HOUSE BILL NO. 939
AN ACT RATIFYING THE LOAN OF MONEY BY THE GENERAL FUND TO SPECIAL FUNDS OF THE STATE AND CONFIRMING THE AUTHORITY OF THE STATE TO FUND SUCH LOAN FROM THE PROCEEDS OF BONDS.
WHEREAS, the State of Delaware had outstanding $20 million bond anticipation note issued for various capital projects payable March 15, 1976; and
WHEREAS, the State determined to renew such notes by issuing renewal notes to the State general fund and the State general fund loaned to special funds of the State $20 million to redeem such notes due and payable March 15, 1976; and
WHEREAS, the State wishes to insure the authority of the State to have made such loan from the general fund of the State;
Be it enacted by the General Assembly of the State of Delaware (three fourths of the members elected to each House thereof concurring therein):
Section 1. The authority of the State to have made
the loan of money from the State general fund to the special funds of the State for the purpose of redeeming $20 million bond anticipation notes of the State due and payable March 15, 1976, is hereby ratified and confirmed.
Section 2. Notwithstanding the absence of any written obligations of the special funds to the general fund, in
the form of a bond anticipation note or notes evidencing such loan from the general fund, the authority to issue bonds in order to redeem the obligations to the general fund, pursuant to the bond authorization acts under which such March 15, 1976 bond anticipation notes were issued, is hereby affirmed.
Approved April 6, 1976