up until his election as vice president 36 years later. Tribbitt inherited the same state financial picture that forced his predecessor from office. In this time of high inflation there was constant pressure to raise salaries, particularly for teachers. Delaware's income tax rates were already among the highest in the nation and the solution was not obvious. There was an effort to levy a large tax on the one oil refinery in the state, but that was derailed when the owner, J. Paul Getty, threatened to close it. The union workers there opposed the legislation out of fear for their jobs. But the most serious financial crises involved the near-collapse of the Farmers' Bank of Delaware. It was the state's official bank, where all its funds were kept, and where many private investors had their life savings. The whole last year of Tribbitt's administration was spent trying to rectify the situation. Eventually the Federal Deposit Insurance Corporation (FDIC) agreed to make a large investment in the bank and buy many of its loans, but the state had to invest many millions as well. In 1981, under the next administration, the bank was sold. Tribbitt took other steps to raise revenue, including beginning the Delaware Lottery. He also created the Department of Community Affairs and Economic Development to attract new industry to the state. Tribbitt sought a second term in 1976, but, largely because of the unresolved financial situation, was defeated by U.S. Representative Pete du Pont. Later career Tribbitt made another bid for governor in 1984, losing the Democratic primary to former Delaware Supreme Court justice William T. Quillen. In an unusual campaign tactic, Tribbitt refused to debate his courtroom-trained opponent, saying that he would lose the debate. After leaving office he worked with the Delaware River Basin Commission and the Diamond Group consulting firm. He relocated to Dover and finally to Rehoboth Beach. Death Sherman Tribbitt died on August 14, 2010, at the age of 87, a week after a severe fall. He had suffered from Alzheimer's disease. Jack Markell, Governor of Delaware at the time, ordered state flags lowered to half staff in Tribbitt's honor. Almanac Elections are held the first Tuesday after November 1. Members of the Delaware General Assembly take office the second Tuesday of January. State Representatives have a two-year term. The Governor and Lieutenant Governor take office the third Tuesday of January and each