SENATE BILL NO. 80
AN ACT TO AMEND CHAPTER 162, VOLUME 40, LAWS OF DELAWARE, AS AMENDED BY CHAPTER 466, VOLUME 58 LAWS OF DELAWARE RELATING TO THE FLOATING DEBT OF THE CITY OF HARRINGTON.
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 32 entitled "Floating Debt" Chapter 162, Volume 40, Laws of Delaware, as amended by Chapter 466, Volume 58, Laws of Delaware, by striking the first sentence thereof in its entirety and substituting In lieu thereof the following:
"Whenever during the year, the current receipts are insufficient to provide for the needs of the City or insufficient to meet contractual obligations of the City, the Council is authorized to anticipate revenue by borrowing not in excess of the sum of Two Hundred Fifty Thousand Dollars ($250,000), which shall be repaid from current revenue received thereafter or other sources of funds received by the City; provided however, such borrowing shall at no time exceed In the aggregate, $250,000. The borrowing limit set forth herein of $250,000 shall remain in effect for a period of 18 months after the effective date of this act, at which time the borrowing limit shall revert to $100,000 as previously provided."
Approved April 30,1981.