SENATE BILL NO. 498
AN ACT TO AMEND CHAPTER 41 OF TITLE 9, DELAWARE CODE RELATING TO AUTHORIZING KENT COUNTY TO LEND CERTAIN UNAPPROPRIATED FUNDS TO SEWER DISTRICTS WITHIN THE COUNTY.
WHEREAS, Kent County holds assets in a special fund available solely for application to sewer projects: and
WHEREAS, Kent County may determine that the best application of assets in that special fund :involves lending those assets to sewer districts created by the County in order to permit those districts to carry out their functions: and
WHEREAS, the County has no specific authority to lend money to sewer districts and desires a grant of such authority.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Chapter 41, Title 9, Delaware Code by adding thereto a new §4138 to read as follows:
"§4138. Sewer Authorization Loans
The County is authorized to lend to sewer districts created by the County, funds, other than general funds of the County or funds dedicated to purposes other than the construction or improvement of sewers in the County, any available funds on terms deemed commercially reasonable by the Levy Court."
Section 2. This Act shall take effect upon adoption.
Approved July 20, 1984.