; AND PROVIDING FOR THE POWER TO BORROW MONEY WHEN AN EMERGENCY ARISES.
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 Section 24, Chapter 138, Volume 41, Laws of Delaware, by adding a paragraph to the end of said Section 24, which new paragraph shall read as follows:
"Whenever the needs of the Town of Clayton for emergency repairs and improvements to the water system, the sewer system, the electrical distribution system, streets, and other public works shall require an expenditure of more money than is at the time in the Treasury of the Town from current receipts or otherwise, the Town Council of the Town of Clayton is authorized and empowered to borrow such sum or sums as shall be needed for such emergency repairs and improvements, not to exceed at any time the aggregate amount of one hundred thousand dollars ($100,000). An indebtedness created hereby shall be evidenced by a bond or note of the Town of Clayton, and the full faith and credit of the Town of Clayton, shall be deemed to be pledged for the due payment thereof. The Town Council of the Town of Clayton is hereby authorized and required to levy and raise by taxation such sums of money as may be required to pay the debt and interest of such indebtedness, according to the terms of the bond or note evidencing such indebtedness, if appropriate."
Approved June 30, 1980