(a) All cities in the State having a population in excess of 50,000, as enumerated in the most recent federal census, which have the power to borrow money and issue negotiable bonds and notes to evidence such borrowing are hereby authorized to issue such bonds, and notes in anticipation of the issuance of such bonds, in an amount not in excess of 16 percent of the assessed valuation of real estate taxable by such city. In computing the aggregate principal amount of such bonds and notes of such city there shall be excluded:
(1) All bonds and notes issued by such city for the purpose of providing a supply of water for such city;
(2) All bonds and notes issued by such city for sewer purposes as a part of the sewer system of such city for which such city collects rates, rents or fees;
(3) Any bonds and notes issued by such city for school purposes but not in excess of 3 percent of the assessed valuation of the real estate taxable by such city; however, any such city may issue school bonds and notes within its debt limitation in excess of the 3 percent which is excluded from the aggregate principal amount which may be issued;
(4) All bonds and notes issued by such city for any other purpose for which an exclusion is authorized by law including but not limited to exclusions for bonds and notes issued for parking authority purposes and urban renewal purposes;
(5) Any guaranty or other obligation incurred pursuant to any law and which said law provides shall be excluded from the computation of any debt limitations of such city; and
(6) Bonds issued to fund outstanding notes not otherwise excluded, until such notes are retired.
(b) Bonds may be issued within the limits prescribed herein notwithstanding any debt or other limitation prescribed by any other law; provided, however, that such bonds, or notes issued in anticipation of the issuance of such bonds, must be approved and authorized by the governing body of such city in the same manner as all other obligations of such city are authorized.
(c) The debt limit prescribed by this section shall replace the debt limit specified by any other law, special or general.
22 Del. C. 1953, § 106; 58 Del. Laws, c. 9.
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