CHAPTER 5

FORMERLY

SENATE BILL NO. 47

AS AMENDED BY SENATE AMENDMENT NO. I

AN ACT TO AMEND AN ACT, BEING CHAPTER 276, VOLUME 65, LAWS OF DELAWARE, AS AMENDED, ENTITLED AN ACT TO REINCORPORATE THE TOWN OF GEORGETOWN" REGARDING THE DEBT CEILING.

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. Paragraph 36, Section 30, Chapter 276, Volume 65, Laws of Delaware, as amended, be and is hereby amended by adding a new sentence at the end of thereof as follows:

"Debt which has been advance refunded with proceeds of the advance refunding sufficient to pay principal and interest on the debt to the first allowable call date having been irrevocably deposited in trust with a Delaware bank irrevocably with instructions to make no investment of the funds deposited other than in guaranteed or direct obligations of the United States shall not be counted as indebtedness."

Section 2. Subsection (b), Section 34, Chapter 276, Volume 65, Laws of Delaware, as amended, be and the same is hereby amended by deleting the word "succeed" and replacing said word with the word "exceed".

Section 3. Subsection (b), Section 34, Chapter 276, Volume 65, Laws of Delaware, as amended, be and the same is hereby amended by adding a sentence at the end thereof as follows:

"Debt which has been advance refunded with proceeds of the advance refunding sufficient to pay principal and interest on the debt to the first allowable call date having been irrevocably deposited in trust with a Delaware bank irrevocably with instructions to make no investment of the funds deposited other than in guaranteed or direct obligations of the United States shall not be counted as indebtedness."

Approved March 19, 1993