2016 Delaware Code
Title 29 - State Government
CHAPTER 74. BONDS AND NOTES OF THE STATE
§ 7414. Deposit of money; advances from funds.

(a) All proceeds from the sale of bonds or notes other than premium or accrued interest shall be deposited by the State Treasurer in a special fund or funds of the State and applied for the purposes for which such bonds or notes were issued or as otherwise provided by law. All proceeds from the sale of revenue notes and all accrued interest from the sale of bonds, or revenue notes shall be deposited by the State Treasurer in the General Fund. Any premium from bonds or revenue notes sold after January 1, 2004 (including any such premium previously deposited in the General Fund) shall, at the discretion of the Director of the Office of Management and Budget, Controller General and the Secretary of Finance:

(1) Be deposited in a special fund of the State and applied for the purposes for which such bonds or notes were issued or as otherwise provided by law; or

(2) Be deposited in any escrow fund to redeem, refund or, defease debt service on existing bonds or notes of the State, or debt service on any debt or other obligation of an instrumentality of the State.

In the event that a deposit is made pursuant to paragraph (a)(1) of this section above, bond authorization shall be reduced by a corresponding amount. Under no circumstances shall any proceeds, premium or accrued interest be applied to pay the costs of any project not authorized by the General Assembly.

(b) The State may advance money to a special fund of the State established to hold money raised or to be raised to finance costs of projects authorized to be financed with the proceeds of bonds or notes after the adoption of an authorization act but prior to the issuance of bonds or notes authorized to be issued by that authorization act. Money may be advanced, in an amount not exceeding the greater of 3 percent of General Fund revenues for the coming fiscal year, as determined by the Delaware Economic and Financial Advisory Council, or $60,000,000, from any other fund of the State unless prohibited by any other law. Any money advanced must be repaid at the time the money advanced is needed for the purposes for which the money was held before being advanced.

29 Del. C. 1953, § 7415; 54 Del. Laws, c. 124; 62 Del. Laws, c. 146, §§ 6, 20; 62 Del. Laws, c. 407, § 6; 63 Del. Laws, c. 142, § 51; 63 Del. Laws, c. 179, § 9; 64 Del. Laws, c. 131, § 11(f); 66 Del. Laws, c. 92, § 20; 73 Del. Laws, c. 95, § 57; 74 Del. Laws, c. 221, § 6; 75 Del. Laws, c. 88, § 21(13); 75 Del. Laws, c. 254, § 1.;