AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED FOR CAPITAL IMPROVEMENTS AND EXPENDITURES FOR THE CONSTRUCTION OF A NEW STATE CORRECTION INSTITUTION AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONEY BORROWED TO THE STATE BOARD OF CORRECTION.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the Members elected to each House concurring therein) :
Section 1. There is appropriated to the State Board of Correction the sum of One Million Three Hundred Thousand Dollars ($1,300,000), or so much thereof as shall be received from the sale of the bonds and notes hereinafter authorized, which shall be used for the construction of a new state correction institution, in addition to other sums previously appropriated.
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 $1,300,000 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. For purpose of identification, the bonds issued pursuant to this authorization Act may be known, styled or referred to as "Capital Improvement Bonds of 1968."
Section 4. There is hereby appropriated from the General Fund 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 such 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.
Approved July 12, 1967.