CHAPTER 176

FORMERLY

SENATE BILL NO. 128

AS AMENDED BY

SENATE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 288, VOLUME 64, LAWS OF DELAWARE, AS AMENDED, THE CHARTER OF THE TOWN OF LAUREL, AS AMENDED, WITH REGARD TO INCREASING THE LIMITS FOR AUTHORIZING GENERAL OBLIGATION BONDS, CERTIFICATES OF INDEBTEDNESS OR OTHER OBLIGATIONS BY THE TOWN COUNCIL AS WELL AS INCREASING THE CEILING FOR BONDED INDEBTEDNESS FROM 25% TO 50% OF THE ASSESSED VALUE OF REAL PROPERTY WITHIN THE LIMITS OF THE TOWN OF LAUREL.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :

Section 1. Amend Section 36(b) of Chapter 288, Volume 64, Laws of Delaware, the Charter of the Town of Laurel, as amended, by striking the term “$2,000,000.00” wherever it appears therein and by substituting in lieu thereof “$5,000,000.00”.

Section 2. Amend Section 36(c) of Chapter 288, Volume 64, Laws of Delaware, the Charter of the Town of Laurel, as amended, by striking the phrase “twenty-five (25%) percent” wherever it appears therein and by substituting in lieu thereof the phrase “fifty (50%) percent”.

Section 3. Amend Section 36(b) of Chapter 288, Volume 64, Laws of Delaware, the Charter of the Town of Laurel, as amended, by adding after the phrase “the Town Council” as found in the first sentence therein, the phrase “, after conducting a public hearing,”.

Approved July 12, 2005