Delaware Code Title 29 Sec. 7416 – Timetable for use of funds and the sale of bonds and notes; …
(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 progressed into any of the following phases prior to that date: Planning, initial engineering, land, building or equipment acquisition, construction or reconstruction; and
(2) Eighty-five percent of the project costs have been expended on 1 or more of such phases.
Terms Used In Delaware Code Title 29 Sec. 7416
- Authorization act: means an act of the General Assembly, concurred in by 3/4 of all the members of each House, appropriating funds of the State from the proceeds of bonds authorized to be issued by such act. See Delaware Code Title 29 Sec. 7401
- Bonds: means any bonds authorized to be issued by the State pursuant to an authorization act and to the payment of which the State has pledged its full faith and credit. See Delaware Code Title 29 Sec. 7401
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Notes: means notes issued by the State in anticipation of the issuance of bonds authorized by an authorization act and to the payment of which the State has pledged its full faith and credit. See Delaware Code Title 29 Sec. 7401
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) No bonds or notes shall be issued or funds borrowed pursuant to an authorization act, 4 years after the passage of such act, except:
(1) As provided in 54 Del. Laws, c. 345, as amended (Chapter 75 of this title, as amended); and
(2) With respect to bonds authorized prior to this chapter which shall remain subject to the law under which they were originally authorized.
(c) Any project authorized to be undertaken with the proceeds of bonds of the State shall commence in the fiscal year in which it is authorized. If such duly authorized project has not proceeded into 1 or more of the phases identified in subsection (a) of this section within 18 months from the effective date of the original authorization, the authorized but unsold portion of the bonds shall automatically be deauthorized and any unspent cash balances shall be reverted to the Bond Reversion Account to be applied to the costs of any other authorized project, pursuant to § 7418 of this title.
29 Del. C. 1953, § ?7416; 55 Del. Laws, c. 337; 62 Del. Laws, c. 146, §§ ?6, 22; 64 Del. Laws, c. 131, § ?11(f); 64 Del. Laws, c. 343, § ?12(e), (f);