Delaware § 6102 - Borrowing power; limitations.

§ 6102. Borrowing power; limitations.

(a) The government of Sussex County may, from time to time, borrow money in such amounts as it may find necessary promptly to pay the county warrants issued by it, and may issue certificates of indebtedness as evidence thereof; provided, however, that the amount of money borrowed shall not, at any 1 time, exceed the sum of $2,000,000.

(b) Any money so borrowed shall be applied to the particular fund for which it shall be borrowed, and shall be repaid from the taxes apportioned to such funds, as the taxes shall be collected. If the taxes apportioned to any fund, as to which money shall be borrowed, shall not in any year, be sufficient to repay such money, the deficiency shall be considered in making up the annual budget or estimate for the next year, and a tax rate shall be levied and apportioned sufficient to equalize such deficiency.

(c) The government of Sussex County may, from time to time, borrow money in such amounts as it may find necessary from federal and state grant funds, provided, that the same shall not be subject to the limitations set forth in subsection (a) of this section, that the same shall be repaid as set forth in subsection (b) of this section, and that the same shall be permitted by the granting authority.

Code 1915, §  1048A;  28 Del. Laws, c. 76, §  5;  29 Del. Laws, c. 68, §  1;  Code 1935, §  1201;  9 Del. C. 1953, §  6111;  50 Del. Laws, c. 114, §  1;  57 Del. Laws, c. 762, §  5B;  61 Del. Laws, c. 209, §  1;  61 Del. Laws, c. 394, §  1;