AN ACT TO AMEND CHAPTER 189, VOLUME 43, LAWS OF DELAWARE, ENTITLED "AN ACT CHANGING THE CORPORATE NAME OF 'THE COMMISSIONERS OF WYOMING' TO 'THE TOWN OF WYOMING' AND ESTABLISHING A CHARTER THEREFOR," RELATING TO FLOATING DEBT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all the members of each branch of the Legislature concurring therein):
Section 1. That Section 38 of Chapter 189, Volume 43, Laws of Delaware, be and the same is hereby amended by striking out and repealing all of said section and inserting in lieu thereof a new Section 38 as follows:
Section 38. The Town Council of said Town shall have full power and authority to borrow upon the faith and credit of the Town of Wyoming the sum or sums of money, not exceeding Five Thousand Dollars ($5,000.00) in any one fiscal year, when in the opinion of the majority of Council the needs of said Town demand it. Said Council may secure said sum or sums of money by promissory notes or certificates of indebtedness of the Town of Wyoming, duly authorized by resolutions of Council, and signed by the President, or by the acting President, of the Council and by the Secretary, either with or without the corporate seal of the Town, affixed as is requested by the bank or person advancing the money on said notes or certificates, and no officer nor member of Council shall be personally liable for the payment of such notes or certificates because it is signed by them as officers of the Council, and is authorized by the resolution of the Council. Provided, however, any sum or money borrowed on the faith and credit of the Town of Wyoming as aforesaid in any fiscal year shall be paid out of the general funds of the Town, at the minimum rate of twenty-five per centum per fiscal year and shall be paid at the end of four fiscal years follow-
ing the first fiscal year which said money was borrowed with interest thereon; and provided further, that no borrowing of money shall be authorized by this Act in excess of the Five Thousand ($5,000.00) Dollar limitation herein fixed until the total amount borrowed hereunder up to the Five Thousand ($5,000.00) Dollar limit shall have been fully repaid, except that should the Town Council deem additional borrowing in excess of the amount herein provided to be for the benefit of the Town the said Town Council may cause a referendum to be held in the manner prescribed for other town elections, in which the qualified and legal voters of the Town, after full explanation and advertisement of the need for additional borrowing may vote for or against the same. If after such referendum, the majority of voters cast their votes for additional borrowing, the Town Council may borrow additional sums beyond the limit of Five Thousand ($5,000.00) Dollars, notwithstanding repayment of prior borrowing has not been made.