Bill Text: DE HB373 | 2011-2012 | 146th General Assembly | Draft

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Bill Title: An Act To Amend Volume 51, Chapter 237, Laws Of Delaware, As Amended Entitled "an Act To Reincorporate The Town Of Bridgeville" Relating To The Power To Borrow Up To $2,500,000 For Municipal Purposes Without Referendum.

Spectrum: Slight Partisan Bill (Republican 4-2)

Status: (Introduced - Dead) 2012-06-19 - Stricken [HB373 Detail]

Download: Delaware-2011-HB373-Draft.html

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SPONSOR:	Rep. Wilson & Sen. Booth;
	Reps. Hudson, D. Short; Sens. Bunting, Venables

HOUSE OF REPRESENTATIVES

146th GENERAL ASSEMBLY

HOUSE BILL NO. 373

AN ACT TO AMENDVOLUME 51, CHAPTER 237, LAWS OF DELAWARE, AS AMENDED ENTITLED "AN ACT TO REINCORPORATE THE TOWN OF BRIDGEVILLE" RELATING TO THE POWER TO BORROW UP TO $2,500,000 FOR MUNICIPAL PURPOSES WITHOUT REFERENDUM.

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 29, Volume 51, Chapter 237, Laws of Delaware, as amended, relating to POWER TO BORROW MONEY, by making insertions as shown by underlining at the end of the section to read as follows:

Section 29.POWER TO BORROW MONEY

Notwithstanding the foregoing provisions of this section, the Commissioners may authorize the issuance of bonds or other obligations under this section in an aggregate amount of up to $2,500,000 outstanding at any time, without regard to the limitations of the first paragraph of this section and the requirements set forth in paragraphs 1 through 8 of this Section 29, if the Commissioners, by Resolution (adopted by at least a majority of all members elected to the Commissioners) approves of the issuance of bonds or other obligations pursuant hereto for a proper municipal purpose with such Resolution stating the amount of such issuance, the purpose of such issuance, the manner of securing the same, that the amount of such other bonds and obligations issued pursuant to this paragraph does not exceed $2,500,000 and any other facts relating to the issuance which are deemed pertinent by the Commissioners of Bridgeville and in their possession at that time.Such Resolution (or a subsequent Resolution adopted by at least a majority of all members elected to the Commissioners) shall establish the form of the bonds or certificates of indebtedness, the time or times of payments, the interest rate or rates, the classes, the series, the maturity or maturities, the registration, any callable or redeemable features, the denominations and the name or names thereof and any other relative or appurtenant matter pertaining thereto.

SYNOPSIS

This bill authorizes the Commissioners to borrow up to $2,500,000 for proper municipal purposes by issuing bonds or other obligations without the duty of a referendum.