DE HB432

Removes the 4.5% cap on indebtedness the Town of Elsmere may incur to meet current expenses, allowing unlimited short-term borrowing.

Replaces the previous debt limitation of 4.5% of assessed real property value with a fixed $20 million cap for borrowing related to municipal repairs and improvements.

Eliminates the requirement for a referendum and two-thirds voter approval before the Town may issue bonds for borrowing.

Removes the requirement that bonds be sold to the highest bidder after publication in newspapers and financial publications.

Maintains the public notification process through Council resolution and newspaper publication of hearing announcements.