Delaware Code Title 22 Sec. 830 – Amendments relating to bonded indebtedness and taxing powers
(a) No municipal corporation, the charter of which imposes a limitation on the indebtedness of the municipal corporation, shall amend its charter, pursuant to this chapter, so as to permit it to raise the limitation on its total indebtedness, except that any municipal corporation which may amend its charter pursuant to this chapter may adopt a charter amendment, pursuant to this chapter, which provides that:
(1) Capital improvement bonds may be authorized payable in not more than 30 years from date of issue;
(2) The bonds may be issued from time to time, as long as the total bonded indebtedness of the municipal corporation does not exceed 15% of the total assessed value of all the real estate subject to taxation located within the municipal corporation;
(3) Any other provision relating to the issuance and payment of the bonds which is not inconsistent with paragraphs (a)(1) and (2) of this section.
Terms Used In Delaware Code Title 22 Sec. 830
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Charter amendment: means language which will amend, adopt or repeal a municipal charter. See Delaware Code Title 22 Sec. 801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Municipal corporation: includes all cities, towns and villages created before or after December 28, 1961, under any general or special law of this State for general governmental purposes which possess legislative, administrative and police powers for the general exercise of municipal functions and which carry on such functions through a set of elected and other officials. See Delaware Code Title 22 Sec. 801
(b) No municipal corporation, the charter of which imposes a limitation on the taxing power of the municipal corporation, shall amend its charter, pursuant to this chapter, so as to permit the municipal corporation to increase the amount of money that may be raised by taxes or to permit the levying of any new taxes, except that any such municipal corporation which may amend its charter pursuant to this chapter may adopt a charter amendment pursuant to this chapter which provides that the municipal corporation may raise, in addition to the taxes necessary to service the bonded indebtedness of the municipal corporation, by taxes upon real estate, a sum of money not in excess of 2% of the total assessed value of all the real estate subject to taxation located within the municipal corporation.
22 Del. C. 1953, § ?830; 53 Del. Laws, c. 260.;