AN ACT MAKING AN APPROPRIATION TO THE UNIVERSITY OF DELAWARE FOR CERTAIN CAPITAL IMPROVEMENTS, AND AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY AND ISSUE BONDS AND NOTES THEREFOR.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the Members elected to each House thereof concurring therein):
Section 1. There is hereby appropriated to the University of Delaware the sum of Six Hundred Thousand Dollars ($600,000) to be expended by the Board of Trustees of the University of Delaware for capital improvements to include the completion of the renovation to the existing Carpenter Fieldhouse and gymnasium in conjunction with the construction of the new physical education and athletic facilities.
Section 2. Any of said appropriated funds 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 Six Hundred Thousand Dollars ($600,000) 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, where applicable. For purposes of identification, the bonds issued pursuant to this authorization Act may be known, styled or referred to as "Capitol Improvement Bonds of 1966".
Section 4. There is hereby 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 effective date of 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 unexpended funds authorized by this Act remaining after the completion of the construction authorized by this Act shall be deposited in a special account and such funds shall be applied against future capital improvement bond requirements.
Section 7. The Issuing Officers may advertise for bids as provided in Chapter 74, Title 29, Delaware Code, and may issue and sell the bonds and bond anticipation notes provided for in Section 3 hereof, immediately after the effective date of this Act, and the moneys appropriated by this Act may be used prior to July 1, 1966. No construction shall be started nor any moneys shall be borrowed under the authority of this Act later than 2 years after the effective date of this Act, except such moneys as are necessary to complete construction started prior to two years after the effective date of this Act.
Approved April 28, 1966.