SENATE BILL NO. 418
AN ACT TO AMEND CHAPTER 302, VOLUME 49, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF FENWICK ISLAND, DELAWARE" RELATING TO FISCAL MATTERS, BY STRIKING SECTION 34, AND SUBSTITUTING A NEW SECTION 34, AUTHORIZING THE BORROWING AGAINST ANTICIPATED REVENUE.
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. Section 34, Chapter 302, Volume 49, Laws of Delaware, as amended, be and the same is hereby amended by striking Section 34 and substituting in lieu thereof a new Section 34 to read as follows:
"Town Council may borrow money in anticipation of revenues on the full faith and credit of the Town of Fenwick Island, Delaware, a sum or sums not exceeding Five Hundred Thousand Dollars ($500,000.00) in any one year when, in the opinion of the majority of the Town Council of the Town of Fenwick Island, Delaware, the needs of the Town require it. Any sum so borrowed shall be secured by promissory notes of the Town of Fenwick Island, Delaware, duly authorized by resolution adopted by the Town Council of the Town of Fenwick Island, Delaware, and signed by the President of the Town of Fenwick Island, Delaware, and attested by the Secretary of the Town Council with the corporate seal affixed, and no officer or member of the Town Council shall be liable for the payments of such notes because it is signed by them as officers of the Town and is authorized by the Resolution of the Town Council; provided, however, that the total sum outstanding at any one time shall not exceed Five Hundred Thousand Dollars ($500,000.00) and provided further than 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 said sum or sums were borrowed, with interest thereon; and provided that such ad valorem taxes shall be levied as required without regard to any other limitations concerning the maximum rate of taxation and such 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."
Section 2. Paragraph 2, Section 24, Chapter 302, Volume 49, Laws of Delaware, as amended, be and the same is hereby amended by striking out all of said Paragraph 2 and substituting in lieu thereof a new Paragraph 2 to read as follows:
The Town Council, after determining in its best judgment and knowledge, the total amount necessary to be raised by the Town to meet the fixed and anticipated expenses and obligations of the Town, including reasonable and appropriate reserves, for the then current fiscal year as set forth in the Town Budget for such year plus a reasonable amount to cover anticipated expenses and emergencies, should then proceed to determine, in its sole discretion, from which sources the authorized revenues of the Town announced or determined by them shall be raised and within the limits prescribed by this Charter with respect to any such source the amount to be raised from each such source. They shall then proceed to determine, assess, fix and/or levy as follows:
The rate of tax on real estate including improvements thereon per One Hundred Dollars ($100.00) of the assessed value; and/or
The amount of personal or per capita tax upon each citizen of the Town over the age of eighteen (18) years; and/or
The rate of tax upon all poles, construction, erections, wires and appliances more particularly mentioned, or intended so to be in this Charter as amended; and/or
The several license fees to be charged for carrying on or conduction of the several businesses, professions or occupations more particularly mentioned or intended so to be in this Charter, as amended; and/or
The several rates to be charged for furnishing water service, sewer service, electric service, gas service, front footage assessment, other services authorized by Town Council; and/or
The fees or rates to be charged in respect to any other authorized source of revenue sufficient in their judgment and estimation to realize the amount to be raised from each such source determined by them to be used as aforesaid; provided, however, that sources (4) and (5) aforementioned may be determined, fixed, assessed, levied and/or altered or change upon other then a fiscal year basis and at any regular or special meeting of the Town Council as the Town Council, in its proper discretion, shall determine.
The amount to be raised from this source shall not exceed in any one year the sum of five percent (5%) of the total appraised valuation of all taxable real estate and improvements thereon in the Town; and provided also that there shall be no limitation upon the amount which may be raised from the taxation of real estate for the payment of interest on and principal of any bonded indebtedness whether hereinbefore or hereinafter incurred."
Approved July 10, 1992.