Bill Text: DE SB216 | 2013-2014 | 147th General Assembly | Draft
Bill Title: An Act To Amend Title 29 Of The Delaware Code Establishing The Delaware Works Trust Fund For Capital Projects.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2014-05-08 - Assigned to Bond Committee in Senate [SB216 Detail]
Download: Delaware-2013-SB216-Draft.html
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SPONSOR: |
Sen. Marshall & Rep. Brady |
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Rep. Bolden; Rep. Mulrooney |
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DELAWARE STATE SENATE 147th GENERAL ASSEMBLY |
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SENATE BILL NO. 216 |
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AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE ESTABLISHING THE DELAWARE WORKS TRUST FUND FOR CAPITAL PROJECTS. |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fourths of all members elected to each house thereof concurring therein):
Section 1. Amend Title 29 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:
Chapter 112.Delaware Works Trust Fund
§11201. Purpose.
The purpose of this Chapter is to enhance employment opportunities for Delaware's work force by establishing a trust fund.This fund, the Delaware Works Trust Fund, shall be used to support unfunded capital projects in Delaware that improve Delaware's educational system and the State's infrastructure.
§11202. Delaware Works Trust Fund.
(a) The Delaware Works Trust Fund ("the DWTF") is hereby created.The DWTF shall be authorized within the annual Bond Bill considered by the Joint Legislative Committee on the Capital Improvement Program ("the Bond Committee") and approved by the General Assembly.
(b) The DWTF shall be used to support a twenty (20) year bond sale in order to finance capital construction projects and shall not be used in any part for general operating expenses.
(c)Annually, the Bond Committee shall consider and may approve funding from the DWTF for capital construction projects based on the following favorable criteria:
1.projects that would construct, maintain, extend or enhance any water, sewer, storm water management system, dam, levee, solid waste disposal facility, and hazardous waste facility;
2.projects for energy transmission and energy storage;
3.projects for the construction, maintenance, or enhancement of highways, roads, bridges, transit and intermodal systems, inland waterways, land stabilization and related infrastructure, commercial ports, airports, high speed rail and freight rail systems; and
4.projects that create a significant number of full time, quality jobs for Delawareans.
(d) Annually, twenty-five (25%) of the available DWTF funds shall be equally allocated to each of the following agencies, political subdivisions of the State or community-based nonprofit organizations:
1.The Department of Transportation;
2.The Department of Natural Resources and Environmental Control for projects related to tourism;
3.Schools for minor capital projects not in excess of$100,000; and
4.Municipalities, political subdivisions of the State and community-based nonprofits for public work projects.
(e) The portion of the funds allocated to municipalities, political subdivisions of the State or community-based non-profits shall be administered by the Department of Labor Office of Management and Budget with assistance from the Office of the Controller General and the designated recipient shall match the funding on a one-to-one basis from the DWTF.
§11203.Bonds.
(a)The Secretary of Finance is hereby authorized to provide by resolution, from time to time, for the issuance of duly authorized bonds of the DWTF for any of its purposes, including the refunding of its bonds.
(b)The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times, may be redeemed before maturity, at the option of the Secretary of Finance at such price or prices and under such terms and conditions, all as may be fixed by the Secretary of Finance prior to the issuance of the bonds. The Secretary of Finance shall determine the form of the bonds including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the State.The bonds may be issued in coupon or in registered form, or both, as the Secretary of Financemay determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The Secretary of Finance may sell such bonds in such manner, whether at public or private sale, and for such price, as it may determine to be in the best interests of the DWTF.
(c)The proceeds of the bonds of each issue shall be disbursed in such manner and under such restrictions, if any, as the Secretary of Finance may provide in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, subject to this chapter.
§11204.Credit of State not pledged to DWTF bonds.
(a)Bonds issued by the DWTF under this chapter shall not constitute a debt or liability of the State or of any political subdivision thereof or a pledge of the faith and credit of the State or of any such political subdivision, but such bonds, unless refunded by bonds of the DWTF authorized by this chapter, shall be payable solely from funds and property pledged, assigned or available for their payment as specifically authorized in the resolution authorizing such bonds or in the trust indenture securing such bonds. All bonds shall contain on the face thereof a statement to the effect that the DWTF is obligated to pay such bonds and the interest thereon only from revenues or other specifically pledged property, and that neither the State nor any political subdivision thereof is obligated to pay the bonds or the interest thereon and that neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of or the interest on such bonds.
(b)Nothing in this chapter shall be construed to authorize the DWTF to incur indebtedness or any liability on behalf of or payable by the State or any political subdivision thereof.
§11205.Audit of books and accounts.
Upon the initial issuance of any revenue bond by the DWTF, the office of Auditor of Accounts shall cause an annual audit of the books and accounts of the DWTF to be performed. The selection of a firm to perform the annual audit of the books and accounts of the DWTF shall be mutually agreed upon by the office of the Auditor of Accounts and the Secretary of Finance who shall consult and cooperate with each other in the selection, contract, employment and scope of professional services to be rendered, the provisions in Chapter 29 of Title 29 notwithstanding. The audit shall be performed by an independent firm of certified public accountants of recognized ability and standing and shall conform in all respects to the covenants contained in all trust agreements entered into by the DWTF for the benefit of its bondholders. The DWTF shall transfer funds, as requested by the office of Auditor of Accounts, to cover the cost of the audit.
SYNOPSIS
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This bill enhances employment opportunities
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Author:Senator Marshall
