SENATE BILL NO. 247
AN ACT TO AMEND AN ACT, BEING CHAPTER 32, VOLUME 47, LAWS OF DELAWARE, AS AMENDED, ENTITLED AN ACT TO REINCORPORATE THE TOWN OF FREDERICA" BY INCREASING THE AMOUNT OF ANNUAL TAXES TO BE RAISED AND BY INCREASING THE AMOUNT WHICH COUNCIL IS PERMITTED TO BORROW.
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 6, Chapter 32, Volume 47, Laws of Delaware, as amended by Chapter 49, Volume 57, Laws of Delaware by striking the phrase "Fifteen Thousand Dollars ($15,000)" and inserting in lieu thereof the following:
"Twenty-Five (25%) percent of the assessed value of real property within the Town limits, but added thereto shall also be fixed a rate which will produce an amount sufficient to provide for interest on bonds the redemption thereof at their general maturities and to cover the sinking fund requirements and a reasonable sum for delinquencies, discounts and cost of collection".
Section 2. Amend Section 16, Chapter 32, Volume 47, Laws of Delaware, as amended by Chapter 49, Volume 57, Laws of Delaware, by striking the phrase "Fifteen Thousand Dollars ($15,000)" and inserting in lieu thereof the phrase "Twenty-Five (25)) percent of the total assessed value of real property within the town limits.
Approved July 7, 1989.