SENATE BILL NO. 62
AN ACT TO AMEND CHAPTER 1B3, VOLUME 22, LAWS OF DELAWARE, BEING AN ACT ENTITLED "AN ACT TO INCORPORATE THE TOWN OF GREENWOOD", AS AMENDED, BY INCREASING THE AMOUNT TO BE RAISED BY TAXATION.
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 Chapter 103, Volume 22, Laws of Delaware, as amended by Section 2, Chapter 81, Volume 4B, Laws of Delaware, by striking said Section 2, Chapter 81, Volume 4B, Laws of Delaware in its entirety and substituting in lieu thereof the following:
The Town Council shall have the power and authority to levy and collect taxes for any and all municipal purposes upon all real estate and improvements located thereon; provided however, that the amount to be raised from this source shall not exceed in any one year the sum of fifty thousand dollars ($50,000.00); and provided further, that there shall be no limitation upon the amount which may be raised from the taxation of real estate for the payment of interest on and principal of any bonded indebtedness whether hereinbefore or hereafter incurred."
Approved April 29, 1987.