(a) Any school district which is entitled under any school construction bond authorization act to an apportionment of a state share and which is required therein to provide a local matching share is authorized to issue its bonds for the purpose of raising money to pay the local share set forth in such school construction bond authorization act and raising such additional amount, if any, as such school district may desire to expend for school construction. If such bonds are issued, they shall be authorized by the board of education of the school district pursuant to Chapter 21 of Title 14, except in the case of the City of Wilmington, in which case the local share to be contributed by the Board of Public Education in Wilmington may be raised by the proper authorities of said City by issuing bonds pursuant to Chapter 175, Volume 52, or Chapter 163, Volume 32, Laws of Delaware, as amended. Chapter 20 of Title 14 shall be complied with in the event that the amount in addition to the local share is for school construction which varies from the standard formula. Such bonds and any notes issued in anticipation of the issuance of such bonds shall, except in the case of the City of Wilmington, be sold to the State. Such bonds shall bear interest at a rate not less than the rate payable on bonds of the State issued to provide such local share plus an amount to cover administrative expenses of the State in connection with the financing of school construction programs in an amount not exceeding one quarter of 1 percent per annum. The State shall issue its bonds to provide the local share of any school construction program in accordance with any school construction bond authorization act, as well as any additional amounts which the qualified voters of any school district shall have authorized to be expended for school construction; provided, however, that such additional amounts must first have been appropriated to such school district in a school construction bond authorization act or amendment to such an act. Such bonds shall not be included in the amount of bonds or notes pledging the faith and credit of the State which are issued and outstanding, authorized but not issued, and about to be issued. The Department of Finance of the State shall annually prepare a report setting forth in brief detail all bonds or notes issued by the State for the purpose of financing a local share of a school construction program and the bonds or notes purchased from local school districts and setting forth receipts and disbursements.
(b) Instead of issuing bonds as hereinbefore provided, any school district may pay its local share by using gifts or any other moneys on hand which are not required by law to be used for some other purpose.