SENATE BILL NO. 314
AN ACT TO AMEND CHAPTER 295, VOLUME 65, LAWS OF DELAWARE, ENTITLED "ACT TO REINCORPORATE THE TOWN OF BETHANY BEACH" BY PERMITTING REFUNDINGS OF BOND INDEBTEDNESS WITHOUT A REFERENDUM.
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 §12.2.1(A), Chapter 295, Volume 65, Laws of Delaware by deleting the period at the end thereof, and inserting the following language:
", but refunding such Bonds or other indebtedness of the Town shall not require the procedure set out in §12.2.4 so long as the outstanding principal amount of the refunding Bonds or other evidence of indebtedness does not exceed the face amount refunded, plus the cost of refunding, and shall be enacted by resolution of the Town Council."
Section 2. This bill shall take effect upon adoption.
Approved June 25, 1992.