SENATE BILL NO. 220
AS AMENDED BY
HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 197, VOLUME 54 LAWS OF DELAWARE, THE CHARTER OF THE CITY 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. Amend Section 40 of Chapter 197, Volume 54, Laws of Delaware, the
Charter of the City of Rehoboth Beach, as amended, to add after paragraph "r" the following new paragraph "s":
"s. Notwithstanding the foregoing provisions of this Section, the Commissioners may authorize the issuance of bonds or other obligations under this Section in an aggregate amount of up to $2,000,000 outstanding at any time, without regard to the requirements set forth in paragraphs d. through m. of this Section 40, if: (I) the Commissioners, by Resolution (adopted by at least a majority of all of the Commissioners) approves of the issuance of bonds or other obligations pursuant hereto for a proper municipal purpose with such Resolution stating the amount of such issuance, the purpose of such issuance, the manner of securing the same, that the amount of such other bonds and obligations issued pursuant to this paragraph s. does not exceed $2,000,000 and any other facts relating to the issuance which are deemed pertinent by the Commissioners of Rehoboth Beach and in their possession at that time. Such Resolution (or a subsequent Resolution adopted by at least a majority of a quorum as established pursuant to Section 10 hereof) shall establish the form of the bonds or certificates of indebtedness, the time or times of payments, the interest rate or rates, the classes, the series, the maturity or maturities, the registration, any callable or redeemable features, the denominations and the name or names thereof and any other relative or appurtenant matter pertaining thereto. Except for the provisions of paragraphs d. through m. of this Section 40, all other provisions of this Section 40 shall be applicable to bonds and other obligations issued pursuant to the this paragraph s."
Approved July 7, 1995