CHAPTER 250
FORMERLY
HOUSE BILL NO. 740
AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY AND TO ISSUE BONDS AND NOTE THEREFOR; AND APPROPRIATING THE FUNDS THUS OBTAINED TO THE DIVISION OF PARKS AND RECREATION OF THE DEPARTMENT OF NATURAL RESOURCES AND ENVIRONMENTAL CONTROL, TO BE UTILIZED IN THE IMPROVEMENT AND RESTORATION OF PEA PATCH ISLAND AND THE OLD CANAL LOCK FACILITIES AT DELAWARE CITY.
Be it enacted by the General Assembly of the State of Delaware (three fourths of all members elected to each House thereof concurring therein):
Section 1. There is hereby appropriated to the Division of Parks and Recreation of the Department of Natural Resources and Environmental Control the sum of one million nine hundred seventy-three thousand five hundred dollars ($1,973,500.00), or so much thereof as may be necessary for carrying out the purposes of this Act, which money shall be used for the purposes set forth in Section 6 of this Act.
Section 2. None of the funds appropriated by this Act shall be expended before July 1, 1975. None of the funds appropriated by this Act shall be expended after June 30, 1980.
Section 3. The sum of one million nine hundred seventy-three thousand five hundred dollars ($1,973,500.00), or so much thereof as may be necessary for carrying out the purposes of this Act, 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 of the Delaware Code, and Chapter 75, Title 29 of the Delaware Code, where applicable.
Section 4. There is hereby appropriated from the General Fund of the State of Delaware such sums as may be necessary for the expenses incident to the issuance of 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 funds 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 effective date of this Act and for each subsequent fiscal year or biennium, shall contain under the Debt Service Appropriation 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. The sum of one million nine hundred seventy-three thousand five hundred dollars ($1,973,500.00), and any funds subsequently appropriated for this purpose, is hereby appropriated to the Department of Natural Resources and Environmental Control, to be utilized by the Division of Parks and Recreation in the improvement and restoration of Pea Patch Island and the old canal lock facilities at Delaware City.