Loading chat...
DE SB137
Bill
Status
6/11/2015
Primary Sponsor
Harris McDowell
Click for details
AI Summary
-
Establishes the Community College Infrastructure Fund within the Department of Finance to finance capital improvements, deferred maintenance, and educational technology at Delaware Technical and Community College.
-
Authorizes the College's Board of Trustees to levy a property tax of up to 10 cents per $100 of assessed real estate value in each county to support the Fund.
-
Permits the Board to issue promissory notes and bonds payable to the State for capital projects, with approval from the Joint Committee on Capital Improvement required.
-
Exempts College bonds from state and local taxation and allows the State to acquire the College's notes and bonds, with debt service paid from the Infrastructure Fund.
-
Excludes the Community College Infrastructure Fund bonds from the state's debt limitation calculations under Title 29, provided the bonds are not in default.
Legislative Description
An Act To Amend Title 14 And Title 29 Of The Delaware Code Relating To The Establishment Of A Community College Infrastructure Fund.
Last Action
Reported Out of Committee (FINANCE) in Senate with 5 On Its Merits
6/23/2015