HOUSE BILL NO. 405
AS AMENDED BY
HOUSE AMENDMENT NOS. 1 & 2
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF MILLVILLE" BEING CHAPTER 115, VOLUME 72, LAWS OF DELAWARE, AS AMENDED, RELATING TO THE BORROWING AUTHORITY OF THE TOWN OF MILLVILLE.
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 115, Volume 72, of the Laws of Delaware, as amended, by striking Section 31(a)(40) in its entirety and substituting in lieu thereof the following:
“(40) To borrow money in anticipation of revenues on the full faith and credit of the Town of Millville sum or sums not exceeding five hundred thousand dollars ($500,000.00) in any one (1) year when, in the opinion of a majority of the Town Council of the Town of Millville, the needs of the Town require it. Any sum so borrowed shall be secured by promissory notes of the Town of Millville, duly authorized by Resolution adopted by the Town Council of the Town of Millville, and signed by the Mayor of the Town of Millville, and attested by the Secretary of the Town Council with the corporate seal affixed, and no officer or member of the Town Council shall be liable for the payments of such notes because it is signed by them as officers of the Town and is authorized by the Resolution of the Town Council; provided, however, that the total sum outstanding at any one time shall not exceeds five hundred thousand dollars ($500,000.00); and provided further, that any sum of money so borrowed, as aforesaid, in any fiscal year, shall be paid from the general fund of the Town and shall be completely repaid at any time, but must be completely paid at the end of twenty (20) fiscal years following the first fiscal year when said sum or sums were borrowed, with interest thereon; and provided that such ad valorem taxes shall be levied as is necessary to pay the principal or the interest on said bonds as is required without regard to any other limitation concerning the maximum rate of taxation and such notes and the interest thereon shall be exempt from all taxation by the State of Delaware or by any political subdivision, agency or subdivision thereof.”
Approved May 17, 2004