Is this correct semicolon usage?

"At last, the time of the school year has finally come; the time when another well-earned, free and enjoyable summer floated at my fingertips," is the sentence with proper usage. Only where one could put a period can a semicolon be used, i.e. "At last, that time of the school year has finally come! That time when another well-earned, free and enjoyable summer floated at my fingertips."