BILL NO. 402
AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY FOR THE CONTINUED PAYMENT TO PERSONS WHO SERVED OR WILL SERVE IN THE ARMED FORCES OF THE UNITED STATES DURING THE VIETNAM CONFLICT; TO AUTHORIZE THE ISSUANCE OF BONDS AND BOND ANTICIPATION NOTES THEREFOR AND APPROPRIATE THE MONEY BORROWED TO THE DEPARTMENT OF FINANCE.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all members elected to each house concurring therein):
Section 1. There is appropriated to the Department of Finance the sum of $500,000.00 or so much thereof as shall be received from the sale of Bonds and Notes hereinafter authorized, which shall be used for the purpose of continued payment of Bonuses to the Veterans of the Vietnam Conflict.
Section 2. Any of said appropriated funds remaining unexpended at 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 $500,000.00 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 authorized and issued as provided in Chapter 74, Title 29, Delaware Code. Such Bonds and Notes may be sold at either public or private sale and may be issued at one time or from time to time as the funds appropriated hereby become necessary. For purpose of identification, the Bonds issued pursuant to this authorization Act may be known, styled or referred to as Delaware Veterans Bonus Bonds of 1972.
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 becomes due during the current fiscal year. Vouchers for the payment of the expenses incident to the issuance of Bonds and Notes shall be signed by the Secretary of State by and with the approval of the Issuing Officers. Vouchers for the payment of interest and repayment of said Bonds and Notes shall be signed by the Secretary or his designee of the Department of Finance. Any monies received from the premium and accrued interest on the sale of said Bonds and Notes 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 each 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 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 November 16, 1971.