Delaware § 1313 Projects transferred to Authority; cancellation of state general obligation bond authority

Delaware Statutes

§ 1313 — Projects transferred to Authority; cancellation of state general obligation bond authority

Delaware·Title 2·Part Transportation Department·Ch. 13 DELAWARE TRANSPORTATION AUTHORITY

There is hereby repealed the authorization to issue bonds, to which the State has been authorized to pledge its faith and credit, the proceeds of which were appropriated to the Department of Transportation, by the following laws, for the following projects and in the following amounts:

Such projects, described in subdivision (2) of § 1312 of this title, are hereby transferred to the Authority. Such transfer shall be effective on the date the Authority issues bonds to finance such transportation facilities. The proceeds of such bonds shall be deposited, from time to time, in a special fund of the State and applied to the purposes for which such bonds are issued in order to meet payments due under executed contracts for such projects. The Division of Highway Operations shall continue to sup

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There is hereby repealed the authorization to issue bonds, to which the State has been authorized to pledge its faith and credit, the proceeds of which were appropriated to the Department of Transportation, by the following laws, for the following projects and in the following amounts:

Such projects, described in subdivision (2) of § 1312 of this title, are hereby transferred to the Authority. Such transfer shall be effective on the date the Authority issues bonds to finance such transportation facilities. The proceeds of such bonds shall be deposited, from time to time, in a special fund of the State and applied to the purposes for which such bonds are issued in order to meet payments due under executed contracts for such projects. The Division of Highway Operations shall continue to supervise construction and to maintain and operate such projects. It is the intention of the General Assembly that the Authority issue bonds within a reasonable period after the adoption of this chapter in order to permit the uninterrupted pace of construction of such projects.

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