CHAPTER 280

FORMERLY

SENATE BILL NO. 323

AN ACT TO AMEND CHAPTER 288, VOLUME 64 LAWS OF DELAWARE AS AMENDED, THE CHARTER OF THE TOWN OF LAUREL, WITH REGARD TO THE PROCEDURES AND LIMITS FOR AUTHORIZING GENERAL OBLIGATION BONDS, CERTIFICATES OF INDEBTEDNESS, NOTES, BONDS OR OTHER OBLIGATIONS.

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 36(a) of Chapter 288, Volume 64, Laws of Delaware, the Charter of the Town of Laurel, as amended, by adding "as determined by the Town Council." at the end of the first sentence in paragraph 9.

Section 2. Amend Section 36(b) of Chapter 288, Volume 64, Laws of Delaware, the Charter of The Town of Laurel, as amended, to change the designation of existing paragraph "(b)" to paragraph "(c)", and to add after paragraph "(a)", the following new paragraph "(b)":

"(b) Notwithstanding the foregoing provisions of this Section, The Town Council may authorize the issuance of bonds, certificates of indebtedness, notes or other obligations of The Town under this Section in an aggregate amount of up to $2,000,000.00 outstanding at any time, without regard to the requirements set forth in paragraphs (1) - (8) of Section 36 (a), if: (i) The Town Council, by Resolution (adopted by at least a majority of all of the members of Town Council) approves of the issuance of bonds, certificates of indebtedness, notes or other obligations pursuant hereto for a proper municipal purpose with such Resolution stating the amount of such issuance, or borrowing, the purpose of such issuance or borrowing, the manner, if any, of securing the same, that the amount of all other bonds, certificates of indebtedness, notes and other obligations issued pursuant to this paragraph (b) does not exceed $2,000,000.00 and any other facts relating to the issuance which are deemed pertinent by The Town Council and in its possession at that time. Such Resolution (or a subsequent Resolution adopted by as least a majority of a quorum as established pursuant to Section 11 hereof) shall establish the form of the bonds, certificates of indebtedness, notes or other obligations, the time or times of payment, the interest rate or rates, the classes, the series, the maturity or maturities, the registration, any callable or redeemable features, the denominations, whether such bonds, certificates of indebtedness, notes or other obligations shall be sold at either public or private sale, and the name or names thereof and any other relative or appurtenant matter pertaining thereto. Except for the provisions of paragraphs (1) - (8) of Section 36(a), all other provisions of this Section 36, if not in conflict, shall be applicable to the bonds, certificates of indebtedness, notes and other obligations issued pursuant to this paragraph (b)."

Approved May 19, 1998