CHAPTER 309

FORMERLY

SENATE BILL NO. 627

AN ACT TO AMEND CHAPTER 40, TITLE 31, DELAWARE CODE, BY INCREASING THE AMOUNT OF BONDS AND NOTES THE DELAWARE STATE HOUSING AUTHORITY CAN ISSUE.

WHEREAS, the General Assembly has authorized the Delaware State Housing Authority to issue bonds and notes in an amount not to exceed $250,000,000; and

WHEREAS, the Delaware State Housing Authority has issued bonds amounting to $189,510,000 in serving the housing needs of low- and moderate-income Delaware families; and

WHEREAS, the U. S. House of Representatives and the Senate Committee on Finance have taken differing positions on the need for State Housing Finance Agencies to issue mortgage revenue bonds for single-family dwellings; and

WHEREAS, the temporary limit of $150,000,000 on a state's single-family bonds may be amended or eliminated by the passage of federal legislation and/or the adjournment of the 96th Congress without legislation; and

WHEREAS, the General Assembly desires to increase said Authority to Issue bonds and notes to $350,000,000.

NOW, THEREFORE:

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §4053(18) of Chapter 40, Title 31, Delaware Code, by striking the figure 1250,000,000" as the same appears in said paragraph 18 and inserting in lieu thereof the figure "$350,000,000".