SENATE BILL NO. 245
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 34, VOLUME 58, LAWS OF DELAWARE, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF BLADES", GRANTING THE TOWN COUNCIL OF THE TOWN OF BLADES THE POWER AND THE AUTHORITY TO ANTICIPATE REVENUE BY BORROWING UPON THE FULL FAITH AND CREDIT OF THE TOWN OF BLADES THE SUM OR SUMS NOT TO EXCEED $150,000 WHEN IN THE OPINION OF THE MAJORITY OF THE SAID TOWN COUNCIL, THE NEEDS OF THE TOWN OF BLADES DEMAND IT.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two thirds of all members elected in each house thereof concurring therein):
Section 1. Amend §30, Chapter 34, Volume 58 of the Laws of Delaware, as amended
by striking in its entirety and substituting in lieu thereof the following:
"Power to borrow against anticipated revenues.
§30. The Town Council of the town of Blades shall have full power and authority to anticipate revenue by borrowing upon the faith and credit of the town of Blades, the sum or sums of an aggregate amount not to exceed One Hundred Fifty Thousand Dollars ($150,000), when, in the opinion of the majority of the said Town, Council, the needs of the town of Blades demand it. The Town Council may secure said sum or sums of money so borrowed by promissory notes of the town of Blades, duly authorized by resolution of the Town Council, and signed by the Mayor and attested by the Secretary, either with or without the corporate seal of the town of Blades affixed as is requested by the bank or person advancing the money on said notes, and no officer nor Councilman shall be personally liable for the payment of such notes because it is signed by them as Officers of the town of Blades, and is authorized by the resolution of the Town Council: provided, however, any sum of money borrowed on the faith and credit of the Town of Blades, as aforesaid, in any fiscal year, shall be paid out of the general funds of the town, in principal payments of at least ten percent (10%) of the principal borrowed per fiscal year and shall be completely paid at the end of ten (10) fiscal years following the first fiscal year which said money was borrowed with interest thereon, and no part of the principal of nor the interest on any borrowing authorized by this section shall be taxable by the state of Delaware nor any political subdivision thereof."
Approved July 10, 1995