AN ACT TO AMEND CHAPTER 21, TITLE 14, DELAWARE CODE, RELATING TO LOCAL SCHOOL BONDS BY PROVIDING FOR TEMPORARY USE OF SCHOOL FUNDS FOR CAPITAL IMPROVEMENTS.
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 21, Title 14, Delaware Code, is amended by inserting a new section 2102 (a) which shall read as follows:
§ 2102 (a). Temporary use of funds
The School Board of any District may advance funds which by law may be used only for stated purposes and which are not immediately required for the purpose or purposes for which the same were raised or otherwise made available for the purpose or purposes for which an issue of bonds has been authorized. Suitable records shall be kept of the temporary diversion of such funds. Such funds shall be made again available to the District from the proceeds of such bonds or from the proceeds of the sale of bond anticipation notes issued in anticipation of the sale of such bonds.
Section 2. Advances made prior to the effective date of this Act and reimbursements of such advances from the proceeds of bonds or bond anticipation notes are hereby validated.
Approved June 30, 1970.