AN ACT AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY TO BE USED FOR THE STATE HIGHWAY DEPARTMENT'S CAPITAL IMPROVEMENTS PROGRAMS AND TO ISSUE NOTES AND BONDS THEREFOR AND APPROPRIATING THE MONEY BORROWED TO THE STATE HIGHWAY DEPARTMENT.
WHEREAS, the State Highway Department on June 24, 1963, and December 2, 1963, adopted resolutions, drawn in form and content to meet certain objectives outlined by members of the General Assembly, defining the Capital Improvement Program for the period beginning July 1, 1963; AND
WHEREAS, the said resolution of June 24, 1963, and December 2, 1963, directed the Chairman and Director of Operations of the State Highway Department to transmit copies of said resolution to the Governor and to the General Assembly and to request that the General Assembly appropriate to the Department a total sum of $45,000,000 for the period beginning July 1, 1963, to enable the Department to proceed with the Capital Improvement Program as set forth in the aforementioned resolution, NOW, THEREFORE,
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the Members elected to each House concurring therein):
Section 1. There is appropriated to the State Highway Department the sum of Forty-five Million Dollars ($45,000,000), or so much thereof as shall be received from the sale of the bonds and notes hereinafter authorized, which shall be used to defray the costs of its Capital Improvements Programs. The Programs to be completed as defined, and under the conditions and provisions as set forth in the pertinent resolutions adopted by the Department on June 24, 1963, and December 2, 1963. The Capital Improvements Programs shall be composed of the following:
A Interstate and Defense Highways
B. Federal Aid ABC Funds
C. 100% State Funds
D. Dirt Road Program
E. Suburban Development Program
F. Beach Erosion Control
G. Drainage Projects
H. Engineering, Planning and Research
The cost of construction and reconstruction of the aforementioned projects and of carrying out the aforementioned programs shall not include ordinary or normal maintenance expense of highways, bridges, or other property under the jurisdiction of the Department but may include, among other costs, the costs of acquiring necessary lands and rights-of-way and the surveying, grading and landscaping thereof; the costs of relocating utility facilities provided the State is otherwise obligated to pay such costs; the costs of labor, material, equipment, supplies and engineering for such projects and programs; and the costs of such dams, storm sewers, underpasses and facilities as may be incidental and necessary to the aforementioned projects and programs.
Section 2. Any of said appropriated funds remaining unexpended at the end of any fiscal year shall not revert to the General Fund, but shall remain to be used for the purposes set forth in this Act.
Section 3. The said sum of Forty-five Million Dollars ($45,000,000), shall be borrowed by the issuance of bonds and bond anticipation notes upon the full faith and credit of the State of Delaware. Such bonds and notes shall be issued in accordance with the provisions of Chapter 74, Title 29, Delaware Code. For purpose of identification, the bonds issued pursuant to this authorization Act may be known, styled or referred to as "State Highway Capital Improvement Program of 1964".
Section 4. There is hereby appropriated from the General Fund such sums as may be necessary for the expenses incident to the issuance of the bonds and notes herein authorized, and such further sums as may be necessary to pay any interest which becomes due on such bonds and notes during the current fiscal year and such further sums as may be necessary for the repayment of the principal of any of the said bonds which become due during the current fiscal year. Vouchers for the payment of the expenses incident to the issuance of bonds and notes and for the interest and repayment of said notes shall be signed by the Secretary of State by and with the approval of the Issuing Officers. Any moneys received from the premium and accrued interest on the sale of said bonds shall be deposited to the credit of the General Fund.
Section 5. The Budget Appropriation. Bill which shall be enacted and approved by the General Assembly for the fiscal year next following the effective date of this Act and for each subsequent fiscal year or biennium, shall contain under the Debt Service Item provisions for the payment of interest and principal maturities of the bonds (or notes which are not to be funded by the issuance of bonds) issued under the authority of this Act, and such of the revenues of the State of Delaware as are not prohibited by constitutional provisions or committed by preceding statutes for other purposes are hereby pledged for the redemption and cancellation of said bonds and payment of interest thereon.
Approved December 5, 1963.