FORMERLY SENATE BILL
AN ACT TO PERMIT THE LAUREL SCHOOL DISTRICT TO TRANSFER CERTAIN FUNDS FROM ITS LOCAL DEBT SERVICE ACCOUNT TO THE CONSTRUCTION FUND ACCOUNT OF 1967.
WHEREAS, the inflationary spiral inevitably affected the Laurel School District Construction Fund Account largely because of the considerable lapse of time between bond authorization in 1967 and the actual letting of the contract in 1970; and
WHEREAS, additional construction funds are needed for such projects as sidewalks, chain link fence for the athletic field, and canopies for students entering and exiting the school building; and
WHEREAS, the Laurel District Debt Service Account carries more than enough surplus to allow a $100,000 transfer without any change in the tax structure; and
WHEREAS, the supplement for construction — Certificate No. 218 (1967) was approved by the State Board of Education on April 20, 1972;
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all members thereof concurring therein):
Section 1. The Laurel School District is hereby authorized to transfer the sum of $100,000 from its local debt service account to its 1967 Construction Fund Account.
Approved July 14, 1972.