HOUSE BILL NO. 448
AS AMENDED BY SENATE AMENDMENTS NOS. 1, 2, 3, AND 4
A BOND ACT OF THE STATE OF DELAWARE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE AND HIGHWAY REVENUE BONDS OF THE DELAWARE TRANSPORTATION AUTHORITY PAYABLE FROM MOTOR FUEL TAX REVENUES, PLEDGING SUCH REVENUES TO THE SUPPORT OF ALL BONDS ISSUED BY THE DELAWARE TRANSPORTATION AUTHORITY, AUTHORIZING THE TRANSFER FROM THE DELAWARE TRANSPORTATION AUTHORITY TO THE STATE GENERAL FUND A SUM EQUAL TO MOTOR FUEL TAX REVENUES LEVIED AT NINE CENTS PER GALLON, CHANGING THE MOTOR FUEL TAX FROM NINE CENTS PER GALLON TO ELEVEN CENTS PER GALLON AND THEN TO A PERCENTAGE OF THE WHOLESALE PRICE, CREATING A ROAD IMPROVEMENT FUND TO FINANCE ROAD IMPROVEMENTS WITH AVAILABLE MOTOR FUEL TAX REVENUES, MAKING NECESSARY CHANGES TO THE STATUTES UNDER WHICH THE DELAWARE TRANSPORTATION AUTHORITY MAY LEVY TOLLS, COLLECT AND DISBURSE INCOME, AND OPERATE ITS SUBSIDIARIES, APPROPRIATING SUMS IN CERTAIN SPECIAL FUND ACCOUNTS AND PLACING CERTAIN CONDITIONS ON THOSE APPROPRIATIONS, AND MAKING CERTAIN ADDITIONAL CHANGES TO THE DELAWARE CODE APPLICABLE TO THE ISSUANCE OF BONDS BY THE STATE AND THE DELAWARE TRANSPORTATION AUTHORITY.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-quarters of all members elected to each House thereof concurring therein):
Section 1. Authorization of Twenty-Year Bonds. The State hereby authorizes the issuance of $29,733,027 bonds to which the State shall pledge its full faith and credit. Bonds authorized to be issued by this Section shall mature not later than twenty (20) years from their date of issuance. The proceeds of such bonds are hereby appropriated to the following departments, agencies, and instrumentalities of the State and in the following amounts for the purposes set forth in the Fiscal Year 1982 Capital Improvements Project Schedule attached hereto and made a part hereof:
Approved July 24, 1981.