(a) (1) There is established within the Office of the State Treasurer a special account to be known as the “Community College Infrastructure Fund”, with the intent that the General Assembly fund said account by an annual appropriation of at least $10 million through Fiscal Year 2029. Further, it is the intent that the General Assembly fully fund the College’s annual capital improvement request for critical capital needs/deferred maintenance. At the end of Fiscal Year 2029, the College shall report on its progress in addressing its deferred maintenance needs and submit a reevaluation of the College’s deferred maintenance needs to the General Assembly and the Governor. College requests for major capital construction shall continue to be funded through the annual major capital improvement budgetary process.

(2) Additional nonappropriated amounts may be deposited by the College from other available sources including, but not limited to, student tuition and fees, private funds, nonstate grants and federal support.

(b) The authorization amounts deposited into the Fund pursuant to paragraph (a)(1) of this section hereof are to be used to pay all or a portion the following:

(1) Costs associated with major and minor capital improvements that the Board deems necessary for the sound expansion and development of the College, including equipping buildings and facilities, together with the incidental acquisition of land.

(2) Costs associated with the maintenance and preservation of major and minor capital improvements.

(3) Costs associated with enhancements to technology including the acquisition of computer hardware and software to support instruction, student services, and administration.

(c) The nonappropriated amounts deposited into the Fund pursuant to paragraph (a)(2) of this section hereof are to be used for the following:

(1) Costs listed in subsection (b) of this section above.

(2) Principal and interest on promissory notes or bonds issued by the College under this subchapter.

(3) Expenses associated with the issuance of promissory notes or bonds by the College or any expenses associated with the issuance of bonded indebtedness by the State to acquire a like principal amount of promissory notes or bonds issued by the College and for the purpose of refunding or refinancing outstanding issues of such bonds issued by the State.

(d) No portion of the Fund may be used to pay the operating expenses of the College.

(e) The Fund may be divided into 2 or more subaccounts: 1 subaccount for the amounts deposited in the Fund that constitute authorized amounts as set forth in paragraph (a)(1) of this section; and 1 subaccount for the nonappropriated funds in the Fund that constitute amounts as set forth in paragraph (a)(2) of this section. Each such subaccount may be divided further into additional subaccounts.

(f) The State Treasurer is authorized and directed to draw warrants or drafts on such Fund in the amount of the principal of and interest on the state bonds or other obligations incurred to acquire a like principal amount of the College’s promissory notes or bonds as the same shall become due and payable, and to deposit such money, so drawn, to the credit of the General Fund of the State.

(g) Warrants or drafts on the Fund drawn by the College must be applied only for the purposes authorized by this chapter.

(h) The principal and interest on promissory notes or bonds issued by the College under this chapter shall be payable solely from amounts on deposit in the Fund that constitute nonappropriated funds pursuant to paragraph (a)(2) of this section above and which are specifically pledged in each case by a certification from the Board, such certification to cover the sufficiency of such available nonappropriated funds to pay debt service on any such promissory notes or bonds issued hereunder.

(i) Any promissory notes or bonds issued by the College under this chapter shall bear interest at a rate equal to the rate payable on bonds of the State issued to provide the moneys deposited into the Fund pursuant to subsection (a) of this section plus an amount to cover administrative expenses of the State in connection with such financing in an amount not exceeding ¼ of 1% per annum.

82 Del. Laws, c. 21, § 4;  84 Del. Laws, c. 83, § 143(b); 

(a) The Board may issue promissory notes or bonds payable to the State for the purpose of carrying out any plan or program for the acquisition of lands, acquisition or construction of buildings, improvements to lands or buildings, or acquisition of equipment as may be authorized by this chapter.

(b) Notwithstanding subsection (a) of this section, the Board may not issue promissory notes or bonds until the promissory notes or bonds and the corresponding plan or program under subsection (a) of this section have been authorized by the General Assembly in a bond and capital improvement act.

82 Del. Laws, c. 21, § 4; 

The faith and credit of the College is expressly pledged for the full and complete payment of the principal of and interest on any promissory notes or bonds authorized to be issued under this chapter. Bonds or notes issued under this chapter shall not be deemed to constitute a debt or liability of the State or any political subdivision thereof, other than the College, or a pledge of the faith and credit of the State or any such political subdivision, other than the College, but shall be paid solely from the funds provided therefor. Bonds to be issued under this chapter are exempt from taxation, with respect to both principal and interest, by the State or any political subdivision of the State for any purpose.

82 Del. Laws, c. 21, § 4; 

When any bonds are sold and delivered under this chapter, the certification by the Board that the bonds have been issued in due compliance with this chapter is conclusive upon the College and every person of the right, power, and authority for the issuance of the bonds, the legality and validity of the bonds, and the principal debt and interest represented by the bonds. After the certification is issued, the legality and validity of the bonds may not be subject to question in any court by the College or by any person for or on its behalf. This section must be made part of the contract and obligation represented by each bond sold and delivered under this chapter.

82 Del. Laws, c. 21, § 4; 

The State shall purchase any bonds and/or promissory notes to be issued by the College under the authority contained in this chapter or under any other provision of law of this State at private sale. The State may require that the validity of the bonds be approved by the Attorney General or the Attorney General’s designee. The Board shall cause a complete record of the proceedings taken in relation to the issuance of the bonds to be made and kept with the Board’s other records.

82 Del. Laws, c. 21, § 4; 

Bonds issued under this chapter must meet all of the following conditions:

(1) Be in such denomination, in such form, and bear such rate of interest as determined by the State under § 7506 of Title 29; provided, however, that the Board must be consulted regarding the term of such bonds.

(2) Bear interest from and after their date, payable semiannually on the days designated in the bonds.

(3) Consist of a single bond registered as to both principal and interest with the principal of the bonds payable in installments and interest on the bonds payable semiannually. The amounts of principal payable, the dates on which such payments are due, and the dates on which the interest is due must be noted on the bond form.

(4) The bonds must be payable in serial installments beginning not more than 1 year after the date of the bonds and ending not more than 20 years after such date. The amount of any installment payable in any 1 year, except the last year, must be not less than 1/20 of the aggregate principal amount of the bonds of such issue.

82 Del. Laws, c. 21, § 4; 

Any bonds issued under this chapter must be designated by the name of the College and the year in which the bonds are issued. The bonds must be numbered consecutively and bear the date approved by the Board. Each of the bonds must be numbered consecutively and the coupons attached to the bonds must bear the same number as the bond itself.

82 Del. Laws, c. 21, § 4; 

The principal of and interest on the bonds must be payable at a state or national bank within or without the State designated by the issuing officers, as “issuing officers” is defined in § 7401 of Title 29.

82 Del. Laws, c. 21, § 4; 

The bonds must be signed by the president of the College, or the chair, and 1 other member of the Board. The Board may adopt a seal to be used in the execution of the bonds. The Board may, in lieu of the signatures required by this section, authorize by special resolution that the signatures of the individuals required to sign the bonds may be engraved or facsimiles of the signatures printed or otherwise transcribed upon the bonds. If such engraved or facsimile signatures are authorized and engraved, printed, or otherwise impressed upon the bonds, the signatures have the same effect as written signatures.

82 Del. Laws, c. 21, § 4; 

Until bonds in definite form are prepared, the Board may cause temporary bonds with appropriate coupons to be prepared. Temporary bonds must be executed and signed as provided in §§ 9135 through 9138 of this title. Temporary bonds may be exchanged for definitive bonds at the request of the holder.

82 Del. Laws, c. 21, § 4; 

After any bonds issued under the authority of this chapter or the coupons annexed to the bonds have been paid, the bonds or coupons must be immediately cancelled, a record of payment must be made, and the bonds or coupons must destroyed.

82 Del. Laws, c. 21, § 4; 

(a) Upon written request of the owner of the unmatured bond, or the owner’s legal representative, successor, or assign, the Board may issue a new bond to replace an unmatured bond which has been lost, destroyed, or defaced if all of the following are provided:

(1) Proof of ownership of the unmatured bond.

(2) Proof of loss or destruction, or, in the case of a defaced bond, the bond and coupons, if any.

(3) Adequate security to indemnify the College and any bank at which the bond and coupons are payable against any loss that may be suffered on account of such replaced bond and coupons.

(4) Payment of the cost of preparation of the new bond and coupons, if any.

(b) Any new bond and coupons must be executed by the officials, including a member of the Board, in office at the time the new bond is issued and must bear the seal of the College. The coupons, if any, must be signed by the facsimile of the signatures of the appropriate officers. The new bond must include a statement in substantially the following form: “This bond has been reissued to replace a lost, destroyed, or defaced bond.”

(c) The new bond must be authorized by a resolution of the Board that must include a copy of the written request of the owner or the owner’s legal representative, successor, or assign and the designation, date, maturity, interest rate, denomination, and number of the new bond.

82 Del. Laws, c. 21, § 4; 

The Budget Commission, established by Chapter 63 of Title 29, shall promulgate and enforce rules and regulations governing the fiscal records to be maintained by the State Treasurer and the College pertaining to bonds of such College.

82 Del. Laws, c. 21, § 4;