CHAPTER 62 - APPROPRIATION - ROSE HILL-MINQUADALE SCHOOLS

AN ACT TO PROVIDE FOR THE CONSTRUCTION OF ADDITIONAL FACILITIES AT ROSE HILL AND MINQUADALE SCHOOLS IN ROSE HILL-MINQUADALE SCHOOL DISTRICT NO. 47, NEW CASTLE COUNTY, MAKING APPROPRIATION THEREFOR, AND AUTHORIZING SAID SCHOOL DISTRICT TO BORROW MONEY AND ISSUE BONDS FOR THE PAYMENT THEREOF.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (three-fourths of all the members elected to each branch thereof concurring therein):

Section 1. There is hereby appropriated to the State Board of Education, the sum of Sixty Thousand Dollars ($60,000) for the purpose of constructing additional facilities and equipping the same at the Minquadale and Rose Hill Schools located in Rose Hill-Minquadale School District No. 47, New Castle County.

Section 2. The appropriation contained in Section 1 hereof shall be available for said purposes only on condition that a sum of Forty Thousand Dollars ($40,000) shall be made available for a like purpose by the Board of School Trustees of the Rose Hill Minquadale School District No, 47. To this end the said Board of School Trustees is hereby directed to hold a Special election for the purpose of issuing bonds in the sum of Forty Thousand Dollars ($40,000) in accordance with the provisions of Article 11 of Chapter 71 of the Revised Code of Delaware, 1935. Said special election shall be held in the School District on or before September 1, 1945. In the event that the issuance of such bonds is authorized at said special election and that such bonds are sold on or before May 1, 1946, the said sum of Forty Thousand Dollars ($40,000) made available by said Board of School Trustees and the sum of Sixty Thousand Dollars ($60,000) appropriated by Section 1 hereof shall be deposited in a special account in the State Treasury to the credit of said School District, to be known as the "Construction Account for the Minquadale and Rose Hill Schools" and shall be paid out by the State Treasurer on warrants drawn from time to time by the State Board of Education for the purposes expressed in Section 1 hereof. No part of said sum of One Hundred Thousand Dollars ($100,000) held in said Construction Account for the Minquadale and Rose Hill Schools shall revert to the General Fund of the State Treasury, but said sum shall remain available until all of it has been expended for the purposes set forth in Section 1 hereof.

Section 3. In the event that said sum of Forty Thousand Dollars ($40,000) shall not be made available by the said Board of School Trustees on or before May 1, 1946 in accordance with the provisions of Section 2 hereof the appropriation provided for in Section 1 hereof shall lapse and become void.

Section 4. That the Governor and the State Treasurer and the Secretary of State of the State of Delaware herein sometimes referred to as the "issuing officers", are hereby authorized, fully empowered and directed, to borrow upon the faith and credit of the State of Delaware a sum of money not in excess of Sixty Thousand Dollars ($60,000.00) to be used for the purpose of providing the State appropriation hereinabove mentioned.

Section 5. That the said bonds, issued in accordance with the provisions of Section 8 of this Act, shall be a direct general obligation of the State, and the public faith and credit of the State is hereby expressly pledged for the full and complete payment of the debt, principal and interest. The principal and interest of the said bonds shall be exempt from taxation by the State or by any political subdivision thereof, for any purpose whatsoever.

Section 6. That the said bonds shall be signed in the name of the State of Delaware by the Governor, the Secretary of State, and the State Treasurer, and shall have the great seal of the State impressed thereon. Attached interest coupons shall be authenticated by the signature or facsimile signature of the State Treasurer. The said bonds may be issued notwithstanding that any of the officers signing them or whose facsimile signature appears on the coupons shall have ceased to hold office at the time of such issue or at the time of the delivery of said bonds.

Section 7. That the said bonds shall recite that they are issued for the purpose set forth in Section 1 of this Act, and that they are issued in pursuance of this Act and the constitution of this State, and such recital shall be conclusive evidence of the authority of the State to issue said bonds and of their validity. Any such bonds containing such recital shall, in any suit, action or proceeding involving their validity, be conclusively deemed to be fully authorized by this Act and to have been issued, executed and delivered in conformity herewith, and shall be incontestable for any cause.

Section 8. That the said bonds shall be in such form and in such denomination and may contain such other and further recital and be subject to such terms and conditions, with such privileges as to registration, conversion, reconversion, redemption and exchange, and may contain such other provisions, as may be determined by the said "issuing officers."

Section 9. That the said bonds shall bear interest payable semi-annually at a rate of interest not exceeding two and one-half per centum (21/2%). per annum.

Section 10. That the said bonds shall mature as the "issuing officers" may determine; provided, however, that the principal amount of said bonds shall be made to fully mature within ten (10) years from the date of issue thereof.

Section 11. That all money received from the sale of the said bonds of the State of Delaware authorized under the provisions of this Act shall be deposited by the State Treasurer in a special fund, at the Farmers Bank of the State of Delaware at Dover, to be known as the "School Building Account for Rose Hill Minquadale School District No. 47 in New Castle County", as provided in Section 5 hereof, and shall be used exclusively for the purposes set forth in this Act.

Section 12. This Act, insofar as it makes appropriation of State moneys, shall be known as a Supplementary Appropriation Act and the moneys hereby appropriated shall be paid out of the General Funds of the State Treasury not otherwise appropriated.

Approved April 24, 1945.