CHAPTER 323

FORMERLY

SENATE BILL NO. 395

AN ACT TO AMEND AN ACT BEING, CHAPTER 2 OF VOLUME 73, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF SELBYVILLE" TO PROVIDE FOR REFUNDING ALL OUTSTANDING BONDS OR OTHER INDEBTEDNESS OF THE TOWN TO INCLUDE REFINANCING SUCH BONDS OR OTHER EVIDENCES OF INDEBTEDNESS AND TO INCLUDE REFUNDING PROCEDURES EVEN IF THERE IS A PREMIUM TO PREPAY.

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 20 of Chapter 2, Volume 73, Laws of Delaware, as amended, by striking Subsection 20.2.1.1 in its entirety and substituting in lieu thereof the following:

"20.2.1.1. Refunding any or all outstanding bonds or other indebtedness of the Town at the maturity thereof or in accordance with any callable feature or provision contained therein but refunding of such bonds or other indebtedness of the Town shall not require the procedure set out in Section 20.2.4 so long as either (i) the outstanding principal amount of the refunding bonds or other evidence of indebtedness does not exceed the face amount refunded, plus the cost of refunding, or (ii) the present value of the aggregate principal and interest payments to be made on the refunding bonds is less than the present value of the aggregate principal and interest payments remaining on the refunded bonds or indebtedness (for purposes hereof, the present value of the aggregate principal and interest payments to be made on the refunding bonds and the present value of the aggregate principal and interest payments on the refunded bonds shall be calculated using the interest rate on the refunding bonds or indebtedness), plus the cost of refunding, and shall be enacted by resolution of the Town Council."

Approved June 25, 2002