CHAPTER 56
AN ACT TO AMEND AN ACT BEING CHAPTER 42, VOLUME 53, LAWS OF DELAWARE, TO PERMIT THE SETTING ASIDE OF A PORTION OF THE NET RECEIPTS OF THE MUNICIPAL LIGHT AND POWER PLANT AS A RESERVE.
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. Subsection (A), Section 33, Chapter 42, Volume 53, Laws of Delaware, as amended, is hereby further amended by striking out all of said Subsection and substituting in lieu thereof the following:
(A) The City Council of Seaford is hereby enjoined to set aside twenty-five percent, (25%) of the net receipts of the municipal light and power plant as a reserve fund to be held in trust to be used solely for the erection of a new plant or some addition to the existing plant, or for the replacement, expansion, rebuilding, or improvement of the municipal light and power plant at Seaford; provided, however, that after the said reserve fund shall have reached the amount or value of Two Hundred Thousand Dollars ($200,000.00) in hand, it will no longer be mandatory to continue to add to the reserve until the reserve again falls below the figure.
Section 2. Subsection (B), Section 33, Chapter 42, Volume 53, Laws of Delaware, as amended, is hereby further amended by striking out all of said Subsection and substituting in lieu thereof the following:
(B) The City of Seaford is hereby enjoined to set aside ten per cent (10%) of the net receipts of the municipal light and power plant as a reserve fund to be held in trust to be used solely for the expansion, replacement, rebuilding or improvement of the electrical transmission system outside of the plant itself ; provided, however, that after the said reserve fund shall have reached the amount or value of One Hundred Thousand
($100,000.00) in hand, it will no longer be mandatory to continue to add to the reserve until the reserve again falls below the figure.
Section 3. Subsection (C) , Section 33, Chapter 42, Volume 53, Laws of Delaware, as amended, is hereby amended by striking out all of said Subsection and substituting in lieu thereof the following:
(C) Whenever from time to time the fund mentioned in paragraph (A) shall have reached Two Hundred Thousand Dollars ($200,000.00) of the fund mentioned in paragraph (B) shall have reached One Hundred Thousand Dollars ($100,000.00) or both, the City Council of Seaford may use the entire net income of the municipal light and power plant for such purposes as it shall see fit, but the necessity to accumulate a reserve shall always be upon the city officials so long as either of these reserve funds is below the figure indicated herein.
Approved July 5, 1967.