AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED BY THE UNIVERSITY OF DELAWARE FOR THE RENOVATION AND REMODELING OF BROWN LABORATORY AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONEYS TO THE UNIVERSITY OF DELAWARE AND PROVIDING FOR THE REDUCTION IN APPROPRIATIONS AUTHORIZED BY THE "ANNUAL CAPITAL IMPROVEMENT ACT OF 1967."
WHEREAS, statistical forecasts with respect to the study of chemistry at the University of Delaware indicate that in the next ten years the number of students enrolling for the study of chemistry is expected to triple, the number of individual students majoring in chemistry is also expected to triple, and the teaching staff is expected to double; and
WHEREAS, during the academic year 1967-1968, every available laboratory space, both graduate and undergraduate, was filled to capacity and the laboratory space situation for the Fall of 1968 is extremely critical; and
WHEREAS, there is a critical need for 8,000 to 10,000 square feet of new space at the University of Delaware for the teaching of chemistry; and
WHEREAS, the space in Brown Laboratory which has been vacated by the Chemical Engineering Department will answer the needs of the University of Delaware for additional space if proper renovations are made,
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. There is appropriated to the University of Delaware the sum of one million five hundred and fifty thousand
dollars ($1,550,000), or so much thereof as shall be received from the sale of the bonds and notes hereinafter authorized, which shall be used for the renovation and remodeling of Brown Laboratory at the University of Delaware.
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 one million five hundred and fifty thousand dollars ($1,550,000) 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 1969."
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 for the repayment of the principal of any of the said bonds which becomes 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.
Section 6. In the event the University of Delaware obtains a grant under Title II of the Higher Education Act of 1965 to defray in part the cost of the renovation and remodeling of Brown Laboratory at the University of Delaware, the appropriation herein provided for shall be reduced by the amount of such grant.
Section 7. The sum of three hundred and seventy-two thousand dollars ($372,000) is hereby reduced from the appropriation authorized to the University of Delaware by the "Annual Capital Improvement Act of 1967," Section 7 (m), Volume 55, Chapter 429, Laws of Delaware for a capital project specifically identified in the "1967 Annual Capital Project Schedule" as the "Nursing School Facility."
Approved August 5, 1968.