SENATE BILL NO. 3
AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED FOR THE LOCAL SHARE OF SCHOOL CONSTRUCTION PROGRAMS AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONEYS TO THE STATE BOARD OF EDUCATION ON BEHALF OF LOCAL SCHOOL DISTRICTS.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the members elected to each branch thereof concurring therein):
Section 1. There is appropriated to the State Board of Education for school construction purposes in the School Districts hereinafter set forth in Section 2 of this Act the sum of $5,860,257 constituting the sum total of the respective local shares of school construction programs authorized by Annual Capital Improvement Acts of the General Assembly of the State of Delaware or local referendums adopted prior to the effective date of this Act for the financing of which such School Districts have not issued bonds.
Section 2. The funds appropriated by this Act may be used for the costs of the purposes for which such local shares were authorized in the respective amounts allocated to each School District as follows:
Name of School District Chapter & Volume Amount
School Chap. 578, Vol. 58 $1,105,000
Cape Henlopen New High
School Chap. 578, Vol. 58 2,622,000
Capital Relocatable Classrooms Local 190,000
Renovate Existing Buildings Chap. 578, Vol. 58 1,036,000
Additions Chap. 299, Vol. 57 170,000
Christiana H.S. and Jr. H.S.
Connector Chap. 578, Vol. 58 44,000
Reimburse Land Acquisition Chap. 578, Vol. 58 44,000
New Castle-Gunning Bedford
Carrie Downie Heating Plant Chap. 578, Vol. 58 120,000
Additions Chap. 578, Vol. 58 207,000
State Board of Education
Minor Capital Improvements Chap. 578, Vol. 58 322,257
Section 3. The said sum of $5,860,257 or so much as may be necessary for carrying out the purposes of this Act 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 issued in accordance with the provisions of Chapter 74, Title 29, Delaware Code and Chapter 75, Title 29, Delaware Code where applicable and shall not be within any debt or other limitation of the State or be considered as bonds and notes pledging the faith and credit of the State within the meaning of Subchapter 11, Chapter 74, Title 29, Delaware Code.
Section 4. There is appropriated from the General Fund of the State such sums as may be necessary for the expenses incident to the financing of such sums and such further sums as may be necessary to pay any interest which becomes due on any bonds and notes during the fiscal year and such further sums as may be necessary for the repayment of the principal of any of the bonds which become due during the fiscal year. Vouchers for the payment of the expenses incident to the issuance of bonds and notes and for the interest and repayment of said notes shall be signed by the State Treasurer by and with the approval of the Issuing Officers.
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 to be funded by the issuance of bond) 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.
Section 6. Such sums hereby appropriated shall be expended in accordance with the provisions of this Act, and Chapter 75, Title 29, Delaware Code.
Section 7. Any funds borrowed pursuant to this Act and remaining unexpended after the completion of the programs authorized by this Act and any funds borrowed for a school district pursuant to this Act and remaining unexpended because a project authorized by this Act is not timely undertaken, shall be deposited in a special account for that school district and appropriated against their future capital improvement bond requirements. Any funds that shall accrue to any school district in this State from the Treasury of the United States for building purposes shall be deposited in the State Treasury and shall be allocated by the State Board of Education to the School District for which the funds are appropriated. The said funds shall be in addition to any other local share and/or State share.
Approved March 29, 1973.