The moneys paid to the State Treasurer by a school district as its local share under any school construction bond authorization act and any funds appropriated as its local share by the State under any school construction bond authorization act, including any additional amount appropriated to such school district by the State, and for the financing of which bonds of the State are to be issued shall be deposited by the State Treasurer in a special fund and shall be expended only for school construction in such district. Each of said local shares and additional amounts shall be credited with interest in the following manner:

(1) The State Treasurer shall credit to the account of each local school district which has funds on deposit with the State Treasurer such amount of interest as determined by this section upon such funds. The rate of interest applied shall be based upon net interest earned and calculated under guidelines established by the Cash Management Policy Board.

(2) On or before the last day of each month, the State Treasurer shall credit the operating and debt service accounts respectively of each school district’s operating and debt service funds with interest on the average daily balances in operating and debt service funds for the preceding month. The amount of interest due shall be calculated upon the average daily account balances determined by the respective financial activity reports of the Department of Finance.

(3) On or before the first day of each month, the State Treasurer shall credit the debt service of each local school district’s construction fund with interest on the average balance of that proportion of the construction account contributed by the local district. The amount of interest due shall be calculated upon the average daily account balances determined by the respective financial activity reports of the Department of Finance.

29 Del. C. 1953, § ?7513; 54 Del. Laws, c. 345; 58 Del. Laws, c. 315, § ?12; 63 Del. Laws, c. 142, § ?53; 63 Del. Laws, c. 404, §§ ?3, 4, 7; 72 Del. Laws, c. 304, § ?2;

Terms Used In Delaware Code Title 29 Sec. 7514

  • Bonds: means any bonds authorized to be issued by the State pursuant to a school construction bond authorization act. See Delaware Code Title 29 Sec. 7501
  • Local share: means the sum of money specified in any school construction bond authorization act to render permissible the use of the state share for school construction within the particular school district. See Delaware Code Title 29 Sec. 7501
  • Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
  • School construction: includes , but is not limited to, the acquisition, construction, reconstruction, alteration, remodeling or enlargement of school buildings, the acquisition or installation of apparatus or equipment or educational supplies suitable for the use of such buildings, the acquisition of machinery necessary for the maintenance of such buildings or school grounds, the acquisition of land required as sites for such buildings, or for playgrounds, including land or rights in land needed to provide access to sites and to provide suitable playgrounds, and the grading or other improvements of such sites, land or rights in land, including the construction of sidewalks where authorized by law, the construction of any sewers or water mains needed to connect such buildings to any publicly owned sewer system or water system, the acquisition of temporary buildings or facilities for school purposes to be used until such time as permanent school buildings or facilities shall become available. See Delaware Code Title 29 Sec. 7501
  • School construction bond authorization act: means an authorization act of the General Assembly concurred in by 3/4 of all the members of each House, authorizing, among other things, the issuance of bonds and the appropriation of the proceeds thereof to finance school construction. See Delaware Code Title 29 Sec. 7501
  • School district: means a reorganized school district, or any newly created school unit or area for which no board has been appointed or elected at the time of the effective date of any school construction bond authorization act or any area which the State Board of Education shall determine to be the area served by any school facility which is referred to in any school construction bond authorization act and for which there is specified no local share. See Delaware Code Title 29 Sec. 7501
  • State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
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