SENATE BILL NO. 294
AN ACT TO AMEND AN ACT BEING CHAPTER 504, VOLUME 57, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF HENLOPEN ACRES" TO CLARIFY LONG-TERM BORROWING POWER.
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. Subsection (a), Section 32, of Chapter 504, Volume 57, Laws of Delaware, as amended, entitled "An Act to Incorporate the Town of Henlopen Acres" be and the same is hereby amended by striking Subsection (a), Section 32, in its entirety and substituting in lieu thereof the following:
"Section 32.(a) In addition to other borrowing powers granted to the Town under this Charter or by State law, the Commissioners shall have authority to borrow money for any proper municipal purpose through the issuance of bonds or other evidence of indebtedness to secure the repayment thereof, on the full faith and credit of the Town, or such other security or securities as the Commissioners shall elect, for the payment of principal thereof and interest due thereon."
Section 2. Subsection (c), Section 32, be and the same is hereby amended by adding a new Paragraph 7. to said subsection as follows:
"7. Paying all expenses deemed necessary by the Commissioners for the issuance of said bonds or other evidence of indebtedness, including bond discount and legal expenses of bond counsel."
Approved May 23, 1996