SENATE BILL NO. 635
AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED FOR THE WOODLAND BEACH EMBANKMENT AND STABILIZATION PROJECT AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONIES TO THE DIVISION OF HIGHWAYS OF THE DEPARTMENT OF HIGHWAYS AND TRANSPORTATION.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all members elected to each House thereof concurring therein):
Section 1. There is appropriated to the Division of Highways of the Department of Highways and Transportation the sum of $300,000, or so much as shall be received from the sale of the bonds and notes hereinafter authorized, which shall be for the purposes set forth in this Act.
Section 2. The sum of $300,000 appropriated herein shall be expended by the Division of Highways for completion of the Woodland Beach Embankment and Stabilization Project.
Section 3. The said sum of $300,000 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.
Section 4. There is appropriated from the General Fund of the State 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 become due during the current 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 Secretary of State by and with the approval of the Issuing Officers. Any monies received from the premium and accrued interest on the sale of said bonds shall be deposited to the credit of the General Fund.
Section 5. Any of the funds appropriated herein remaining unexpended on June 30, 1976, shall revert to the General Fund.
Approved June 11, 1974.