AN ACT TO AMEND CHAPTER 49, TITLE 29, DELAWARE CODE, RELATING TO PLANNING BY PROVIDING FOR ADVANCE LAND ACQUISITION FOR CAPITAL IMPROVEMENTS AND MAKING AN APPROPRIATION THEREFOR FROM THE CAPITAL INVESTMENT FUND AND TO AUTHORIZE SCHOOL DISTRICTS TO ISSUE BONDS AND NOTES THEREFOR.
WHEREAS, there is a need for Advanced Land Acquisition Funds to assist the Administration in the timely acquiring of real property for public use;
WHEREAS, population and development growth appreciates the value of land;
WHEREAS, such cost of appreciation in certain instances can be reduced substantially by early acquisition.
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. Chapter 49, Title 29, Delaware Code, is amended by adding thereto a new subchapter to read :
SUBCHAPTER III. ADVANCED LAND
§4930. Advanced land acquisition fund
(a) A special fund is created in the State Treasury to be known as the "Advanced Land Acquisition Fund" hereafter referred to in this subchapter as "Fund."
(b) The Fund shall initially consist of $3,000,000.
(c) The Fund shall be expended for advance land acquisition by State agencies but shall not include highway right of way acquisition.
§4931. Withdrawals from the fund
(a) Before any sum is withdrawn from the Fund for advanced land acquisition a request shall be made by the agency desiring such land to the State Planning Office and that office shall report to the Budget Commission whether the request is consistent with the Capital Program provided for by section 4910 of this title or the State Planning Office's long-range planning recommendations for the State.
(b) If the State Planning Office recommends approval of the request after determining that the proposed land acquisition is consistent with the Capital Program or its long-range planning recommendations for the State, the Budget Commission may authorize an expenditure from the Fund to cover the cost of such land acquisition.
§4932. Reversion of unused funds
(a) Any monies for advanced land acquisition provided by the Budget Commission to a State agency which shall not be expended by the agency within 12 months shall revert to the Budget Commission to be redeposited in the Fund.
§4933. Reimbursement of the fund
(a) Upon the funding of a capital project for which advanced land acquisition funds have been provided from the Fund, a refund shall be made to the Fund from such funding, by the State Treasurer from the appropriation made for the capital project. In the case of a school district, the local share shall be refunded upon deposit of local funds for the project with the State Treasurer. The local share of the advance land acquisition refund shall be the same percentage as the local share for the total project as authorized.
(b) If Federal funds are received as reimbursement for any lands purchased with the Fund such monies shall be deposited as a refund to the Fund.
(c) In the event land is purchased and then plans for utilization of the site abandoned, the agency, with approval of the Budget Commission may sell the land and shall deposit the receipts to the Fund.
§4934. Idle monies to be held in capital investment fund
Any monies allocated to the Fund under this subchapter which are not immediately needed for the purposes of this subchapter may be held by the Budget Commission in the Capital Investment Fund until needed in the Advanced Land Acquisition Fund.
§4935. Authorization for sale of school district bonds
In the case of a School District, use of funds authorized by this subchapter to purchase land shall constitute authorization for the sale of District Bonds after referendum as provided in Section 7506A of this title.
Section 2. There is hereby appropriated and transferred from the Capital Investment Fund, existing pursuant to Chapter 62, Title 29, Delaware Code, to the Advanced Land Acquisition Fund created by this Act the sum of $3,000,000 or so much thereof as from time to time may be necessary to fulfill the purpose of this Act.
Approved October 26, 1967.