DE SB52

Increases the aggregate debt limit for long-term borrowing from 15% to 25% of total assessed value of non-tax-exempt real property in the City of Harrington.

Raises the short-term borrowing cap from $500,000 to 5% of total assessed value of non-tax-exempt real property, with repayment extended from 5 years to 10 years.

Establishes a new category allowing City Council to borrow up to 3.5% of assessed property value without voter approval if a super-majority (5 of 6 members) approves after a public hearing, limited to specific municipal purposes including water/sewer systems, streets, and municipal buildings.

Long-term borrowing for other municipal purposes above these thresholds continues to require voter approval through special election, with a 60-day statute of limitations for challenging bond authorization.