CHAPTER 692

HOUSE BILL NO. 623

AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY AND TO ISSUE BONDS AND NOTES THEREFOR; AND APPROPRIATING THE FUNDS THUS OBTAINED TO THE DIVISION OF SOIL AND WATER CONSERVATION OF THE DEPARTMENT OF NATURAL RESOURCES AND ENVIRONMENTAL CONTROL, WHICH FUNDS SHALL BE EXPENDED IN ACCORDANCE WITH THE PURPOSES OF THE WATERSHED PROTECTION AND FLOOD PREVENTION ACT.

Be it enacted by the General Assembly of the State of Delaware (three fourthsof all members to each House thereof concurring therein):

Section 1. There is hereby appropriated to the Division of Soil and Water Conservation of the Department of Natural Resources and Environmental Control the sum of five hundred thousand dollars ($500,000.00) or so much thereof as the Division deems necessary for carrying out the purposes of this Act, which money shall be used in accordance with the provisions of Section 6 and Section 7 of this Act.

Section 2. The sum of five hundred thousand dollars ($500,000.00) 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 of the Delaware Code, where applicable.

Section 3. There is hereby 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 funds received from the premium and accrued interest on the sale of said bonds shall be deposited to the credit of the General Fund.

Section 4. The Governor, Secretary of State and State Treasurer of the State of Delaware as Issuing Officers are hereby authorized, fully empowered and directed upon their joint signatures to borrow such sums as are set forth by this Act.

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 Appropriation 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 sum of five hundred thousand dollars ($500,000.00) and any funds subsequently appropriated for this purpose is hereby appropriated to the Division of Soil and Water Conservation of the Department of Natural Resources and Environmental Control, to be expended in accordance with the purposes or the Watershed Protection and Flood Prevention Act (P.L. 566, 83rd Congress, 68 St. 666 and P.L. 1018, 84th Congress, 70 St. 1088), in the manner set forth in Section 7 of this Act.

Section 7. The funds herein appropriated shall be placed in a revolving fund administered by the Division of Soil and Water Conservation, to be expended in the purchase of heavy earth-moving and other machinery and equipment needed in the soil conservation work of this State. Each Conservation District may, upon application to the Division, borrow from the revolving fund for the purchase of such earth-moving and other machinery and equipment needed for soil conservation work.

Soil conservation equipment and machinery purchased by a District with money from the revolving fund shall become the property of such District upon repayment to the revolving fund of the total sum allocated to the county for purchase of the machinery and equipment. For the purpose of such repayment, each District shall be allowed a maximum term of five years from the date money is received by the District from the revolving fund.

Until all loans made against the revolving fund have been paid in full such loans shall be considered a lien against said equipment by the State of Delaware and shall be satisfied before the sale of such equipment may be made.

Approved August 3, 1976