SENATE BILL NO. 495
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 212, VOLUME 25, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF BETHANY BEACH AND GIVING IT AUTHORITY TO ISSUE BONDS", RELATING TO THE POWER OF THE TOWN TO BORROW MONEY AND ISSUE BONDS, AND FURTHER RELATING TO THE AUTHORITY OF THE TOWN COMMISSIONERS TO ANNEX ADDITIONAL TERRITORY ADJOINING THE CORPORATE LIMITS OF THE TOWN.
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 212, Volume 25, Laws of Delaware, as amended, by striking Section 24 in its entirety and inserting in place thereof the following new Section 24 to read as follows:
"Section 24. In addition to other borrowing powers herein provided, the Commissioners of the Town shall have authority to borrow money in the name of the Town for any proper municipal purpose through the issuance of municipal bonds or other forms of certificates of indebtedness, pledging the full faith and credit of the Town or such other security or securities as the Commissioners shall select for the payment of the principal thereof and the interest due thereon, all of which bonds or other Itinds or forms of indebtedness issued by the Town shall be exempt from all state, county, or municipal taxes; provided however, that: (1) in no event shall the outstanding indebtedness of the Town for any and all purposes at any one time exceed, in the aggregate, twenty five percent (25%) of the assessed value of all real estate in the Town subject to the assessment for the purpose of levying the annual tax hereinbefore mentioned and (2) no money shall be borrowed under this section unless approved by a majority vote of the qualified voters of the Town at a special election called for that purpose. Notice of the date, time, place, and purpose of such election shall be published twice in at least two (2) newspapers of general circulation in the Town and posted in at least five (5) public places throughout the Town not more than sixty (60) days not less than thirty (30) days prior to such election."
Section 2. Amend Chapter 212, Volume 25, Laws of Delaware as amended by striking Sections 25, 26, 27, and 28.
Approved July 20, 1984.