Senate Substitute 2 for Senate Bill 50
150th General Assembly (Present)
Becomes effective upon date of signature of the Governor or upon date specified
AN ACT TO AMEND TITLE 14 AND TITLE 29 OF THE DELAWARE CODE RELATING TO THE ESTABLISHMENT OF A COMMUNITY COLLEGE INFRASTRUCTURE FUND.
Delaware's statewide community college system, operated by Delaware Technical and Community College (“the College”), plays a critical role in the State's economy by providing workforce development, vocational training, and transfer education that connects Delawareans with good paying jobs within the State and region. This Act gives the College’s Board of Trustees the authority to issue bonds to finance the cost of major and minor capital improvements, deferred maintenance, and the acquisition of related equipment and educational technology and establishes the Community College Infrastructure Fund (“the Fund”) to pay the principal and interest on such bonds. Any promissory notes or bonds must be approved separately prior to issuance by the General Assembly in a bond and capital improvement act. This Act is a substitute for and differs from Senate Bill No. 50 by deleting the property tax component and instead provides that it is the intent of the General Assembly to appropriate at least $10 million for deferred maintenance for the next 5 years to be deposited to the Fund together with such other funds as may be deposited by the College from sources including, but not limited to, tuition and fees, private funds, non-state grants and federal support. This Act also provides a mechanism, but not an obligation, for the state to provide matching funds for minor capital improvement projects consistent with existing matching provisions for public education. This Act also makes technical corrections.