AN ACT TO AMEND TITLE 7, DELAWARE CODE, CHAPTER 65, RELATING TO THE INTEREST RATE ON BONDS ISSUED BY THE DELAWARE RIVER BASIN COMMISSION.
WHEREAS, economic and financial conditions throughout the country have resulted in a substantial increase in interest rates over the past several years; and
WHEREAS, Section 12.9 of the Delaware River Basin Compact provides that Commission bonds shall bear an interest rate not to exceed 6 percent per annum, and this requirement may restrict the Commission's ability to finance approved projects; and
WHEREAS, the Delaware River Basin Commission has passed a resolution recommending an amendment to the Compact to change the interest rate allowable from 6 to 8 percent per annum;
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 7, Delaware Code, Chapter 65, Article 12, Section 12.9, is amended by deleting the word "six" as it appears therein and substituting in lieu thereof the word "eight".
Section 2. This Act shall take effect upon the enactment of concurring legislation by the Congress of the United States, the States of Delaware, New Jersey, and New York, and the Commonwealth of Pennsylvania.
Approved June 9, 1970,