HOUSE BILL NO. 243
AN ACT TO AMEND CHAPTER 74, TITLE 29, DELAWARE CODE, RELATING TO THE REVERSION OF UNEXPENDED STATE FUNDS BORROWED PURSUANT TO ANY CAPITAL IMPROVEMENT ACT.
Be it enacted by the General Assembly of the State of Delaware (Three fourthsof all members elected to each branch thereof concurring therein):
Section 1. Amend Chapter 74, Title 29, Delaware Code, by adding thereto a new section to be designated as §7426 to read as follows:
§7426. Revision of Unexpended State Share
Any funds borrowed pursuant to any Capital Improvement Act and remaining unexpended after the completion of the program authorized and any funds borrowed pursuant to such acts and remaining unexpended because a project authorized by such acts is not timely undertaken, shall be deposited in a special account and applied, at the discretion of the State Treasurer with the approval of the Bond Issuing Officers, against future capital improvement bond and note requirements. All acts to the contrary notwithstanding."