CHAPTER 172

FORMERLY

SENATE BILL NO. 259

AN ACT TO AUTHORIZE THE DEPARTMENT OF ADMINISTRATIVE SERVICES TO LEASE IN ITS DISCRETION SPACE IN PUBLIC BUILDINGS TO THE DELAWARE STATE EMPLOYEES FEDERAL CREDIT UNION, A COOPERATIVE ASSOCIATION ORGANIZED UNDER THE LAWS OF THE UNITED STATES OF AMERICA.

WHEREAS, it has been determined by the State that there is a need for a cooperative type credit union to serve employees of the State of Delaware in this State; and

WHEREAS, Delaware State Employees Federal Credit Union, a cooperative association, is in serious need of new, expanded facilities to better serve the employees of the State of Delaware; and

WHEREAS, the State of Delaware, through the Department of Administrative Services seeks authority to lease in its discretion space as available in public buildings to the Delaware State Employees Federal Credit Union for a period up to twenty-five years, for nominal consideration, upon condition that said office space be wed as a cooperative credit union and upon further conditions as hereinafter set forth; and

WHEREAS, it is the purpose of this Act to authorize the Department of Administrative Services to lease in its discretion space in public buildings to the Delaware State Employees Federal Credit Union upon the conditions hereinafter described.

NOW, THEREFORE:

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

Section 1. The leasing of space in public buildings and right of ingress, egress and regress for employees and clients of the Delaware State Employees Federal Credit Union across other State real property to the said space, to the Delaware State Employees Federal Credit Union, a cooperative association organized under the laws of the United States of America, in the discretion of the Department of Administrative Services, for the consideration of One Dollar ($1.00) subject to conditions hereinafter recited, Is hereby approved.

Section 2. The space Is to be leased to the Delaware State Employees Federal Credit Union, a cooperative association (hereinafter referred to as "Tenant.) upon the following conditions:

1. The term of any lease including extensions or renewals thereof shall be for a period not to exceed twenty-five years;

2. Tenant shall use the leased premises as a cooperative credit union, and when it is no longer wed for such purpose the lease shall terminate, become null and void and possession of said leased premises shall revert to the State of Delaware;

3. Tenant, during the entire period that the lease is in force and effect, shall have the right to make alterations and/or modifications and/or improvements to the leased premises at its own expense provided that no such alterations and/or modifications and/or improvements shall be made unless the same shall be approved in writing by the Department of Administrative Services; and

4. The lease shall contain such other provisions or conditions as the Department of Administrative Services shall deem necessary to protect the interest of the State In the leased premises and to protect the State from liability or damages arising out of the use of the leased premises by Tenant.

Section 3. The Department of Administrative Services is hereby authorized and empowered in its discretion to execute leases with the Delaware State Employees Federal Credit Union, for space in public buildings Including right of Ingress, egress and regress upon the conditions hereinabove recited.

Approved July 13, 1983.