Title 29, State Government

§ 7402. Issuing authority. (a) The issuing officers shall authorize the issuance of bonds, notes and revenue notes of the State by resolution adopted by the unanimous vote of the issuing officers. Each issuing officer may designate a deputy to represent the issuing officer as an …

§ 7403. Notes. In anticipation of the issuance of bonds, the issuing officers may issue and sell notes of the State at either public or private sale for not less than par and accrued interest, at a rate to be determined by the issuing officers. Such notes may be issued for a peri…

§ 7404. Revenue notes. (a) If, at any time during any fiscal year, but prior to June 25 of that year, there should be a casual deficiency of revenue in the General Fund to pay General Fund obligations or to pay existing debts, the Governor, Secretary of State and State Treasurer …

§ 7405. Full faith and credit of the State pledged. All bonds, notes and revenue notes shall be direct general obligations of the State and the full faith and credit of the State are expressly pledged for the prompt and complete payment of the principal of and interest on such bo…

§ 7406. Terms, forms and contents of bonds; installment payments. (a) The resolution of the issuing officers authorizing the issuance of bonds may include provisions for the date or dates of such bonds; the maturity of such bonds, which shall not exceed 20 years from their date; …

§ 7407. Sale of bonds. Sufficient notice of public sale of bonds is deemed to have been given if the notice has been published on the Department of Finance’s website at least once 7 or more days before the date of sale.29 Del. C. 1953, § 7414; 54 Del. Laws, c. 124; 60 Del. Laws, …

§ 7408. Place of payment. Bonds, notes and revenue notes and the interest thereon shall be payable at such place or places within or without the State as the issuing officers may determine by resolution.62 Del. Laws, c. 146, §§ 6, 14; 63 Del. Laws, c. 142, § 49; 64 Del. Laws, c. …

§ 7409. Recitals in bonds, notes and revenue notes conclusive on State; negotiability. (a) All bonds and notes shall recite that they are issued for a purpose or purposes set forth in an authorization act. Revenue notes shall recite that they are issued for 1 or more of the purpo…

§ 7410. Execution of bonds, notes and revenue notes. (a) Bonds, notes and revenue notes, other than uncertificated obligations, shall be executed on behalf of the State by the issuing officers and shall bear the impression, or a facsimile, of the Great Seal of the State. All the …

§ 7411. Exemption from taxation. Bonds, notes and revenue notes and the interest thereon shall be exempt from income taxation by the State or any political subdivision thereof.29 Del. C. 1953, § 7405; 54 Del. Laws, c. 124; 62 Del. Laws, c. 146, §§ 6, 17; 64 Del. Laws, c. 131, § 1…

§ 7412. Registration, recording and cancellation agent. The issuing officer shall, by resolution, direct the State Treasurer to contract, in such manner as the issuing officers shall prescribe, with a banking or other institution to act as: (1) Registration agent for bonds, notes…

§ 7413. Replacement of lost, stolen, mutilated or destroyed obligations. (a) The State Treasurer may issue a replacement bond, with coupons pertaining thereto, a replacement note or a replacement revenue note, to replace unmatured bonds and coupons, notes or revenue notes, respec…

§ 7414. Deposit of money; advances from funds. (a) (1) All proceeds from the sale of bonds or notes other than premium or accrued interest must be deposited by the State Treasurer in a special fund or funds of the State and applied for the purposes for which the bonds or notes we…

§ 7415. Use of proceeds of bonds and notes. The funds appropriated by an authorization act may be used only for the costs of the projects set forth in such act in an amount for each such project not exceeding the amount authorized by such act for such project. Costs of projects m…

§ 7416. Timetable for use of funds and the sale of bonds and notes; commencement of authorized project. (a) No funds appropriated by an authorization act shall be encumbered more than 3 years after the passage of such act for any individual project unless: (1) Such project has pr…

§ 7417. Payment of debt service; first lien. (a) Each annual Budget Appropriation Bill enacted by the General Assembly shall make sufficient provisions for the payment of principal of, premium, if any, and interest on all bonds, notes and revenue notes payable or to be paid by th…

§ 7418. Use of unexpended funds. Any funds borrowed pursuant to an authorization act, and remaining unencumbered after the completion or abandonment of a project authorized to be financed pursuant to such act, or because a project authorized to be financed by such act is not time…

§ 7419. Approval of plans, specifications, estimates and cash flows of projects. (a) Delaware Technical and Community College, Delaware State University and all state departments and agencies shall submit to Facilities Management of the Office of Management and Budget all propose…

§ 7420. Project restrictions. (a) All new construction and/or reconstruction of existing structures financed with the proceeds of bonds or notes shall comply with flood plain management requirements adopted by the municipality in which such structure is located pursuant to the Na…

§ 7421. Bonds, notes and revenue notes as legal investments for institutions and fiduciaries; legal deposit. (a) Bonds, notes and revenue notes are securities in which any officer of the State and any officers of political subdivisions, administrative departments, boards and comm…

§ 7422. Limitations on debt and other obligations. (a) For the purposes of this section: (1) “Aggregate maximum annual payments” on all tax supported obligations and all Transportation Trust Fund debt obligations outstanding, plus certain lease obligations as described in subsect…

§ 7423. DEFAC projections and monitoring of debt limits. The Delaware Economic and Financial Advisory Council shall publish at least semiannually in December and June the projections described in § 7422(b) of this title. The Council shall also monitor the application and effect o…

§ 7424. Right to obtain bondholder lists. No holder or owner of any bond, note or revenue note shall have any right to obtain a list of registered owners or holders of bonds, notes or revenue notes from the State or its agents by virtue of ownership nor holding of any such obliga…

§ 7425. Capital appreciation bonds and discount bonds. The term “capital appreciation bonds” means any bond or bonds sold at a price substantially less than the principal amount thereof and on which compounded interest is payable at maturity, as conclusively determined by the iss…

§ 7426. Capital appreciation bonds and discount bonds; sale by State. A maximum of 20 percent of the bonds authorized by each Bond and Capital Improvements Act of the State may be sold by the State directly to retail purchasers or to financial intermediaries, or to an underwriter…

§ 7501. Definitions. As used in this chapter: (1) “Bonds” means any bonds authorized to be issued by the State pursuant to a school construction bond authorization act. (2) “Local share” means the sum of money specified in any school construction bond authorization act to render …

§ 7502. Applicability of this chapter; relation to authorization act. (a) Unless otherwise provided in any school construction bond authorization act this chapter, in addition to Chapter 74 of this title, shall apply to and control all school construction financed by the issuance…

§ 7503. Matching funds. (a) Except in the case of a school district for which a local share is not required by any school construction bond authorization act, the state share apportioned to a school district by such school construction bond authorization act shall not be expended…

§ 7504. Time limit on construction. No school construction shall be started under authority of any school construction bond authorization act later than 2 years after the effective date of the act, and no money shall be borrowed by the State under authority of any school construc…

§ 7505. Formula for construction. No school construction shall be paid with funds appropriated by any school construction bond authorization act or with funds for which a state share is provided by any school construction bond authorization act if such construction does not confo…

§ 7506. Local bonds. (a) Any school district which is entitled under any school construction bond authorization act to an apportionment of a state share and which is required therein to provide a local matching share is authorized to issue its bonds for the purpose of raising mon…

§ 7507. Referendum; notice [Repealed]. Repealed by 71 Del. Laws, c. 378, § 116, effective July 8, 1998.

§ 7508. Bond anticipation notes of local district. (a) After a local referendum authorizing the sale of local school bonds and in anticipation of the issuance of the bonds, the board of school trustees or board of education of a school district may issue and sell notes of the sch…

§ 7509. Determination of necessity. The Department of Education shall determine the present necessity for any school construction program as authorized by any school construction bond authorization act in the several school districts of the State and, in so doing, shall take into…

§ 7510. Certificate of necessity. (a) When the Secretary of Education has prepared the proposed annual major capital improvement program budget the Secretary shall certify the necessity for same to the State Treasurer together with the amount of the total cost, the state share an…

§ 7511. Approval of plans; modification. After making the certificate required by § 7510 of this title, the Secretary of Education is authorized and directed to consider the preliminary and final plans, estimates of costs and specifications of any school construction program and …

§ 7512. Consolidation of school districts. In the event that 2 or more existing school districts shall consolidate, the maximum total cost, the maximum state share and the maximum local share of a school construction program as authorized by any school construction bond authoriza…

§ 7513. Division of a school district. In the event that an existing school district is divided into 2 or more school districts, the maximum total cost, the maximum state share and the maximum local share of the school construction program, as authorized for the existing district…

§ 7514. Local funds and state appropriations to be deposited. The moneys paid to the State Treasurer by a school district as its local share under any school construction bond authorization act and any funds appropriated as its local share by the State under any school constructi…

§ 7515. Reversion of unexpended state share. Any sum of money which has been appropriated or allocated to any school district by the State under any school construction bond authorization act which remains unexpended 1 year after pupil occupancy of any school building constructed…

§ 7516. Reversion of unexpended local share. Any sum of money which has been appropriated by any local school district under a school construction bond authorization act which remains unexpended 1 year after pupil occupancy of any school building constructed under the school cons…

§ 7517. Aid to boards of education. The Department of Education shall render such assistance to boards of education as they may request in the preparation of their preliminary and final plans for school construction.29 Del. C. 1953, § 7517; 54 Del. Laws, c. 345; 57 Del. Laws, c. …

§ 7518. Approval of plans. The final plans, specifications and estimates of costs of school construction under any school construction bond authorization act and this chapter shall be approved by the Department of Education. No board of education shall change or alter the final p…

§ 7519. Powers of board of education; contracts. The board of education for any district shall cause the school construction program authorized under any school construction bond authorization act and this chapter for such school district to be carried out. Such board of educatio…

§ 7520. Supervision of construction. The board of education in each school district shall supervise, or cause to be supervised, the school construction program in such school district.29 Del. C. 1953, § 7520; 54 Del. Laws, c. 345; 57 Del. Laws, c. 440, § 4;

§ 7521. Employing school construction personnel. Each board of education shall have power to employ engineers, architects and such other employees as it deems essential to the proper and expeditious performance of its duties under this chapter, to fix their salaries and length of…