SENATE BILL NO. 642
AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED FOR AN EXPENDITURE IN THE NATURE OF A CAPITAL INVESTMENT AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONIES TO THE SUSSEX COUNTY VOCATIONAL-TECHNICAL CENTER FOR THE PURCHASE OF THE "FOOKS PROPERTY".
WHEREAS, a farm known as the "Fooks Property" is located directly adjacent to the Sussex County Vocational-Technical Center; and
WHEREAS, said "Fooks Property" is presently available for purchase; and
WHEREAS, said "Fooks Property" would be an outstanding addition to the Sussex County Vocational-Technical Center and greatly enhance the quality of education at said Center.
Be it enacted by the General Assembly of the State of Delaware; (three-fourths of all the members elected to each house thereof concurring therein):
Section 1. The sum of $91,000.00 is hereby appropriated to the Sussex County Vocational-Technical' Center for the purchase of the "Fooks Property", more particularly bounded and described as follows, to wit:
"ALL THAT said piece, parcel or tract of land lying and being situate in Nanticoke Hundred, Sussex County, Delaware, lying along the North Side of the highway from Georgetown to Laurel, adjoining lands of the University of Delaware, lands of the Sussex County Vocational-Technical School District, lands of Doris Clendaniel, improved by a two-story dwelling and outbuildings thereon, containing 58 acres, be the same more or less."
Section 2. None of the monies appropriated by this Act shall be expended before July 1, 1974. None of the monies appropriated by this Act shall be expended after June 30, 1977.
Section 3. The said sum of $91,000.00 or so much thereof 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.
Section 4. There is appropriated from the General Fund of the State of Delaware 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. 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 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 redemption and cancellation of said bonds and payment of interest thereon.
Section 6. The monies appropriated herein shall be used by the Sussex County Vocational-Technical Center for the purchase of the "Fooks Property", and for no other purpose.
Approved July 22, 1974.