SENATE BILL NO. 495
AN ACT AUTHORIZING THE STATE OF DELAWARE TO ISSUE BONDS TO REFUND SERIAL NOTES ISSUED TO THE STATE EMPLOYEES' RETIREMENT FUND PURSUANT TO VOLUME 58, LAWS OF DELAWARE, CHAPTER 24.
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. The Governor, Secretary of State and State Treasurer (herein the "Issuing Officers") are hereby authorized to issue Serial Bonds in an aggregate principal amount of $8,000,000 to refund outstanding serial notes in the aggregate principal amount of $8,000,000 issued pursuant to Volume 58, Laws of Delaware, Chapter 524, in order to meet the State's obligation to the State Employees' Retirement Fund.
Section 2. The bonds shall mature in annual installments of $1,000,000 in each of the years 1974 to 1981, inclusive, and shall be payable at the Farmers Bank of the State of Delaware, in Wilmington, Delaware and additionally, at the discretion of the Issuing Officers, at a bank or trust company in New York, New York.
Section 3. The Issuing Officers are hereby authorized to determine the term, form and contents of such bonds and to sell such bonds at such price or prices and at such rate or rates, at public or private sale, in such manner and from time to time, subject to this Act, as they shall determine.
The bonds shall be imprinted with the stamp of the Governor's signature and the stamp of the signature of the Secretary of State, and shall be manually signed by the State Treasurer. The Great Seal shall be impressed on all such bonds and the signatures and the bonds shall be authenticated by an officer of the Farmers Bank of the State of Delaware.
Section 4. The faith and credit of the State of Delaware is hereby pledged for the payment of the principal of and interest on the bonds which bonds including the interest thereon shall be exempt from taxation for any purpose by this State.
Section 5. There is hereby appropriated from the General Fund of the State such sums as may be necessary to pay the expenses incident to the issuance of the bonds herein authorized. Vouchers for the payment of the expenses incident to the issuance of bonds shall be signed by the Secretary of State by and with the approval of the Issuing Officers.
Section 6. The Budget Appropriation Bill, which shall be enacted and approved by the General Assembly for the fiscal year 1974, and for each subsequent fiscal year or biennium, shall contain under the Debt Service Item, provisions for the payment of the principal of and interest on the 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 payment of such bonds.
Approved May 24, 1974.