CHAPTER 425

FORMERLY SENATE BILL

NO. 675

AN ACT TO PERMIT THE MILFORD SCHOOL DISTRICT TO TRANSFER CERTAIN FUNDS FROM ITS DEBT SERVICE ACCOUNT (FUND 81) TO ITS LOCAL FUNDS ACCOUNT (FUND 80).

WHEREAS, the Milford School District needs operating funds for the fiscal year 1972 to cover increases in expenditures and a decrease in revenue; and

WHEREAS, the Milford School District's Debt Service Account carries more than enough surplus to allow a THIRTY THOUSAND DOLLAR ($30,000) transfer without any change in the tax structure from said Debt Service Account; and

WHEREAS, a portion of said surplus was earned as a result of interest paid and accumulated construction funds on deposit while the high school was under construction; and

WHEREAS, the Milford School District needs said THIRTY THOUSAND DOLLARS ($30,000) in its Local Funds Account.

NOW, THEREFORE:

Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the members thereof concurring therein):

Section 1. The Milford School District is hereby authorized to transfer the sum of THIRTY THOUSAND DOLLARS ($30,000) from its Local Debt Service Account (Fund 81) to its Local Funds Account (Fund 80).

Approved June 14, 1972.