CHAPTER 185

FORMERLY

SENATE BILL NO. 266

AN ACT TO AMEND CHAPTER 197, VOLUME 54, LAWS OF DELAWARE, THE CHARTER OF REHOBOTH BEACH, AS AMENDED, WITH REGARD TO THE PROCEDURES AND LIMITS FOR AUTHORIZING GENERAL OBLIGATION 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. Section 29, Chapter 197, Volume 54, Laws of Delaware, as heretofore amended, be and the same is hereby further amended as follows:

Paragraph (43) is amended by deleting the words and numerals "Two Hundred Fifty Thousand Dollars ($250,000)" each place where they appear therein and by substituting therefor the words and numerals "One Million Dollars ($1,000,000)".

Section 2. Section 40, Chapter 197, Volume 54, Laws of Delaware, as heretofore amended, be and the same is hereby further amended as follows:

(a) The second sentence of paragraph "p" is amended and restated in its entirety to read as follows: "If it is determined to sell the said bonds at public sale, the bonds shall be offered for sale to the best and most responsible bidder therefor after such public advertising as the Commissioners shall deem appropriate".

(b) After paragraph "q", the following new paragraph "r" is added:

"r. Notwithstanding the foregoing provisions of this Section, the Commissioners may by Resolution authorize the, issuance of bonds or other obligations under this Section for the purposes of refinancing any outstanding bonds or other obligations of the City (including the payment of transaction costs), without the necessity of the special public hearing referred to in paragraph d or the second resolution or the Special Election referred to in paragraph f; provided that the issuance of the refunding obligations results in a present value savings to the City. Present value savings shall be determined by using the effective interest rate on the refunding obligations as the discount rate calculated based on the internal rate of return. The principal amount of the refunding obligations may exceed the outstanding principal amount of the obligations to be refunded. At the time of the issuance of the refunding obligations, there shall be deposited in escrow, pledged to secure the refunded obligations, sufficient monies and/or direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States government, which, without regard to any reinvestment earnings, will be sufficient to pay when due all interest, principal and redemption price on the refunded obligations at maturity or upon earlier call for redemption."

(c) Paragraph "1" is amended and restated In its entirety to read as follows:

"The polling places shall be open from ten o'clock (10:00) in the morning, prevailing time, until six o'clock (6:00) in the evening, prevailing time, on the date set for the Special Election. Persons in the polling place at 6:00 in the evening shall be entitled to vote even though such votes may be cast after 6:00 in the evening."

Approved February 4, 1994.