CHAPTER 438
AN ACT PROVIDING FOR THE FUNDING OF MONIES APPROPRIATED BY CHAPTER 414 OF VOLUME 56 OF THE LAWS OF DELAWARE AND SPECIFYING THE PURPOSES FOR WHICH SUCH MONEY MAY BE SPENT AND REAFFIRMING SAID APPROPRIATION.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the members elected to each branch thereof concurring therein):
Section 1. The funds appropriated to the State Board of Education by Chapter 414 of Volume 56 of the Laws of Delaware, are hereby directed to be allocated to the following school districts for school construction purposes in the following respective amounts:
|
Name of District
|
Total Cost
|
State Share
|
Local Share
|
|
(a) Caesar Rodney
|
$111,000
|
$ 67,000
|
$ 44,000
|
|
(b) Alfred I. duPont
|
115,000
|
70,000
|
45,000
|
|
(c) Capital
|
128,000
|
77,000
|
51,000
|
|
(d) Indian River
|
12,000
|
7,000
|
5,000
|
|
(e) Newark
|
269,000
|
161,000
|
108,000
|
|
TOTAL
|
$635,000
|
$382,000
|
$253,000
|
An allocation of such funds in accordance with the above allocation is hereby ratified and confirmed.
Section 2. Any of the funds appropriated herein remaining unexpended at the end of any fiscal year shall not revert to the General Fund, but shall remain to be used for the purposes set forth in this Act.
Section 3. The said sum of $382,000 shall be borrowed by the issuance of bonds and bond anticipation notes upon the full faith and credit of the State of Delaware. Such bonds and notes shall be issued in accordance with the provisions of Chapter 74, Title 29, Delaware Code, and Chapter 75, Title 29, Delaware Code, where applicable. For purposes of identification, the bonds issued pursuant to this authorization Act may be known, styled or referred to as "Capital Improvement Bonds of 1969". Any bonds issued pursuant to Chapter 414 of Volume 56 of the Laws of Delaware are hereby deemed to have been validly issued, and any budget appropriations made for the payment of interest of and principal on such bonds are hereby ratified and confirmed.
Section 4. There is appropriated from the General Fund of the State such sums as may be necessary for the expenses incident to the issuance of the bonds and notes herein authorized, and such further sums as may be necessary to pay any interest which becomes due on such bonds and notes during the current fiscal year and such further sums as may be necessary for the repayment of the principal of any of the said bonds which become due during the current fiscal year. Vouchers for the payment of the expenses incident to the issuance of bonds and notes and for the interest and repayment of said notes shall be signed by the Secretary of State by and with the approval of the Issuing Officers. Any moneys received from the premium and accrued interest on the sale of said bonds shall be deposited to the credit of the General Fund.
Section 5. The Budget Appropriation Bill which shall be enacted and approved by the General Assembly for the fiscal year next following the issuance of any bonds for the proposed Chapter 414 of Volume 56 of the Laws of Delaware in this Act and for each subsequent fiscal year or biennium, shall contain under the Debt Service Item provisions for the payment of interest and principal maturities of the bonds (or notes which are not to be funded by the issuance of bonds) issued under the authority of this Act, and such of the revenues of the State of Delaware as are not prohibited by constitutional provisions or committed by preceding statutes for other purposes are hereby pledged for the redemption and cancellation of said bonds and payment of interest thereon.
Section 6. Any funds borrowed pursuant to this Act and remaining unexpended after the completion of the programs the costs of which are supplemented by the appropriation made by this Act and any funds borrowed pursuant to this Act and remaining unexpended because a project is not timely undertaken, shall be deposited in a special account and appropriated against future capital improvement bond requirements. Any Federal funds received as reimbursement for funds appropriated by this Act shall be deposited in a special account and applied against future capital improvement bond requirements.
Section 7. None of the moneys appropriated by this Act shall be expended unless a contract for: the expenditure of such moneys is entered into as required by the original Act allocating moneys to the particular school construction program for the payment of the cost of which the funds hereby appropriated are supplemental.
Section 8. No bonds or notes shall be issued or moneys borrowed on behalf of this State, pursuant to this Act, after June 30, 1976, except as provided in Chapter 75, Title 29, Delaware Code.
Approved May 20, 1970.