§ 5080 Created; appropriation.
(a) A special fund is created in the office of the State Treasurer to be known as the "First State Improvement Fund", hereinafter referred to in this subchapter as the "Fund".
(b) The Fund initially shall consist of $40,000,000. The General Assembly at any time may appropriate money to be added to the Fund in addition to this initial amount.
§ 5081 Purposes.
As prescribed by § 5083 of this title, and except as specifically provided in § 5085 of this title, the Fund shall be expended for minor capital improvements in public schools and state facilities, to match funds provided by local communities for capital improvements related to Delaware's 1987 bicentennial celebration and for economic development projects.
§ 5082 Investment, accounting and disbursement; use of Capital Improvement Fund.
(a) The Fund shall be established as a special fund of the State and shall be invested by the Treasurer in securities consistent with the investment policies established by the Cash Management Policy Board. All income earned, and gains realized from the sales of such securities, shall be reinvested in the Fund. Losses from any sales of securities shall be charged to the Fund.
(b) The State Treasurer shall establish as line items within the State's Capital Improvement Fund project descriptions and amounts, by department, for each project authorized from funds made available by the First State Improvement Fund.
(c) Upon execution of the foregoing, each department authorized to expend funds from the First State Improvement Fund may commence to encumber and disburse such moneys as are necessary, within the limits of the appropriations contained herein, for the timely completion of these projects. Funds so encumbered and disbursed shall be recorded by the State Treasurer in the same manner as projects authorized to be completed by the State with the proceeds of bonds. To the extent cash available in the Fund is insufficient to pay the costs of projects authorized for expenditure from the Fund, funds may be advanced from either the Capital Improvement Fund or the General Fund, subsequently reimbursed as the Fund's invested moneys become available.
§ 5083 Expenditures.
(a) No money shall be expended from the Fund except pursuant to an appropriation incorporated in the annual bond bill passed by the General Assembly and approved by the Governor.
(b) For any 1 fiscal year the Joint Legislative Committee shall not recommend, and the General Assembly shall not appropriate, an amount greater than one-quarter of the initial principal, plus anticipated interest, available in the Fund.
§ 5084 Funding of bicentennial community improvement projects; Bicentennial Community Improvement Committee.
(a) Any appropriations from the Fund for bicentennial community improvement projects shall be used to match funds provided by unincorporated areas, incorporated municipalities or counties. The Bicentennial Community Improvement Committee shall by rule establish the amount of nonfund participation required for eligibility for matching funds.
(b) There is established a Bicentennial Community Improvement Committee, comprising the Chairperson or the Chairperson's designee and Vice-Chairperson or the Vice-Chairperson's designee of the Joint Finance Committee, the Chairperson or the Chairperson's designee and Vice-Chairperson or the Vice-Chairperson's designee of the Joint Bond Bill Committee, the President Pro Tem of the State Senate or the President Pro Tem's designee, the minority leader of the Senate or the minority leader's designee, the Speaker of the State House of Representatives or the Speaker's designee, the minority leader of the House or the minority leader's designee, the Director of the Office of Management and Budget, the Secretary of State, Secretary of the Department of Transportation, the Director of the Delaware Economic Development Office and the Chairperson of the Delaware Heritage Commission. The Secretary of State shall serve as Chairperson of the Committee. The Committee shall adopt rules and regulations necessary to implement this section, including guidelines for the distribution of these matching funds.
§ 5085 Emergency and special expenditures.
(a) Section 5083 of this title to the contrary notwithstanding, in the event of an emergency involving the health, safety or welfare of the citizens of the State, any portion of the balance remaining in the Fund may be expended pursuant to an act of appropriation passed by the General Assembly, with the concurrence of three-fifths of all of the members elected to each House thereof, and approved by the Governor.
(b) Section 5083 of this title to the contrary notwithstanding, in the event of cutbacks in federal funding of state programs affecting the health, safety or welfare of the citizens of the State, and upon the recommendation of the Joint Finance Committee, any portion of the balance remaining in the Fund may be expended pursuant to an act of appropriation passed by the General Assembly and approved by the Governor, including the annual budget bill.
§ 5086 Termination.
The First State Improvement Fund shall terminate on September 30, 1988. Any unencumbered moneys in the Fund not previously appropriated by the General Assembly at that time shall revert to the General Fund.
§ 5087 Liberal construction of subchapter.
This subchapter, being necessary for the prosperity and welfare of the State and its citizens, shall be construed liberally to effect the purposes of this subchapter.
§ 5088 Inconsistent laws superseded.
Insofar as this subchapter is inconsistent with any general, special or local laws, or part thereof, this subchapter shall be controlling.