SENATE BILL NO. 428
AN ACT TO AMEND CHAPTER 401, VOLUME 62 LAWS OF DELAWARE ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF FRANKFORD" BY PERMITTING IT TO ACCEPT GRANTS OR LOANS FROM FEDERAL, STATE, OR INTERSTATE AGENCIES.
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 Chapter 401, Volume 62, Laws of Delaware, entitled "An Act to Reincorporate the Town of Frankford" by adding thereto a new section, as follows:
"Grants or Loans From Federal, State or Interstate Agencies.
Section 20A. For the purposes set forth in Section 20. (c), above, the council of the Town of Frankford may accept grants or loans of money, labor, material, equipment or technical assistance from agencies of the federal or state government or from interstate agencies. The council of the Town of Frankford may issue bonds to evidence loans made by an agency of the federal or state government, at private sale, providing that the total of such loans shall not exceed $2,500,000. The council of the Town of Frankford may pledge its taxing power to the payment of the bonds without limitation as to rate or amount and the bonds may be payable at a place approved by the agency making the loan. Bonds issued pursuant to this section shall not be subject to the limitation set out in Section 20 (Q),"
Approved July 8, 1998