CHAPTER 15

FORMERLY

HOUSE BILL NO. 22

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND AN ACT BEING CHAPTER 504, VOLUME 57, LAWS OF DELAWARE, AS AMENDED, ENTITLED AN ACT TO INCORPORATE THE TOWN OF HENLOPEN ACRES" TO PROVIDE FOR BORROWING AGAINST ANTICIPATED REVENUES.

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 Subsection (a) Section 26, Chapter 504, Volume 57, Laws of Delaware, as amended, by adding at the end of said Subsection (a) a new paragraph to be designated "Paragraph 2B" to read as follows:

"2B. To borrow money in anticipation of revenues on the full faith and credit of

the Town of Henlopen Acres such sum or sums not exceeding Two Hundred Thousand Dollars ($200,000.00) in any one (1) year when, in the opinion of a majority of the Commissioners of the Town of Henlopen Acres, the needs of the Town require it. Any sum so borrowed shall be secured by a promissory note or notes of the Town of Henlopen Acres, duly authorized by Resolution adopted by the Commissioners of the Town of Henlopen Acres, and signed by the Mayor of the Town of Henlopen Acres and attested by the Secretary of the Commissioners of the Town of Henlopen Acres with the corporate seal affixed, and no officer nor member of the Commissioners shall be liable for the payment or payments of such notes because it is signed by them as officers of the Town and is authorized by the Resolution of the Commissioners; provided however, that the total sum outstanding at any one time shall not exceed Two Hundred Thousand Dollars ($200,000.00); and provided further, that any sum of money so borrowed, as aforesaid, in any fiscal year shall be paid from the general fund of the Town and shall be completely repaid at any time, but must be completely paid at the end of ten (10) fiscal years following the first fiscal year when such sum or sums were borrowed, with interest thereon; and provided further, that such Aj valorem taxes shall be levied as is necessary to pay the principal of and interest on said indebtedness as is required without regard to any other limitation concerning the maximum rate of taxation and such note or notes and the interest thereon shall be exempt from all taxation by the State of Delaware or by any political subdivision, agency or subdivision thereof."

Approved May 11, 1987.