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DE SB110
Bill
AI Summary
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Amends Section 34 of the Town of Georgetown Charter to allow borrowing up to $5,000,000 from Federal or State sources without a referendum or special election.
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Allows bonds, certificates of indebtedness, notes, or other obligations to be issued if the interest rate is fixed at 0% and the principal is 100% forgiven upon successful project completion.
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Requires the Town Council to conduct a public hearing and adopt a resolution by majority vote approving the issuance, stating the amount, purpose, and security arrangements.
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Exempts qualifying borrowings from certain standard charter requirements in paragraphs (3)-(8) of subsection (a) while keeping all other charter provisions applicable.
Legislative Description
An Act To Amend The Charter Of The Town Of Georgetown Relating To The Power To Borrow Money And Issue Bonds And Other Obligations.
Last Action
Signed by Governor
7/25/2011