SENATE BILL NO. 281
AN AMENDMENT TO AN ACT BEING CHAPTER 138, VOLUME 68, LAWS OF DELAWARE, AS AMENDED, ENTITLED "AN ACT TO INCORPORATE THE TOWN OF THE TOWN OF DAGSBORO", TO AMEND SECTION 28 (PP) BY STRIKING SAID SUBSECTION AND SUBSTITUTING IN LIEU THEREOF ADDITIONAL AUTHORITY TO BORROW AMOUNTS IN ANTICIPATION OF REVENUE.
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 28, Enumeration of Powers, Subsection (PP), of Chapter 138, Volume 68, Laws of Delaware, as amended, entitled “An Act to Incorporate The Town of Dagsboro” by striking said subsection in its entirety and substituting in lieu thereof the following:
“(PP) To anticipate revenue by borrowing upon the faith and credit of the Town of Dagsboro the sum or sums of not exceeding ten percent (10%) of the assessed valuation of all real estate in the town in any one (1) fiscal year when, in the opinion of the majority of said Town Council, the needs of the Town of Dagsboro demand it. The Town Council may secure said sum or sums of money so borrowed by promissory notes of the town and attested by the Secretary, either with or without the corporate seal of the town of Dagsboro affixed as is requested by the bank or person advancing the money on said notes, and no officer or Council Person shall be personally liable for the payment of such notes because they are signed by them as officers of the town of Dagsboro and are authorized by resolution of the Town Council; provided, however, that any sum of money borrowed on the faith and credit of The Town of Dagsboro as aforesaid, in any fiscal year shall be paid out of the general funds of the town, at the minimum rate of ten per centum (10%) per fiscal year and shall be completely paid at the end of ten (10) fiscal years following the first fiscal year which said money was borrowed with interest thereon; and provided that such ad valorem taxes shall be levied as are 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 June 29, 2004