CHAPTER 564

FORMERLY

SENATE BILL NO. 480

AN ACT TO APPROPRIATE GENERAL FUNDS TO REDUCE GENERAL OBLIGATIONS OF THE STATE

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

WHEREAS, the State of Delaware has $573 million in outstanding General Obligation indebtedness;

WHEREAS, the General Assembly appropriated $41 million last year to reduce the State's debt burden;

WHEREAS, a reduction of $10 million will reduce outstanding indebtedness, save additional millions in debt service payments, and lower outstanding debt per capita;

NOW THEREFORE, the General Assembly deems it appropriate to reduce the outstanding indebtedness of the State by $10 million.

Section 1. The sum of ten million dollars ($10,000,000) is hereby appropriated from the General Treasury to the Debt Management Account (12-05-03) for fiscal year 1997.

Section 2. The sum of ten million dollars ($10,000,000) or General Obligation bonds which have been previously authorized or are to be authorized in future Bond and Capital Improvements Acts are hereby deauthorized. Such sum may not subsequently be reauthorized pursuant to the provisions of Section 7422(b), Title 29, Delaware Code.

Section 3: This Act is a supplementary appropriation and the funds herein appropriated shall be paid w the Debt Management Account (12-05-03) from the General Fund of the State of Delaware from funds not otherwise appropriated.

Approved July 19, 1996