AN ACT AUTHORIZING THE STATE. OF DELAWARE. TO BORROW MONEY TO BE USED FOR CAPITAL IMPROVEMENTS AND EXPENDITURES IN THE NATURE OF CAPITAL INVESTMENTS AND TO ISSUE BONDS AND NOTES THEREFOR AND APPROPRIATING THE MONEYS TO THE DELAWARE STATE HIGHWAY DEPARTMENT.
Be it enacted by the General Assembly of the State of Delaware (three-fourths of all the members elected to each branch thereon concurring therein):
Section 1. There is appropriated to the State Highway Department the sum of $100,000 or so much thereof as shall be received from the sale of bonds and notes hereinafter authorized which shall be used for constructing beach erosion facilities along Delaware Bay.
Section 2. The funds appropriated by this Act may be used for the costs incidental to the purpose set forth in Section 1 of this Act and are to include but not be limited to design, planning, land acquisition, construction, repairing, remodeling, equipping, landscaping and inspection costs but are not to be used for ordinary or normal maintenance expense of other properties.
Section 3. Any of the funds appropriated herein 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 4. The said sum of $100,000 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, and Chapter 75, Title 29, Delaware Code, where applicable. For purposes of identification, the bonds issued pursuant to this Authorization Act may be known styled or referred to as "Beach Erosion Facilities Construction Bond of 1969."
Section 5. There is appropriated from the General Fund of the State 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 monies received from the premium and accrued interest on the sale of said bonds shall be deposited to the credit of the General Fund.
Section 6. 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.
Section 7. Any funds borrowed pursuant to this Act and remaining unexpended after the completion of the programs authorized by this Act and any funds borrowed pursuant to this Act and remaining unexpended because a project authorized by this Act is not timely undertaken, shall be deposited in a special account and appropriated against future capital improvement bond requirements. Any federal funds received as reimbursement for funds appropriated by this Act shall be deposited in a special account and applied against future capital improvement bond requirements.
Section 8. None of the monies appropriated by this Act shall be expended before July 1, 1968. None of the monies appropriated by this Act shall be expended unless a contract for the expenditure of such monies is entered into before July 1, 1971, and the actual work on the contract is commenced before July 1, 1971.
Section 9. No bonds or notes shall be issued or monies borrowed on behalf of this State, pursuant to this Act, after June 30, 1974, except as provided in Chapter 75, Title 29, Delaware Code.
Section 10. This Act may be known styled or referred to as the "Beach Erosion Facilities Construction Act of 1969."
Approved August 9, 1968.