SENATE BILL NO. 414
AN ACT TO AMEND CHAPTER 42, VOLUME 53, LAWS OF DELAWARE, AS AMENDED BEING THE CHARTER OF THE CITY OF SEAFORD, RELATING TO THE ISSUANCE OF REVENUE BONDS.
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 42, Volume 53, Laws of Delaware, as amended by Chapter 367, Volume 62, Laws of Delaware, by deleting Paragraph (6) of Subsection (b) of Section 35A in its entirety and substituting in lieu thereof a new Paragraph (6) to read as follows:
"(6) For the acquisition, construction, reconstruction, repair, alteration, improvement, extension, financing or refinancing of any facility, activity or enterprise, whether conducted on a for-profit or not-for-profit basis, and including working capital for any such facility, activity or enterprise provided that the project requires a minimum capital investment of Five Hundred Thousand Dollars ($500,000), that the issuance of such bonds pursuant to the provisions of this paragraph shall not constitute a debt of the City of Seaford nor a pledge of its credit or taxing power, and that the said bonds shall contain on the face thereof a statement to the following effect:
'Neither the faith and credit nor the taxing power of the City of Seaford is pledged to the payment of the principal, premium, if any, or interest on this Bond, nor is the City of Seaford in any manner obligated to make any appropriation for payment thereof.'"
Approved July 10, 1990.