§ 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 their terms during the fiscal year of the State for which such Budget Appropriation Bill is enacted.

(b) Vouchers for the payment of principal of, premium, if any, and interest on bonds, notes and revenue notes for payment of expenses incident to the issuance of such obligations shall be signed by the State Treasurer.

(c) Any appropriation made by the General Assembly to pay principal of, premium, if any, and interest on bonds, notes or revenue notes may be applied to pay principal of, premium, if any, and interest on obligations of other issuers pursuant to an agreement made by the issuing officers with a person agreeing to pay principal of, premium, if any, or interest on bonds, notes or revenue notes issued by the State.

(d) If, at any time, the State fails to make sufficient provisions to pay such principal of, premium, if any, and interest on bonds, notes or revenue notes, or, at the time such principal, premium or interest is payable sufficient moneys are unavailable for such payment, a sufficient sum shall be set apart by the State Treasurer from the first revenues thereafter received by the State and shall be applied to such purposes. The State Treasurer may be required to set apart and apply such revenues as provided herein at the suit of any holder of obligations for which such insufficient provision is made.

Legislative History

62 Del. Laws, c. 146, §§ 6, 23 ; 64 Del. Laws, c. 131, § 11(f) ; 66 Del. Laws, c. 360, § 16