SENATE BILL NO. 338
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF MILTON, "BEING CHAPTER 501, VOLUME 61, LAWS OF DELAWARE, AS AMENDED BY CHAPTER 265, VOLUME 64, AND CHAPTER 266, VOLUME 65, LAWS OF DELAWARE, BY ELIMINATING THE 15 PERCENT CAP ON ANNUAL APPROPRIATIONS TO THE PENSION PLAN FOR TOWN EMPLOYEES.
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 29(a) 41, Chapter 501, Volume 61, Laws of Delaware, as amended by Chapter 265, Volume 64, and Chapter 266, Volume 65, Laws of Delaware, by striking said subsection In Its entirety and substituting In lieu thereof the following;
"(41) To establish by Ordinance duly adopted pursuant to this Chapter a Pension
Plan or a Health and Welfare Plan, or both, for the employees of the Town under such terms and conditions as the Town Council, in its discretion, may deem most appropriate; provided, however, that the method of funding may, if deemed desirable by the Town Council, be accomplished through an insurance company licensed by the State of Delaware or authorized to do business In this State and approved by a majority of elected members of the Town Council."
Approved April 18, 1988.