(a) There is hereby established a body corporate and politic, with corporate succession, to be known as "The Delaware Economic Development Authority." The Authority is hereby constituted as an instrumentality of the State exercising public and essential governmental functions, and the exercise by the Authority of the powers conferred in this subchapter shall be deemed and held to be an essential governmental function of the State. (b) The Authority shall consist of the Director who shall serve ex officio. The Director shall hold office for the term of the Director's appointment. Should a vacancy in the Office of the Director occur, then the Authority shall consist of the Acting Director (with references to the Director in this chapter deemed to refer to such Acting Director) until the Director's successor is duly qualified and appointed. (c) The Director shall be the Chairperson of the Authority. Subject to its annual budget as approved by the Governor and the General Assembly, the Authority shall employ such persons as the Director shall determine are necessary to fulfill the powers granted to the Authority in this subchapter. The powers of the Authority shall be vested in the Director and all action by the Authority shall be taken by the Director or by a designee acting on the Director's behalf as provided in this subchapter. (d) Notwithstanding any other law, neither the Director nor any officer or employee of the State shall be deemed to have forfeited or shall forfeit such office or employment or any benefits or emoluments thereof by reason of such service as an officer of the Authority. (e) The Director may designate officers or employees of the Division to represent the Director, and each such designee may lawfully act on behalf of the Director; provided, however, that, except in instances where the Director determines that the Director may have a direct interest in a project as provided in subsection (i) of this section and therefore disassociates from that project, no such designee may lawfully approve a project or adopt a resolution. However, notwithstanding the foregoing, the Director may during absence from the State, in accordance with § 8704A of this title, appoint any qualified employee of the Division to serve as Acting Director during such absence and such Acting Director may, among other things, lawfully approve a project, adopt a resolution or sign a bond. Neither the Director nor any such designee shall be subject to any personal liability or accountability by reason of execution of any bonds or the issuance thereof. (f) The Authority may be dissolved by act of the General Assembly on condition that the Authority has no debts or obligations outstanding or that provision has been made for the payment or retirement of such debts or obligations. Upon any such dissolution of the Authority, all property, funds and assets thereof shall be vested in the State. (g) The Authority shall prepare an annual budget for each fiscal year of the Authority (the "annual budget") and shall submit the annual budget to the Director of the Office of Management and Budget and General Assembly with the Department of State's budget request in accordance with Chapter 63 of this title. The annual budget need not include amounts representing expenditures for debt service on bonds, except for such amounts with respect to projects which are financed by proceeds from state-guaranteed bonds and for which either: (1) Any payment due to the Authority or to a trustee or other person as assignee of the Authority is in default; or (2) Sufficient revenues are not available to make payments due to such trustee or other person. (h) The Office of Auditor of Accounts shall cause an audit of the Authority's bonds issued under § 8754A(d) of this title to be made annually by a certified public accountant licensed to practice in the State. In addition, the Authority shall make an annual report of its activities to the Governor which shall set forth a complete operating and financial statement covering the Authority's operations during the year and shall include the report of the certified public accountant who makes the audit of the Authority's books and accounts. The Authority shall furnish a copy of the annual report to the Speaker of the House of Representatives and the President Pro Tempore of the Senate, the Auditor of Accounts and Controller General. (i) No member, officer, employee or agent of the Authority shall be interested, either directly or indirectly, in any project or in any contract, sale, purchase, lease or transfer of real or personal property to which the Authority is a party. The existence of any such interest shall not affect the validity of bonds issued pursuant to this subchapter. (j) All expenses incurred by the Authority shall be included and charged to the project to which they apply. Any refunds or reimbursements of such expenses shall be credited to the same project to which such expense was charged. (k) The Authority shall prescribe such regulations as may be necessary to carry out the purposes of this subchapter and, in addition to any other regulation, the Authority shall require that any new applicant approved for a loan under this chapter shall agree to give the first opportunity of employment to qualified Delaware residents. Each applicant shall report to the Authority, no later than June 30 of the year following the start of its operation in this State, the number of employees and the number of employees who were residents of Delaware at the time of their employment. This subsection shall not apply to industry employing highly skilled workers, except that any such industry, if it employs unskilled or semiskilled workers as a part of its work force, shall comply. (l) Any net earnings of the Authority (beyond those necessary for retirement of any indebtedness or to implement the public purposes of this subchapter) shall not inure to the benefit of any person other than the State.
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