CHAPTER 284

FORMERLY

SENATE BILL NO. 368

AN ACT TO AMEND AN ACT BEING CHAPTER 288, VOLUME 64, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF LAUREL," TO PERMIT EXEMPTION OF CERTAIN PROPERTY FROM TAXATION OF PROPERTY.

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. Section 30(a), Chapter 288, Volume 64, Laws of Delaware, as amended, be and the same is hereby further amended by adding at the end thereof a new subsection to be designated as Subsection (44) to read as follows:

"(44) To exempt by a two- thirds (2/3) vote of all the elected members of the Town Council from all or a part of any municipal ad valorem taxes for a period of not more than five (5) years, persons or corporations who shall desire to establish and expand, or any of them, any business, commercial or industrial enterprise located or to be located within the corporate limits of the Town and shall expend for such establishment and expansion, or any of them of such business, commercial or industrial enterprise an amount not less than One Hundred Thousand Dollars ($100,000.00)."

Section 2. Section 30(a), Chapter 288, Volume 64, Laws of Delaware, as amended, be and the same is hereby further amended by adding at the end thereof a new Subsection to be designated as Subsection

(45) to read as follows:

"(45) To exempt by a two- thirds (2/3) vote of all the elected members of the Town Council from all or a part of any municipal ad valorem taxes for a period of not more than ten (10) years, persons or corporations who shall desire to establish and expand, or any of them, any business, commercial or industrial enterprise located or to be located within the corporate limits of the Town and shall expend for such establishment and expansion, or any of them, of such business, commercial or industrial enterprise an amount not less than Five Hundred Thousand Dollars ($500,000.00)."

Section 3. Except as otherwise specifically provided in this Act, the effective date of this Act shall be July I, 1985.

Approved June 18, 1986.