(a) Concluding year. — If the Committee recommends terminating an entity and legislation terminating the entity is not introduced in the same calendar year that the Committee makes the recommendation to terminate, the entity may continue in temporary existence until the end of the next calendar year following the recommendation for termination, only to properly conclude the entity's business. (1) The Committee's recommendation to terminate an entity or legislation introduced but not enacted that terminates the entity does not reduce or otherwise limit the entity's power and authority during the entity's concluding year. (2) On the expiration of the concluding year, all of the entity's rights, powers, and functions cease. Unobligated or unexpended appropriations of an entity terminated under this chapter lapse at the end of the concluding year. (b) Fund transfer. — At the end of a terminated entity's concluding year, money in a dedicated fund of another entity on behalf of the terminated entity must be immediately transferred to the General Fund of the State Treasury, unless otherwise provided for by law. A law or portion of a law which dedicates money to a specific fund of a terminated entity is automatically repealed at the end of the entity's concluding year. (c) Limitation on spending. — If a terminated entity is funded in the Budget Appropriation Act for each year of the General Assembly, the entity may not spend or obligate the funds after December 31 of the concluding year or on enactment of a law terminating the entity, whichever occurs first, unless specifically provided for by law. (d) Property and records. — If a terminated entity is part of a larger entity, all property and records in the custody of the terminated entity must be transferred at the end of its concluding year to the next largest entity of which the terminated entity was a part. If the terminated entity was itself the largest entity or was an independent entity, the property or records must be transferred to the Secretary of State. (e) Bonded indebtedness. — If a terminated entity has outstanding bonded indebtedness remaining at the end of its concluding year or on enactment of legislation terminating the entity, the responsibility for the management of the repayment of the bonded indebtedness through the continuation of the entity functions, limited merely to the repayment function, is vested in the State Treasurer. The entity's claim or a claim against the entity continues and may not be terminated with the entity. (f) Delaware Code. — Each reference in the Delaware Code to a terminated entity is invalid on the expiration of the entity's concluding year or on enactment of legislation terminating the entity, whichever occurs first, unless specifically retained.
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