SENATE BILL NO. 114
AN ACT TO AMEND AN ACT, BEING CHAPTER 128, VOLUME 33, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF MIDDLETOWN" 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. Section 21, Chapter 128, Volume 33, Laws of Delaware, as amended, be and is hereby amended by striking the section in its entirety and inserting in lieu thereof the following:
"Section 21. Debt which has been refunded or 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, and shall not require a referendum."
Approved June 3, 1993.