(a) No funds appropriated by an authorization act shall be encumbered more than 3 years after the passage of such act for any individual project unless:
(1) Such project has progressed into any of the following phases prior to that date:
Planning, initial engineering, land, building or equipment acquisition, construction or reconstruction; and(2) Eighty-five percent of the project costs have been expended on 1 or more of such phases.
(b) No bonds or notes shall be issued or funds borrowed pursuant to an authorization act, 4 years after the passage of such act, except:
(1) As provided in 54 Del. Laws, c. 345, as amended (Chapter 75 of this title, as amended); and
(2) With respect to bonds authorized prior to this chapter which shall remain subject to the law under which they were originally authorized.
(c) Any project authorized to be undertaken with the proceeds of bonds of the State shall commence in the fiscal year in which it is authorized. If such duly authorized project has not proceeded into 1 or more of the phases identified in subsection (a) of this section within 18 months from the effective date of the original authorization, the authorized but unsold portion of the bonds shall automatically be deauthorized and any unspent cash balances shall be reverted to the Bond Reversion Account to be applied to the costs of any other authorized project, pursuant to § 7418 of this title.