61.0° F- Start Date: 02/20/2010
A RESOLUTION PROPOSING TO BORROW $490,000 FOR CAPITAL COSTS ASSOCIATED WITH IMPROVEMENTS TO THE SOUTH BEDFORD STREET PUMP STATION AND CALLING FOR A PUBLIC HEARING ON THE PROPOSED BORROWING.
WHEREAS, pursuant to Section 34, Chapter 276, Volume 65, Laws of Delaware as amended, the Charter of the Town of Georgetown, the Town Council of the Town is authorized to borrow money and issue bonds or certificates of indebtedness to secure the repayment thereof on the faith and credit of the Town of Georgetown to provide for certain municipal projects and improvements, after holding a public hearing thereon:
WHEREAS, on January 13, 2010 the Town Council did hold a public hearing on the borrowing of said funds, after proper advertisement; and
WHEREAS, the Town Council now proposes to hold a public referendum on the question of borrowing an amount not to exceed $490,000:
1. To provide funds for capital improvements to the South Bedford Street Pump Station to include pump and appurtenance replacement and modification of an existing wet well, addition of a valve vault, tie-in to an existing forcemain, electrical/control work, installation of an emergency generator and site work. The proposed borrowing shall be secured by the full faith and credit of the Town. The Bonds are proposed to be repaid by the general and proprietary revenues of the Town.
NOW THEREFORE, BE IT RESOLVED THE Town Council of the Town of Georgetown proposes to the residents and property owners of the Town that the Town Council proposes to borrow an amount not to exceed $490,000 to provide funds for:
1. To provide funds for capital improvements to the South Bedford Street Pump Station to include pump and appurtenance replacement and modification of an existing wet well, addition of a valve vault, tie-in to an existing forcemain, electrical/control work, installation of an emergency generator and site work. The proposed borrowing shall be secured by the full faith and credit of the Town. The Bonds are proposed to be repaid by the general and proprietary revenues of the Town.
AND BE IT FURTHER RESOLVED that a public referendum shall be held on Saturday, the 20th day of February, 2010, from 12:00 P.M., prevailing time until 5:00 P.M., prevailing time, at the Town Hall, 39 The Circle, Georgetown, Delaware for the purpose of voting on the question of borrowing funds as described herein.
AND BE IT FURTHER RESOLVED that the Town Manager be and he is hereby authorized and directed to cause a notice which shall consist of a true copy of the Resolution to be printed in at least two (2) issues of the Sussex Countain, a newspaper of general circulation in the Town of Georgetown, within thirty (30) days prior to the date set forth in this Resolution for the public referendum.
ADOPTED by a majority vote of the Town Council of Georgetown this 13th day of January, 2010.
Edwin A Lambden
Edwin A Lambden
Mayor
Sue H Barlow
Sue H Barlow
Secretary of the Council
