(a) There is hereby established a body corporate and politic, to be known as the “Delaware Transportation Authority.” The Authority shall be a public instrumentality of the State exercising public and essential governmental functions, and the exercise by the Authority of the powers conferred by this chapter is hereby determined to be an essential governmental function of the State in order to create an economical, efficient and unified system of air, water, vehicular, public and specialized transportation in the State. The exercise of power by the Authority pursuant to this chapter is hereby mandated by the State as sovereign, it being the intention of the State to displace competition with regulation or monopoly public service.

(b) All action by the Authority shall be taken by resolution of the Secretary, the Director of the Office of Financial Management and Budget and the Administrator of the Transportation Trust Fund.

(c) The Authority may be dissolved by an 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.

(d) The Authority shall make an annual report of its activities to the Governor, the Speaker of the House of Representatives and the President Pro Tempore of the Senate of the General Assembly, the Controller General and the Auditor of Accounts. Each such report shall contain a complete operating and financial statement covering the Authority’s operations during the past fiscal year of the Authority and shall include copies of the audits required to be obtained by the Authority pursuant to this chapter.

(e) No director, 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 chapter.

(f) No director, officer, employee or agent of the Authority shall be deemed to have forfeited or shall forfeit any other state office or employment or any benefits or emoluments thereof by reason of acceptance of an office of the Authority or services therefor, subject to this chapter.

62 Del. Laws, c. 164, §§ 1, 2; 69 Del. Laws, c. 435, §§ 7, 8.