CHAPTER 111
FORMERLY SENATE BILL NO. 249
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND AN ACT BEING CHAPTER 166, VOLUME 37, LAWS OF DELAWARE ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF SELBYVILLE" AS AMENDED, BY REPEALING CHAPTER 165, VOLUME 41, LAWS OF DELAWARE AND ADDING A NEW SUBSECTION TO SECTION 4, CHAPTER 166, VOLUME 37, LAWS OF DELAWARE, AUTHORIZING THE BORROWING AGAINST ANTICIPATED REVENUE.
Be it enacted by the General Assembly of the State of Delaware ( two-thirds of all members elected to each branch concurring therein):
Section 1, Chapter 165, Volume 41, Laws of Delaware, be and the same is hereby repealed.
Section 2, Section 4, Chapter 166, Volume 37, Laws of Delaware, as amended, be and the same is hereby further amended by adding at the end thereof a new subsection designated as Subsection 24 to read as follows:
Section 24. To anticipate revenue by borrowing upon the faith and credit to The Mayor and Council of The Town of Selbyville, the sum or sums of, not exceeding Fifty Thousand Dollars ($50,000.00) in any one fiscal year, when, in the opinion of the majority of the said Town Council, the needs of The Town of Selbyville demand it. The Town Council may secure said sum or sums of money so borrowed by promissory notes of the Mayor and Council of The Town of Selbyville, duly executed by The Mayor and Council of Selbyville and attested by the Secretary, either with or without the corporate seal of The Mayor and Council of The Town of Selbyville, affixed as is requested by the bank or person advancing the money on said notes, and neither the Mayor nor any Councilman shall be personally liable for the payment of such notes because it is signed by them as Officers of The Town of Selbyville, and is authorized by the resolution of the Town Council; provided, however, any sum of money borrowed on the faith and credit of The Mayor and Council of The Town of
Selbyville, as aforesaid, in any fiscal year, shall be paid out of the general funds of the Town, at the minimum rate of Ten (10) per centum 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 the principal and interest shall be exempt from taxation by the State of Delaware and any political subdivision thereof.
Approved June 5, 1971