HOUSE BILL NO. 405
AN ACT TO AMEND CHAPTER 202, VOLUME 73, ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF OCEAN VIEW" RELATING TO THE LIMITATION ON THE POWER TO RAISE 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 3.111, Chapter 202, Volume 73, Laws of Delaware, entitled "Limitation of Taxing Power", by deleting the Section in its entirety as it presently appears and inserting in lieu thereof the following:
"Section 3.111. Limitation of Taxing Power.
The Town Council shall have the power to levy and collect taxes on real property within the limits of the Town, except that which is not assessable and taxable by virtue of any law of the State of Delaware, to defray the expenses of the Town as determined pursuant to Section 3.110. The power to levy and collect taxes includes such amounts as are necessary to pay the principal and interest on general obligation bonds of the Town, for redemption of maturing bonds and for the maintenance of a sinking fund.".
Approved June 27, 2006