CHAPTER 16 - TRANSFER OF FUNDS FROM SINKING FUND TO THE GENERAL FUND

AN ACT AUTHORIZING AND DIRECTING THE STATE TREASURER TO TRANSFER MONEY FROM THE SINKING FUND OF THE STATE TO THE GENERAL FUND.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

WHEREAS, it is proposed to refund the outstanding State Highway Bonds, by issuing in lieu thereof and in payment thereof, new Bonds at a lower rate of interest; and

WHEREAS, in the refunding of the said Bonds by issuing new Bonds at a lower rate of interest, there will be in the Sinking Fund the sum of Six Hundred Thousand Dollars that will not be needed for Sinking Fund Purposes.

Therefore, be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That, if and when, the outstanding State Highway Bonds have been refunded by the issuing of new Bonds at a lower rate of interest, and a sum equal to Six Hundred Thousand Dollars is thereby saved to the State in interest and therefore no longer required to be retained in the Sinking Fund of the State, then and in such event, the State Treasurer be and he is hereby authorized, fully empowered and directed to transfer from the Sinking Fund to the General Fund the sum of Six Hundred Thousand Dollars.

Section 2. That any act or any part of any act inconsistent with the provisions of this Act be and the same is hereby repealed to the extent and only to the extent of any such inconsistency.

Approved April 15, 1935.