DE HB82

Amends the Charter of the Town of Dewey Beach to establish a process for Town Commissioners to borrow money for the 2011 Bayard Avenue Construction Project (storm drainage and storm water management improvements).

Authorizes Commissioners to issue bonds, certificates of indebtedness, notes, or other obligations up to $927,675.00 for the project upon adoption of a Resolution by at least a majority of Commissioners.

Requires Commissioners to conduct a public hearing before adopting the borrowing Resolution, with notice published in a local newspaper at least one week prior or posted in four public places in the Town.

The authorizing Resolution must specify the form of bonds or obligations, payment times, interest rates, maturity dates, denominations, callable features, whether sold publicly or privately, and other pertinent terms.

Declares provisions of the Act severable so that if any provision is deemed invalid, the remaining provisions remain enforceable.