reglab/housing_qa huggingface dataset:
29 DE Code § 7416. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7416. Timetable for use of funds and the sale of bonds and notes; commencement of authorized project.

§ 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 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. (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);
29 DE Code § 7417. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7417. Payment of debt service; first lien.

§ 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. 62 Del. Laws, c. 146, §§  6, 23;  64 Del. Laws, c. 131, §  11(f);  66 Del. Laws, c. 360, §  16;
29 DE Code § 7418. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7418. Use of unexpended funds.

§ 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 timely undertaken, or upon the expiration of the period set forth in § 7416 of this title, shall be deposited in a special fund and applied, with the approval of the issuing officers, to the cost of financing any previously authorized projects. The head of the department or agency to which such funds were appropriated for a project shall determine when such project is completed or abandoned. 60 Del. Laws, c. 135, §  1;  62 Del. Laws, c. 146, §§  6, 24;  64 Del. Laws, c. 131, §  11(f);
29 DE Code § 7419. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7419. Approval of plans, specifications, estimates and cash flows of projects.

§ 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 proposed contracts for architectural services and all architectural, structural, electrical and mechanical plans, specifications and cost estimates. Facilities Management of the Office of Management and Budget shall be responsible for reviewing and approving such plans, specifications and cost estimates prior to bid advertisement, and no such contracts nor contracts for construction and reconstruction of such projects (except highway construction and reconstruction contracts and school district minor capital improvements contracts) shall be executed without the prior approval of Facilities Management of the Office of Management and Budget. All such contracts shall be let on the condition, among others, that the contractor comply with the State's equal opportunity laws. Facilities Management of the Office of Management and Budget shall insure that approved projects are not inconsistent with any authorization of budget act. (b) Each state agency, department and institution of higher learning to which proceeds of bonds or notes are appropriated, must, on an annual basis, report to the Director of the Office of Management and Budget the status and anticipated cash flow for each project which is not complete. 62 Del. Laws, c. 146, §§  6, 25;  63 Del. Laws, c. 189, §  5(h);  64 Del. Laws, c. 131, §  11(f);  65 Del. Laws, c. 434, §§  3, 4;  69 Del. Laws, c. 10, §§  11, 12;  69 Del. Laws, c. 67, §  2;  75 Del. Laws, c. 88, §§  21(13), 37;
29 DE Code § 7421. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7421. Bonds, notes and revenue notes as legal investments for institutions and fiduciaries; legal deposit.

§ 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 commissions of the State, all banks, bankers, savings banks, trust companies, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business and all administrators, executors, guardians, trustees and other fiduciaries, and all other persons whatsoever who are now or may, on and after July 12, 1979, be authorized to invest in bonds, notes, revenue notes or other obligations of the State, may properly and legally invest any funds, including capital belonging to them or within their control. (b) Such bonds, notes and revenue notes are securities which may properly and legally be deposited with and received by any officer of the State, or an officer of any political subdivision or agency of the State, for any purpose for which the deposit of bonds, notes, revenue notes or other obligations of the State is now or may, on and after July 12, 1979, be authorized by law. 62 Del. Laws, c. 146, §§  6, 27;  64 Del. Laws, c. 131, §  11(f);
29 DE Code § 7423. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7423. DEFAC projections and monitoring of debt limits.

§ 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 of the debt limits imposed by § 7422 of this title and shall report annually to the General Assembly and the Governor with respect thereto. Such reports shall include any recommendations with respect to such debt limits and the then current Debt Affordability Study prepared by the Department of Finance. 68 Del. Laws, c. 7, §  2;  68 Del. Laws, c. 156, §  25;
29 DE Code § 7424. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7424. Right to obtain bondholder lists.

§ 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 obligation, no other law to the contrary notwithstanding. 64 Del. Laws, c. 131, §  11(e), (f);  70 Del. Laws, c. 186, §  1;
29 DE Code § 7425. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7425. Capital appreciation bonds and discount bonds.

§ 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 issuing officers, but only if such bond or bonds are designated as capital appreciations by the issuing officers in the resolution authorizing the issuance of bonds. For purposes of §§ 7422 and 7423 of this title, the aggregate principal amount of any capital appreciation bonds or any other bonds sold to the public for a price less than the face amount thereof shall be the aggregate of the initial offering prices at which such bonds are offered for sale to the public, whether in a private or negotiated sale or in a public or competitive sale, or sold to the initial purchaser thereof in a private placement, without, in every case, reduction to reflect underwriters' discount or placement agents' fees or other similar fees. 66 Del. Laws, c. 371, §  2;  69 Del. Laws, c. 386, §  31;
29 DE Code § 7426. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 74. Bonds and Notes of the State|§ 7426. Capital appreciation bonds and discount bonds; sale by State.

§ 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 who agrees to use its best efforts to sell such bonds to retail purchasers or to any intermediaries, such bonds to be herein referred to as “retail bonds.” The Secretary of Finance, the State Treasurer, the Director of the Office of Management and Budget and the Controller General are hereby authorized to determine the terms and conditions of the retail bonds, and the manner, whether at public or private negotiated sale, by which they shall be awarded to the purchasers thereof, notwithstanding anything to the contrary contained in this chapter; provided, that the requirements of § 7422 of this title must be observed. 74 Del. Laws, c. 308, §  56;  75 Del. Laws, c. 88, §  21(13);
29 DE Code § 7502. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7502. Applicability of this chapter; relation to authorization act.

§ 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 of bonds and notes of the State for the purpose of school construction and the issuance of said bonds and notes and to the appropriations for school construction contained in the school construction bond authorization act. (b) The provisions of this chapter are hereby incorporated in any school construction bond authorization act unless specifically excepted therefrom and shall be deemed a part of any school construction bond authorization act just as if contained verbatim in the school construction bond authorization act. 29 Del. C. 1953, §  7502;  54 Del. Laws, c. 345.;
29 DE Code § 7504. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7504. Time limit on construction.

§ 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 construction bond authorization act later than 2 years after the effective date of such act, except such moneys as are necessary to complete school construction started prior to 2 years after the effective date of any school construction bond authorization act. 29 Del. C. 1953, §  7504;  54 Del. Laws, c. 345.;
29 DE Code § 7505. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7505. Formula for construction.

§ 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 conform with the formula for school construction established by the Department of Education. 29 Del. C. 1953, §  7505;  54 Del. Laws, c. 345;  71 Del. Laws, c. 378, §  115;
29 DE Code § 7506. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7506. Local bonds.

§ 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 money to pay the local share set forth in such school construction bond authorization act and raising such additional amount, if any, as such school district may desire to expend for school construction. If such bonds are issued, they shall be authorized by the board of education of the school district pursuant to Chapter 21 of Title 14, except in the case of the City of Wilmington, in which case the local share to be contributed by the Board of Public Education in Wilmington may be raised by the proper authorities of said City by issuing bonds pursuant to Chapter 175, Volume 52, or Chapter 163, Volume 32, Laws of Delaware, as amended. Chapter 20 of Title 14 shall be complied with in the event that the amount in addition to the local share is for school construction which varies from the standard formula. Such bonds and any notes issued in anticipation of the issuance of such bonds shall, except in the case of the City of Wilmington, be sold to the State. Such bonds shall bear interest at a rate not less than the rate payable on bonds of the State issued to provide such local share plus an amount to cover administrative expenses of the State in connection with the financing of school construction programs in an amount not exceeding one quarter of 1 percent per annum. The State shall issue its bonds to provide the local share of any school construction program in accordance with any school construction bond authorization act, as well as any additional amounts which the qualified voters of any school district shall have authorized to be expended for school construction; provided, however, that such additional amounts must first have been appropriated to such school district in a school construction bond authorization act or amendment to such an act. Such bonds shall not be included in the amount of bonds or notes pledging the faith and credit of the State which are issued and outstanding, authorized but not issued, and about to be issued. The Department of Finance of the State shall annually prepare a report setting forth in brief detail all bonds or notes issued by the State for the purpose of financing a local share of a school construction program and the bonds or notes purchased from local school districts and setting forth receipts and disbursements. (b) Instead of issuing bonds as hereinbefore provided, any school district may pay its local share by using gifts or any other moneys on hand which are not required by law to be used for some other purpose. 29 Del. C. 1953, §  7506;  54 Del. Laws, c. 345;  55 Del. Laws, c. 432, §§  2-4;  58 Del. Laws, c. 315, §  11;
29 DE Code § 7508. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7508. Bond anticipation notes of local district.

§ 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 school district at either public or private sale for not less than par and accrued interest. The notes shall bear interest at a rate not exceeding 5% per annum. They may be renewed from time to time by the issuance and sale of new notes, but all such notes shall mature and be paid not later than 4 years after issuance. The notes shall be signed by the chairperson and 1 member of the board of school trustees or president and 1 member of the board of education of the district, the seal of the school district shall be impressed on each of the notes and shall be payable at a place prescribed by the issuing officers of the State. All provisions of law pertaining to local school bonds and not inconsistent with this chapter shall apply to notes issued hereunder. (b) The total amount of notes outstanding at any 1 time, together with the total amount of bonds theretofore issued in any district, shall not exceed that portion of the total authorized bonded indebtedness of the school district for which bonds have been authorized by local referendum within the district. (c) The notes may be redeemed at par and accrued interest prior to their maturity if the right of the school district to do so shall have been reserved by an express provision in the notes. The principal and interest on said notes, including renewal notes, shall be paid from the proceeds of the sale of bonds or from other funds available therefor. The notes shall be general obligations of the school district and the faith and credit of the school district shall be pledged for the full and complete payment of the principal of and interest on such notes and such notes shall be exempt from taxation with respect to both principal and interest by the State or any political subdivision thereof for any purpose. The board of education or the board of school trustees of the issuing school district shall have the same power to levy taxes to pay such notes and the interest thereon as in the case of bonds. 29 Del. C. 1953, §  7507;  54 Del. Laws, c. 345;  57 Del. Laws, c. 92, §  2;  63 Del. Laws, c. 142, §  52;  70 Del. Laws, c. 186, §  1;
29 DE Code § 7509. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7509. Determination of necessity.

§ 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 consideration the actual and projected number of pupils in the requesting school district as determined by the most current September 30 Unit Count and a standardized annual population projection prepared by or approved by the Office of State Planning Coordination, the feasibility and possibility of the consolidation of school districts, the present and future possibility of overcrowding of school facilities within the school district, the condition and quality of existing school facilities within the district and all other matters and conditions pertinent to the determination of the present necessity of the school construction program, including the reasonable future development or dissolution of the school district. In making such determination of necessity, the Department of Education shall have the authority to make a determination of necessity of a school construction program for a school district which will have a lesser total cost than the maximum total cost for such school district set forth in any school construction bond authorization act. Whenever a determination of necessity of a school construction program is made in an amount less than the total maximum cost for such school district as set forth in any school construction bond authorization act, the state share and the local share shall be reduced in the proportions they bear to the total maximum cost set forth in that act. No determination of necessity for school construction shall be made until the school district shall have identified at least 1 proposed site for such construction, which site shall have been approved as required by § 7525(a) of this title. 29 Del. C. 1953, §  7508;  54 Del. Laws, c. 345;  71 Del. Laws, c. 378, §  117;  74 Del. Laws, c. 367, §§  17, 18;
29 DE Code § 7510. (2021)
2021 Delaware Code|Title 29 - State Government|Chapter 75. School Construction Capital Improvements|§ 7510. Certificate of necessity.

§ 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 and the local share, if any, as authorized by any school construction bond authorization act and shall send a copy of such certification to the State Auditor of Accounts and the Director of the Office of Management and Budget and the board of education of such school district. Upon the receipt by the State Treasurer of the certification of said determination, the said school construction program shall be deemed to be authorized, and this chapter and any school construction bond authorization act for the issuance of state and local bonds to provide funds for school construction programs shall be in full force and effect with respect to such school construction program; provided, however, that, except in cases where a local share is not required by any school construction bond authorization act, such school construction program shall not be carried out until the local share shall have been deposited with the State Treasurer. The issuing officers may at any time after the State Treasurer receives such certificate proceed to issue bonds or notes of the State to provide the funds for the state share thereof, whether or not the requisite local share shall have been actually deposited with the State Treasurer, but the proceeds of said bonds or notes shall not be expended until the requisite local share shall have been so deposited. (b) Instead of issuing bonds, as hereinabove provided, the State may pay its share of the total cost by using gifts or any other money on hand which are not required by law to be used for some other purpose. 29 Del. C. 1953, §  7509;  54 Del. Laws, c. 345;  57 Del. Laws, c. 440, §  4;  59 Del. Laws, c. 205, §  7;  71 Del. Laws, c. 378, §  118;  74 Del. Laws, c. 367, §  19;  75 Del. Laws, c. 88, §  21(13);