AN ACT TO VALIDATE THE BONDS ISSUED AND SOLD BY LORD BALTIMORE SCHOOL DISTRICT #28 IN ORDER TO MAKE AVAILABLE FOR THE SCHOOL BUILDING PROGRAM THE LOCAL SHARE OF SAID SCHOOL DISTRICT REQUIRED BY CHAPTER 171, VOLUME 46, LAWS OF DELAWARE, 1947, ALTHOUGH SAID BONDS WHEN ADDED TO OTHER BONDS OUTSTANDING AGAINST SAID SCHOOL DISTRICT EXCEED FIVE PER CENT OF THE ASSESSED VALUE OF THE REAL AND PERSONAL PROPERTY IN SAID SCHOOL DISTRICT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That so much of 2719. Sec. 97. of Chapter 71, Revised Code of Delaware, 1935, as provides that the Board of Education of a Special School District or Board of School Trustees of a School District shall not issue* bonds to carry out the building program of said district in a greater amount in the aggregate than five per cent of the assessed value of the real and personal property in such school district, insofar as the same relates to the bonds authorized by Section 4 of Chapter 171, Volume 46, Laws of Delaware, 1947, to be issued by Lord Baltimore School District #28 after a referendum vote, as therein provided, be and the same is hereby repealed; and the bonds issued and sold by said Lord Baltimore School District #28 in order to make available for the school building program the local share of Two Hundred Thirty-Two Thousand Dollars ($232,000.00) required by said Section 4, Chapter 171, Volume 46, Laws of Delaware, 1947, are hereby validated and declared to be binding obligations of the said Lord Baltimore School District #28, for the due payment of which, principal and interest, the credit of said School District is pledged, notwithstanding that such bonds when added to other bonds outstanding against said School District exceed five per cent of the assessed value of the real and personal property in said School District.