HOUSE BILL NO. 482
AN ACT TO AMEND AN ACT ENTITLED "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 IMRPOVEMENT 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," BEING HOUSE BILL NO. 448, AS AMENDED, OF THE 131ST GENERAL ASSEMBLY OF THE STATE OF DELAWARE TO PROVIDE FOR DIFFERENT MATCHING CONDITIONS WITH RESPECT TO IMPROVEMENTS TO THE NEW CASTLE TOWN WHARF.
WHEREAS, H.B. 448, as amended, became law on July 24, 1981, as Volume 63, Chapter 179 of the Laws of Delaware;
AND WHEREAS, federal funds intended to match State funds appropriated for improvements to the New Castle Town Wharf appear not to be available before December 31, 1981;
AND WHEREAS, THE Town of New Castle wishes to match State funds with its own local funds;
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. Amend Section 21 of H.B. 448, as amended, of the 13st General Assembly of the State of Delaware by striking in their entirety the last two sentences of said Section and inserting in lieu thereof the following:
"It is the Intent of the General Assembly that these funds are to be used to match at least an equal amount of funds to be provided by the Town of New Castle and/or other local sources. If such local funds have not been irrevocably obligated to the State for this project by December 31, 1981, the State Treasurer and the Secretary of the Department of Natural Resources and Environmental Control are hereby authorized and directed to revert the entire sum of One Hundred Forty-Two Thousand Dollars ($142,000.00) to said Bond Reversion Account no later than January 8, 1982."
Section 2. This Act shall become effective according to the provisions of State law.
Approved October 23, 1981.