§ 1401 Title.
This chapter shall be known as the "Transportation Trust Fund Act." The word "chapter," as used herein, means this Transportation Trust Fund Act. The phrase "transportation system," as used herein, shall mean all modes and methods of transporting people and goods on land, in the air or on water; provided, however, that no facility of the Greater Wilmington Airport owned by New Castle County, the Sussex County Airport owned by Sussex County, the Port of Wilmington owned by the City of Wilmington or any facility of the Wilmington Parking Authority may be acquired by the Authority unless specifically authorized to do so by an act of the General Assembly.
§ 1402 Legislative findings and determinations.
(a) The General Assembly hereby reaffirms all the findings made by the General Assembly in § 1302(a) of this title.
(b) The General Assembly further finds, that, in addition to the creation of the Delaware Transportation Authority and the grant of powers to the Authority by Chapter 13 of this title, there is a growing urgency to provide additional means to finance the maintenance and development of the integrated highway and air and water transportation system in the State for the economic benefits of the State and for the welfare and safety of the users of this transportation system.
(c) The General Assembly hereby determines that in order to provide additional means to finance this transportation system for the benefit of the State and the users of this transportation system, there shall be created a Transportation Trust Fund in the Authority and the Authority shall be granted the following powers, duties and functions relating to the management and disposition of receipts in the Transportation Trust Fund; and that the powers, duties and functions conferred on the Authority by this chapter constitute a valid public purpose and are necessary and proper for the purposes to be achieved by the Authority under this chapter; and that the expenditure of funds authorized by this chapter are for a valid public purpose and public use.
§ 1403 Application of chapter.
In addition to the powers granted to the Authority by Chapter 13 of this title, the Authority shall have the following powers in addition to those powers granted elsewhere in this chapter:
(1) To issue subordinated indebtedness and to enter into bank loan agreements, lines of credit, letters of credit and other security agreements for the purposes of the Authority;
(2) In its own name or in the name of the State, with the approval of the State, to apply for and receive and accept appropriations or grants of property, money, services or reimbursements for money previously spent and other assistance offered or made available to it by or from any person for any lawful corporate purpose of the Authority including, without limitation, grants, appropriations or reimbursements from the state or federal government with respect to their respective shares under federal aid transportation laws of the costs of planning, acquisition, engineering, construction, reconstruction, repair, resurfacing and rehabilitation of public highways or the costs of planning, acquisition, engineering, construction, reconstruction, repair and rehabilitation of the public transportation systems and other projects, within the transportation system, in the State and the Authority's operating expenses and to apply and negotiate for the same upon such terms and conditions as may be required by any person, government, agency, authority or entity or as the Authority may determine to be necessary, convenient or desirable;
(3) To accept and use any funds appropriated and paid by the State to the Authority, for the purposes for which the appropriations and payments are made;
(4) To purchase, acquire, lease or rent such equipment, materials, vehicles, machinery, office equipment or other items from Authority appropriations for authorized use by the Authority, State or its instrumentalities for their respective purposes, including but not limited to office supplies, tools, construction equipment, utilities, furniture and such other items as the Authority may authorize;
(5) To use funds available in DART operations "public" to cover the expenses, both capital and operating related to public transportation services provided by DART and to consolidate its various accounts consistent with sound accounting principles and practices in order to accomplish the goals of the Authority in accordance with the purposes and programs approved by the General Assembly;
(6) To impose tolls at such places and at such times as it determines on a toll facility system comprised of the Delaware Turnpike, U.S. Route 301 from the Maryland line to the tolled portions of State Route 1, and U.S. 13 Relief Route (also known as State Route 1) subject to the provisions of § 1320(h) of this title relating to the imposition of tolls on the Delaware Turnpike; and to impose tolls on such other highways with the prior approval of the General Assembly;
(7) To do any and all things necessary or appropriate to carry out the purposes of this chapter and the exercise of the powers, functions and duties granted to the Authority by this chapter.
§ 1404 Establishment of Transportation Trust Fund.
There is hereby established in the Authority a fund to be known as the "Transportation Trust Fund." Except as otherwise provided by contract between the Authority and the holders of bonds of the Authority and excluding the receipts and revenues of subsidiary corporations of the Authority, all taxes, fees, charges, tolls, reimbursements and revenues collected or received by or paid or appropriated to the Authority and any amounts received from the Corps of Engineers in connection with the construction or reconstruction of a bridge in the area of the St. Georges Bridge shall be credited to the Transportation Trust Fund. In addition, the proceeds of bonds issued by the Authority and supported by a pledge or other interest in the money in the Transportation Trust Fund shall be held in or for the Transportation Trust Fund. The Transportation Trust Fund shall be deemed to be a special fund. There may be established in the Transportation Trust Fund 1 or more accounts to which shall be credited and from which there shall be paid the taxes, fees, charges, tolls and revenues credited to the Transportation Trust Fund. The Authority may transfer money from the Transportation Trust Fund to a special fund of the State to meet obligations of the State payable from the Transportation Trust Fund. No such money credited to the Transportation Trust Fund, or any account in the Transportation Trust Fund, shall be available to pay any bonds issued by the Authority pursuant to any trust agreement or other contract entered into by the Authority prior to the creation of the Transportation Trust Fund unless the Authority specifically agrees to the contrary after the adoption of this chapter. Nothing in this chapter shall adversely affect the security of any bonds issued by the Authority pursuant to a trust agreement dated as of September 1, 1979, as amended, between the Authority and the trustee for holders of bonds secured thereunder or pursuant to a trust agreement dated as of September 1, 1981, as amended, between the Authority and the trustee for holders of bonds secured thereunder. Notwithstanding other provisions of the Delaware Code, transfers from the Transportation Trust Fund to other public agencies for projects approved in the annual Capital Improvements Act shall not require the approval of the Budget Commission or be subject to Chapter 69 of Title 29. Projects for which Transportation Trust Fund appropriations are provided in the Suburban Street, Drainage and Miscellaneous funding category in the annual Capital Improvements Act shall, whenever the prevailing wage provisions of § 6960 of Title 29 would otherwise be applicable, be subject to the "highway construction" rate developed through the regulatory process implementing § 6960 of Title 29.
Subject to appropriations in the annual Capital Improvements Acts, the Department shall create a special account in the Fund for the purposes of capitalizing the Small Retail Gasoline Station Assistance Loan Fund ("Small Station Fund") established in Chapter 74 of Title 7. This special account shall be subject to the following terms and conditions:
(1) The total authorization in any fiscal year for this Small Station Fund shall not exceed $4 million, including administrative expenses;
(2) The total authorization of moneys for the Small Station Fund shall not exceed $12 million;
(3) All loan repayments under this program shall immediately upon receipt be deposited into accounts of the Transportation Trust Fund; and
(4) A memorandum of understanding shall be executed between the Secretary of the Department of Transportation, the Secretary of the Department of Natural Resources and Environmental Control and the Director of the Delaware Economic Development Office, which shall include by way of illustration and not limitation, the following:
a. An agreement as to eligibility requirements;
b. A cap on administrative expenses;
c. Provisions for auditing the Small Station Fund Program; and
d. A requirement for a Quarterly Activity Report on the administration of the Small Station Fund Program, showing the loans made, amounts repaid and an itemization of administrative expenses.
§ 1405 Bonds secured by Transportation Trust Fund revenues.
(a) The Authority shall have the power and is hereby authorized after July 15, 1987, and from time to time thereafter, to issue its bonds, in principal amounts as in the opinion of the Authority shall be necessary to provide for any of its corporate purposes, including the payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds issued by the Authority whether the bonds or interest to be funded or refunded have or have not become due; and to provide for the security thereof and for the establishment or increase of reserves to secure or to pay the bonds or interest thereon and all other reserves and all costs or expenses of the Authority incident to and necessary or convenient to carry out its corporate purposes and powers; and in addition to its bonds, the Authority shall have the power to issue subordinated indebtedness which shall be subordinate in lien to the lien of any or all of its bonds. No resolution or other action of the Authority providing for the issuance of bonds, refunding bonds or other obligations shall be adopted or otherwise made effective by the Authority without the prior approval in writing of the bond-issuing officer of the State.
(b) Except as may be otherwise expressly provided by the Authority, issues of bonds of the Authority may be general obligations payable out of any revenues or funds of the Authority, or may be limited obligations, subject to any agreements with the holders of particular bonds and payable out of particular revenues or funds of the Authority. The Authority may provide the security and payment provisions for its bonds as it may determine, including (without limiting the generality of the foregoing) bonds as to which the principal and interest are payable from and secured by all or any portion of the revenues of and payments to the Authority and other moneys or funds as the Authority shall determine. In addition, the Authority may, in anticipation of the issuance of the bonds or the receipts of appropriations, grants, reimbursements or other funds, including without limitation grants from the federal government for federal aid highways or public transportation systems, issue notes the principal of or interest on which, or both, shall be payable out of the proceeds of notes, bonds or other obligations of the Authority or appropriations, grants, reimbursements or other funds or revenues of the Authority. The Authority may also enter into bank loan agreements, lines of credit and other security agreements and obtain for or on its behalf letters of credit in each case for the purpose of securing its bonds or to provide direct payment of any costs which the Authority is authorized to pay by this chapter and to secure repayment of any borrowings under the loan agreement, line of credit, letter of credit or other security agreement by its bonds or the proceeds thereof or by any or all of the revenues of and payments to the Authority or by any appropriation, grant or reimbursement to be received by the Authority and other moneys or funds as the Authority shall determine.
(c) Whether or not the bonds are of the form and character as to be negotiable instruments under the terms of the Delaware Uniform Commercial Code, the bonds are hereby made negotiable instruments within the meaning of and for all the purposes of the Delaware Uniform Commercial Code.
(d) Bonds of the Authority shall be authorized by a resolution or resolutions of the Authority and may be issued in 1 or more series and shall bear the date, or dates, mature at the time or times, bear interest at the rate or rates of interest per annum, be in the denomination or denominations, be in the form, carry the conversion or registration privileges, have the rank or priority, be executed in the manner, be payable from the sources, in the medium of payment, at the place or places within or without the State, and be subject to the terms of redemption (with or without premium) as the resolution or resolutions may provide. Bonds may be further secured by a trust indenture between the Authority and a corporate trustee within or without the State. All other obligations of the Authority shall be authorized by resolution containing terms and conditions as the Authority shall determine.
(e) Bonds of the Authority may be sold at a price or prices and in a manner as provided in § 1311 of this title.
(f) Bonds may be issued and other obligations incurred under this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the State, and without any other proceeding or the happening of any other conditions or things other than those proceedings, conditions or things which are specifically required by this chapter.
(g) Bonds of the Authority issued or incurred under this chapter shall not be in any way a debt or liability of the State or of any political subdivision thereof other than the Authority and shall not create or constitute any indebtedness, liability or obligation of the State or of any political subdivision or be or constitute a pledge of the faith and credit of the State or of any political subdivision, but all bonds unless funded or refunded by bonds of the Authority shall be payable solely from revenues or funds pledged or available for their payment as authorized in this chapter. Each bond shall contain on its face a statement to the effect that the Authority is obligated to pay the principal thereof, premium, if any, or the interest thereon only from revenues or funds of the Authority made available for that purpose and that neither the State nor any political subdivision is obligated to pay the principal, premium, if any, or interest thereon and that neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the bonds. For the purposes of this subsection, "political subdivision" does not include the Authority.
(h) All expenses incurred in carrying out this chapter shall be payable solely from revenues or funds provided or to be provided under or pursuant to this chapter and nothing in this chapter shall be construed to authorize the Authority to incur any indebtedness or liability on behalf of or payable by the State or any political subdivision thereof.
(i) Section 1312 of this title shall not apply to bonds of the Authority issued pursuant to this chapter. However, the Authority shall issue no bonds for any purpose unless the General Assembly by an act passed with the concurrence of three fourths of all the members elected to each House shall approve the purpose for which the bonds are issued and maximum amount of such bonds. No approval of the General Assembly shall be required:
(1) To refund bonds issued to fund the Delaware Turnpike with bonds the payment of principal and interest on which is to be met solely from tolls imposed on or revenues derived from the Delaware Turnpike;
(2) To refund bonds issued pursuant to this chapter provided that the present value of the aggregate principal and interest payments of the refunding bonds are less than the present value of the aggregate principal and interest payments on the bonds to be refunded; or
(3) To issue bonds to fund the costs of the Delaware Turnpike or any other toll road provided that such bonds are payable solely from the tolls imposed and other revenues derived therefrom or from the proceeds of such bonds.
(j) Bonds may be issued with interest thereon free from or subject to federal income taxation.
§ 1406 Covenants with holders of bonds.
In any resolution of the Authority authorizing or relating to the issuance of any bonds, or in any trust agreement securing the bonds, the Authority, in order to secure the payment of the bonds, and in addition to its other powers, shall have the power by provisions therein which shall constitute covenants by the Authority and contracts with the holders of the bonds:
(1) To pledge all or any part of its revenues or receipts to which its right then exists or may thereafter come into existence and other moneys, funds or contracts as the Authority shall determine and the moneys derived therefrom and the proceeds of any bonds;
(2) To covenant against pledging all or any part of its revenues or receipts or its agreements and the revenues derived thereunder or the proceeds thereof and other moneys or funds as the Authority shall determine and the moneys derived therefrom or against permitting or suffering any lien on any of the foregoing;
(3) To covenant with respect to limitations on any right to sell, lease or otherwise dispose of any property of any kind;
(4) To covenant as to any bonds, to be issued and the limitations thereof and the terms and conditions thereof and as to the custody, application, investment and disposition of the proceeds thereof;
(5) To covenant as to the issuance of additional bonds or as to limitations on the issuance of additional bonds and on the incurring of other debts by it;
(6) To covenant as to the payment of the principal or premium, if any, or interest on the bonds, as to the sources and methods of payment, as to the rank or priority of any bonds, with respect to any lien or security or as to the acceleration of the maturity of any bonds;
(7) To provide for the replacement of lost, stolen, destroyed or mutilated bonds;
(8) To covenant against extending the time for the payment of bonds or interest thereon;
(9) To covenant as to the redemption of bonds and privileges of exchange thereof for other bonds of the Authority;
(10) Subject to the rights and security interests of the holders from time to time of bonds theretofore or hereafter issued by the Authority, to covenant as to the enforcement of any term in any agreement, entered into pursuant to this chapter, to which the Authority is a party or an assignee, fixing amounts of funds to be paid over to and received by the Authority in each year or other period of time, including any term concerning the fixing of tolls and other charges on turnpikes as shall be necessary to provide the amounts of funds;
(11) To covenant to create or authorize the creation of special funds or moneys to be held in pledge or otherwise for payment or redemption of bond reserves or other purposes and as to the use, investment and disposition of the moneys held in the funds;
(12) To establish the procedure, if any, by which the terms of any contract or covenant with or for the benefit of the holders of bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which the consent may be given;
(13) To provide for the release of property, agreements or revenues and receipts from any pledge and to reserve rights and ownership in, or the right to dispose of, property which is subject to a pledge;
(14) To provide for the rights and liabilities, powers and duties arising upon the breech of any covenant, condition or obligation and to prescribe the events of default and the terms and conditions upon which any or all of the bonds of the Authority shall become or may be declared due and payable before maturity and the terms and conditions upon which any declaration and its consequences may be waived;
(15) To vest in a trustee or trustees within or without the State such property, rights, powers and duties in trust as the Authority may determine, and to limit the rights, duties and powers of such trustee;
(16) To execute all bills of sale, conveyances, deeds of trust and other instruments necessary or convenient in the exercise of its power or in the performance of its covenants or duties;
(17) To pay the costs or expenses incident to the enforcement of the bonds or of the resolution or of any covenant or agreement of the Authority with the holders of its bonds;
(18) To limit the rights of the holders of any bonds to enforce any pledge or covenant securing the bonds; and
(19) To make covenants, in addition to the covenants herein expressly authorized, of like or different character, and to make covenants to do or refrain from doing acts and things as may be necessary, or convenient and desirable, in order to better secure bonds or which in the absolute discretion of the Authority will tend to make bonds more marketable, notwithstanding that the covenants, acts or things may not be enumerated herein.
§ 1407 Pledge of revenues.
In addition to the provisions of the 2nd paragraph of § 1317 of this title, which paragraph shall apply to bonds issued by the Authority under this chapter, it is hereby declared that neither the resolution nor any other instrument by which a pledge of revenues, moneys or funds is created need be filed or recorded except in the records of the Authority.
§ 1408 Personal immunity.
Neither the Secretary nor any person executing bonds issued pursuant to this chapter shall be liable personally on the bonds, by reason of the issuance thereof.
§ 1409 No alteration of rights.
The State does hereby pledge to and covenant and agree with the holders of any bonds issued or incurred pursuant to the authorization of this chapter that the State will not limit or alter the rights or powers hereby vested in the Authority in any way that would jeopardize the interest of the holders or inhibit or prevent performance or fulfillment by the Authority of the terms of any agreement made with the holders of the bonds or prevent the Authority from obtaining sufficient revenues which, together with other available funds, shall be sufficient to meet all expenses of the Authority and fulfill the terms of any agreement made with the holders of the bonds together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, or from receiving payment of funds as provided in any agreement, until the bonds together with interest and premium, if any, thereon, are fully met and discharged or provided for. The failure of the State to appropriate moneys for any purpose of this chapter shall not be deemed or construed to be a violation of this section. However, the laws authorizing the imposition of taxes or fees, the pledge of those taxes and fees to the Authority and the transfer of those taxes and fees to the Authority shall not be repealed and those taxes and fees shall not be reduced or adversely altered until bonds secured by such taxes or fees are paid or provisions for their payment is made. The State shall have no obligation to increase such taxes or fees to meet payments of principal, premium, if any, or interest on any bonds. Neither the use of the Authority's assets for the purposes of this chapter nor the existence of the Authority shall be terminated for any reason prior to the time the principal of, premium, if any, and interest on any bonds of the Authority have been paid or adequate provision for their payment has been made notwithstanding any provision to the contrary if any, in Chapter 102 of Title 29.
§ 1410 Bonds as legal investments.
The State and all public officers, governmental units and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds issued pursuant to this chapter, and the bonds shall be authorized security for any and all public deposits.
§ 1411 Property exempt from taxation.
All property of the Authority is declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any political subdivision. All bonds issued pursuant to this chapter are hereby declared to be issued by a body corporate and politic of the State and for an essential public and governmental purpose and the bonds, and the interest thereon and the income therefrom, whether or not the interest on the bonds is subject to federal income taxation, and all funds, revenues, income and other moneys received or to be received by the Authority and pledged or available to pay or secure the payment of the bonds, or interest thereon, shall at all times be exempt from taxation by the State, or any political subdivision, except for transfer, inheritance and estate taxes.
§ 1412 Applicable provisions of Chapter 13.
All provisions of Chapter 13 of this title, not inconsistent with the provisions of this chapter, unless excepted herein, shall be applicable to the Authority and its bonds issued pursuant to this chapter, including, without limitation, §§ 1303, 1305, 1309 and 1320-1328, inclusive, of this title.
§ 1413 Transfers from road improvement fund.
Notwithstanding § 1310(c)(11) of this title, available money in the road improvement fund shall be transferred periodically to the Transportation Trust Fund at the times and in the manner such money was previously transferred to a special fund of the State.
§ 1414 Repeal of §§ 1310 and 1312.
(a)(1) Notwithstanding § 1310(b)(3) of this title, at such time as there are no longer outstanding any bonds secured by the trust agreement dated as of September 1, 1979, between the Authority and the trustee for the holders of said bonds or provisions for the payment thereof have been made in accordance with the terms of said trust agreement, (i) the motor fuel taxes and motor carrier registration fees remaining after said taxes and fees have been applied as required by the trust agreement dated as of September 1, 1981, between the Authority and the trustee for the holders of bonds secured by said trust agreement shall be paid to the Transportation Trust Fund to be applied by the Authority as provided by this chapter and shall thereupon, without the necessity of any further action by the General Assembly, be irrevocably and automatically pledged and assigned and continuously appropriated to the Transportation Trust Fund; (ii) the provisions of § 1310 of this title shall no longer be of any force or effect; and (iii) all revenues derived from or with respect to the operations of the Delaware Turnpike shall be deposited in the Transportation Trust Fund.
(2) Notwithstanding § 1310 of this title, at such time as there are no longer outstanding any bonds secured by the trust agreement dated as of September 1, 1979, or the trust agreement dated as of September 1, 1981, both between the Authority and the trustee for the holders of said bonds, or provisions for the payment thereof have been made in accordance with the respective terms of said trust agreements, motor fuel taxes and motor carrier registration fees shall be paid to the Transportation Trust Fund to be applied by the Authority as provided in this chapter and shall thereupon without the necessity of any further action by the General Assembly, be irrevocably and automatically pledged and assigned and continuously appropriated to the Transportation Trust Fund.
(b) The State hereby irrevocably pledges and assigns and continuously appropriates the proceeds derived from the motor vehicle registration fee imposed by the State pursuant to Chapter 21 of Title 21, as amended from time to time, the motor vehicle document fee imposed by the State pursuant to Chapter 30 of Title 30, as amended from time to time, the motor fuel taxes imposed by the State pursuant to Chapter 51 of Title 30, as amended from time to time, the motor carriers road use taxes and registration fees imposed by the State pursuant to Chapter 52 of Title 30, as amended from time to time, and the moneys transferred or disbursed to the Transportation Trust Fund pursuant to § 307 of Title 21, as amended from time to time, to the Transportation Trust Fund, subject to the rights of holders of outstanding bonds of the Authority issued pursuant to the Delaware Transportation Authority Act.
(c) At the time § 1310 of this title is repealed and is no longer of any force or effect, § 1312 of this title shall be automatically repealed without any further act of the General Assembly.
(d) Notwithstanding the repeal of said § 1310 of this title, the Authority shall retain the power, granted in said § 1310 of this title, in addition to the general grant of powers contained in § 1309 of this title to make and enforce such rules and regulations and establish, fix and revise from time to time, and charge and collect (or authorize by contract, franchise, lease or otherwise, the establishment, fixing, revising, charging and collection of) such charges, fares, fees, rates, rentals and tolls for the use of any transportation facility, or parts or sections thereof, operated by the Authority, as the Authority may deem necessary, proper, desirable or reasonable, subject to this chapter. The Authority may contract with any person desiring the use of any part of such transportation facilities, including rights-of-way for placing thereon, telephone, telegraph, electric light or power lines, gas stations, garages, restaurants and advertisements or for any other purposes, and fix the terms, conditions, charges, fares, fees, rates, rentals and tolls for such use. The Authority's power to review and revise any tolls, fares, rents, rates and other charges shall not be subject to supervision or regulation by any department, division, commission, board, council, bureau or agency of the State or any political subdivision thereof. The Authority will consider the purposes of this chapter when establishing such charges, fares, fees, rates, rentals and tolls.
§ 1415 Transfers of motor fuel tax revenues.
Notwithstanding § 1310(c)(8) of this title, the Authority shall not transfer or disburse available money in the Motor Fuel Tax Reimbursement Fund to the General Fund of the State. The Authority shall reimburse the State from the Transportation Trust Fund an amount equal to the refunds payable by the State on motor fuel taxes pursuant to §§ 5120 and 5214 of Title 30, as amended.
§ 1416 Transfer of motor carrier registration fees.
Notwithstanding § 1310(c)(9) of this title, the Authority shall not transfer available money in the motor carrier registration reimbursement fund to the General Fund of the State and shall not otherwise be required to reimburse the State for motor carrier registration fees.
§ 1417 Budget of Authority.
The expenditures of the Authority from the Transportation Trust Fund, including expenditures required to be made by resolutions or trust agreements made or to be made by the Authority, shall be approved annually by the General Assembly. The obligations under any such resolution or trust agreement shall be met solely from motor fuel taxes, motor vehicle document fees, motor vehicle registration fees, motor carrier road use taxes and registration fees, the moneys transferred or disbursed to the Transportation Trust Fund pursuant to § 307 of Title 21, receipts and revenues derived from the Delaware Turnpike and any other receipts and revenues of the Authority pledged and assigned to the holders of bonds of the Authority. The budget for capital and operating expenditures of the Authority payable from the Transportation Trust Fund shall be presented annually by the Authority to the General Assembly. If the General Assembly does not approve the operating budget of the Authority prior to July 1 for the year such budget is submitted, the operating budget, as submitted to the General Assembly, shall be deemed adopted by the Authority until such time as the budget is approved by the General Assembly, provided that the operating expenditures of the Authority shall not exceed similar expenditures of the Authority for the year prior to the budget year by more than a factor equal to the Consumer Price Index as defined in § 1320(f) of this title. Any obligations incurred by the Authority pursuant to an operating budget deemed adopted by the Authority shall be binding on the Authority. Failure by the General Assembly to approve the capital or operating budget of the Authority shall not affect or impair the obligation of the Authority to meet its obligations to holders of outstanding bonds. The provisions of Chapter 84 of Title 29, including the establishment of priorities for spending state funds, shall apply to available money and bonding capacity in the Transportation Trust Fund for highway projects. The Authority's annual budget as prepared and approved shall reflect that a significant objective of this chapter is to achieve adequate funding and predictable implementation of the Department of Transportation's Capital Improvement Program and other needs of the transportation system.
§ 1418 Deauthorization of funds.
Any funds authorized in a bond and capital improvements act for the Community Transportation Fund but not designated to a specific transportation project by June 30 of the third fiscal year of the appropriation shall be deauthorized; however, no such funds shall be deauthorized prior to July 1, 2005.