The Authority is hereby authorized to issue bonds to refund outstanding bonds of the Authority and to issue bonds to finance the costs of the following transportation facilities forming part of the unified transportation system of the State:
(1) Reconstructing and improving the Delaware Turnpike;
(2) Constructing and reconstructing the following highways by the Division of Highways:
a. I-95, viaduct widening and Christiana interchange
b. Wilmington Boulevard, interstate portion
c. Wilmington Boulevard, urban portion
d. I-495, Christiana River to Edgemoor Bridge
e. I-95, I-295, I-495, safety and completion projects
f. I-495, Manor Avenue pedestrian crossing
g. I-495, Twelfth Street interchange
h. I-495, Terminal Avenue interchange
i. I-495, additional exit between 12th Street and intersection of I-95, I-495
j. Twelfth Street, Wilmington
k. Edgemoor Bridge
l. Naaman’s Road, U.S. 13 to U.S. 202
m. Harvey Road, I-95 to Philadelphia Pike
n. Marsh Road, I-95 to Wilson Road
o. Concord Pike, Augustine cut-off to Pennsylvania line
p. Airport Road
q. Route 7, Stanton to U.S. 13
r. Christiana Bypass, Routes 7 to 273
s. Route 273, Newark through Ogletown
t. Route 896, U.S. 40 to Route 4
u. Otts Chapel Road, I-95 to U.S. 40
(3) Constructing and reconstructing the following transportation facilities by the Division of Highways:
a. Route 4 — SR 2 to SR 7
b. New Churchman’s Road — SR 4 to SR 7
c. Alapocas Intersection at New Bridge Road
d. Chapman Road — Salem Church Road to SR 273
e. Route 113, Little Heaven to Dover Air Base
f. Saulsbury Road — Walker Road to Denney’s Road
g. Route 72 — U.S. 40 to Sunset Lake
h. U.S. 13 — Boyd’s Corner, weigh station, rest area, Laurel to Seaford II
i. Route 41 — SR 2 to Milltown Road
j. Red Mill Road — SR 2 to Darwin Drive
k. Stein Highway — Bradford to Front
l. Route 8 — Dover to Pearsons Corner
m. Denney’s Road — Saulsbury Road to U.S. 13
n. Old Baltimore Pike — SR 896 to Christiana
o. U.S. Route 113A — U.S. 13 to Route 113
p. Route 88 and CR 334 — U.S. 13 to SR 9
q. Route 141 — Route 2 to Route 202
r. Paving and rehabilitation program (statewide)
s. Bridge replacement and rehabilitation program (statewide)
t. Community transportation fund and drainage, intersections and miscellaneous projects program (statewide)
u. DTA capital and equipment (statewide)
v. Corridor/non-corridor
w. Road maintenance
The Authority may issue bonds for the purposes set forth in subdivision (1) above including bonds to fund reserves and to pay costs of issuing such bonds without the approval of the General Assembly; provided, however, that the proceeds of such bonds are not applied to the costs of financing feeder roads.
The Authority shall not issue bonds for the purposes set forth in subdivision (2) or (3) above without the approval of the General Assembly. The proceeds of bonds authorized to be applied to purposes described in subdivisions (2) and (3) above shall be: (i) Limited to amounts authorized or to be authorized by the General Assembly from time to time in an annual capital improvements project schedule forming part of the State’s capital improvement act; and (ii) transferred periodically by the Authority to the applicable special funds of the State to meet the costs of such projects. The approval of amounts to be expended for such purposes in an annual capital improvements project schedule shall constitute the approval of the issuance of bonds in such amounts for such purposes. Bond issued for such purposes may include additional amounts necessary to fund reserves and to pay costs of issuing the bonds.
The Authority may issue bonds to refund any bonds previously issued by the Authority for any purpose and to fund reserves and pay costs of issuing bonds without the approval of the General Assembly.
No bonds shall be issued by the Authority for any purpose, including any refunding bonds, unless the Authority has obtained an independent report from a qualified firm stating, on the basis of revenues transferred to and/or collected by the Authority in the fiscal year next prior to the year in which the report is prepared, that it is reasonable to assume, after giving effect to the issuance of bonds proposed to be issued (assuming that the principal and interest payments on such bonds will be the principal and interest payments on those bonds in the fiscal year in which the greatest amount of principal and interest will be payable on those bonds), that sufficient revenues will be available to make the reimbursements from the motor fuel tax reimbursement fund and the motor carrier registration reimbursement fund required by this chapter to be made for the next 5 fiscal years including the fiscal year of the issuance of such bonds. The report may assume that the amount of revenues deposited in the turnpike improvement fund, the interstate operations fund, and the interstate improvement fund, as defined in the trust agreement dated September 1, 1979, between the Authority and the trustee for certain outstanding bonds of the Authority, will not be increased during that 5 year period. A determination by the Authority that the report satisfied the requirements of this paragraph shall be conclusive.