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DE HB374

Bill

Official Source

Status

Passed

7/18/2012

Primary Sponsor

Daniel Short

Click for details

Origin

House of Representatives

146th General Assembly

AI Summary

  • Amends the Town of Bridgeville's charter to allow borrowing of up to $4,000,000 from Federal or State sources without referendum requirements
  • Eligible borrowing must have a zero percent interest rate and include 100% forgiveness of principal upon successful project completion
  • Requires Commissioners approval by majority resolution specifying the borrowing amount, municipal purpose, and project details
  • Mandates a public hearing with notice posted at least seven days in advance that discloses the total amount to be borrowed and the specific projects to be financed
  • Applies all other provisions of the existing borrowing section except the referendum and other specified requirements in paragraphs 1-8

Legislative Description

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 Money From The State Or Federal Government Without Referendum.

Last Action

Signed by Governor

7/18/2012

Committee Referrals

Administration6/6/2012

Full Bill Text

No bill text available