(a) Notwithstanding the termination of an agency, it may continue in temporary existence until the end of the next succeeding calendar year in order to properly conclude its business. Unless otherwise provided by law, termination does not reduce or otherwise limit the power and authority of a terminated agency during its concluding year. Upon the expiration of the concluding year, all rights, powers, and functions of the agency cease. Any unobligated or unexpended appropriations of an agency terminated under this chapter lapse at the end of the concluding year.

(b) At the end of a terminated agency’s concluding year, money in a dedicated fund of a state agency must be immediately transferred to the General Fund of the State Treasury, unless otherwise provided for by law. Any law or portion of a law which dedicates money to a specific fund of a terminated state agency is automatically repealed at the end of the agency’s concluding year.

(c) If a terminated agency is funded in the Budget Appropriation Act for each year of the General Assembly, the agency has no authority to spend or obligate any of the funds after December 31 of the concluding year, unless specifically provided for by law.

(d) If a terminated agency is part of a larger agency, all property and records in the custody of the terminated agency must be transferred at the end of its concluding year to the next largest entity of which the terminated agency was a part. If the terminated agency was itself the largest entity or was an independent agency, the property and records must be transferred to the Secretary of State.

(e) If a terminated agency has any outstanding bonded indebtedness remaining at the end of its concluding year, the responsibility for the management of the repayment of the bonded indebtedness through the continuation of the agency’s functions, limited merely to the repayment function, is vested in the State Treasurer. Any claims by the agency and any claims against the agency continue and may not be terminated with the agency.

(f) All Delaware Code references to a terminated agency are invalid upon the expiration of the agency’s concluding year, unless specifically retained.

62 Del. Laws, c. 301, § 3; 68 Del. Laws, c. 159, § 5; 76 Del. Laws, c. 221, § 1.