HB 475 Delaware House · 152nd General Assembly (2023-2024)

A BOND AND CAPITAL IMPROVEMENTS ACT OF THE STATE OF DELAWARE AND CERTAIN OF ITS AUTHORITIES FOR THE FISCAL YEAR ENDING JUNE 30, 2025; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE; APPROPRIATING FUNDS FROM THE TRANSPORTATION TRUST FUND; AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE DELAWARE TRANSPORTATION AUTHORITY; APPROPRIATING SPECIAL FUNDS OF THE DELAWARE TRANSPORTATION AUTHORITY; APPROPRIATING GENERAL FUNDS OF THE STATE; REPROGRAMMING CERTAIN FUNDS OF THE STATE; SPECIFYING CERTAIN PROCEDURES, CONDITIONS AND LIMITATIONS FOR THE EXPENDITURE OF SUCH FUNDS; AND AMENDING CERTAIN STATUTORY PROVISIONS.

HB 475 authorizes the State of Delaware and the Delaware Transportation Authority to issue bonds and allocate funds for capital improvements during the fiscal year ending June 30, 2025. The bill allows the state to sell general obligation bonds and the transportation authority to sell revenue bonds to raise money for infrastructure projects. It also directs the use of existing funds from the Transportation Trust Fund and other state accounts to support these initiatives. By amending relevant statutes, the legislation sets specific rules and limits on how these financial resources can be spent.