Delaware § 1404 - Establishment of Transportation Trust Fund.

§ 1404. Establishment of Transportation Trust Fund.

There is hereby established in the Authority a fund to be known as the “Transportation Trust Fund.” Except as otherwise provided by contract between the Authority and the holders of bonds of the Authority and excluding the receipts and revenues of subsidiary corporations of the Authority, all taxes, fees, charges, tolls, reimbursements and revenues collected or received by or paid or appropriated to the Authority and any amounts received from the Corps of Engineers in connection with the construction or reconstruction of a bridge in the area of the St. Georges Bridge shall be credited to the Transportation Trust Fund. In addition, the proceeds of bonds issued by the Authority and supported by a pledge or other interest in the money in the Transportation Trust Fund shall be held in or for the Transportation Trust Fund. The Transportation Trust Fund shall be deemed to be a special fund. There may be established in the Transportation Trust Fund 1 or more accounts to which shall be credited and from which there shall be paid the taxes, fees, charges, tolls and revenues credited to the Transportation Trust Fund. The Authority may transfer money from the Transportation Trust Fund to a special fund of the State to meet obligations of the State payable from the Transportation Trust Fund. No such money credited to the Transportation Trust Fund, or any account in the Transportation Trust Fund, shall be available to pay any bonds issued by the Authority pursuant to any trust agreement or other contract entered into by the Authority prior to the creation of the Transportation Trust Fund unless the Authority specifically agrees to the contrary after the adoption of this chapter. Nothing in this chapter shall adversely affect the security of any bonds issued by the Authority pursuant to a trust agreement dated as of September 1, 1979, as amended, between the Authority and the trustee for holders of bonds secured thereunder or pursuant to a trust agreement dated as of September 1, 1981, as amended, between the Authority and the trustee for holders of bonds secured thereunder. Notwithstanding other provisions of the Delaware Code, transfers from the Transportation Trust Fund to other public agencies for projects approved in the annual Capital Improvements Act shall not require the approval of the Budget Commission or be subject to Chapter 69 of Title 29. Projects for which Transportation Trust Fund appropriations are provided in the Suburban Street, Drainage and Miscellaneous funding category in the annual Capital Improvements Act shall, whenever the prevailing wage provisions of § 6960 of Title 29 would otherwise be applicable, be subject to the “highway construction” rate developed through the regulatory process implementing § 6960 of Title 29.

Subject to appropriations in the annual Capital Improvements Acts, the Department shall create a special account in the Fund for the purposes of capitalizing the Small Retail Gasoline Station Assistance Loan Fund (“Small Station Fund”) established in Chapter 74 of Title 7. This special account shall be subject to the following terms and conditions:

(1) The total authorization in any fiscal year for this Small Station Fund shall not exceed $4 million, including administrative expenses;

(2) The total authorization of moneys for the Small Station Fund shall not exceed $12 million;

(3) All loan repayments under this program shall immediately upon receipt be deposited into accounts of the Transportation Trust Fund; and

(4) A memorandum of understanding shall be executed between the Secretary of the Department of Transportation and the Secretary of the Department of Natural Resources and Environmental Control, which shall include the following:

a. An agreement as to eligibility requirements;

b. A cap on administrative expenses;

c. Provisions for auditing the Small Station Fund Program; and

d. A requirement for a Quarterly Activity Report on the administration of the Small Station Fund Program, showing the loans made, amounts repaid and an itemization of administrative expenses.

66 Del. Laws, c. 87, §  1;  66 Del. Laws, c. 360, §  49;  68 Del. Laws, c. 156, §  48(f);  69 Del. Laws, c. 77, §  72;  69 Del. Laws, c. 458, §  1;  70 Del. Laws, c. 305, §§  2, 3;  81 Del. Laws, c. 49, § 4;  81 Del. Laws, c. 374, § 33;