CHAPTER 21 - AUTHORIZING INVESTMENT OF MONIES IN STATE SINKING FUND IN UNITED STATES GOVERNMENT BONDS

AN ACT TO AMEND 411. SEC. 14 OF CHAPTER 15 OF THE REVISED CODE OF DELAWARE, 1935, RELATING TO STATE TREASURER AND TRUSTEE OF THE SCHOOL FUND BY AUTHORIZING THE INVESTMENT OF MONIES IN THE STATE SINKING FUND IN UNITED STATES GOVERNMENT BONDS.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That the third paragraph of 411. Sec. 14 of Chapter 15 of the Revised Code of Delaware, 1935, be and the same is hereby amended to read as follows:

The said Commissioner shall apply all monies and valuable securities which may be credited to the Sinking Fund aforesaid towards the extinguishment of the Public Funded Debt of the State, and he is empowered and required, as speedily as possible, to invest all monies to the credit of the Sinking Fund aforesaid by the purchase of good State, County, Municipal and United States Government Bonds, preferring the bonds of this State, bonds of the Counties of the State, Municipal bonds of this State and United States Government bonds and may from time to time sell, assign and reinvest for the benefit of said Sinking Fund, and he shall reinvest the interest received on account of securities so purchased by said Commissioner; provided, that no money shall be invested by said Commissioner without the written consent and approval of the Governor, Secretary of State and Auditor of Accounts, or a majority of them, nor shall any securities be assigned or otherwise disposed of without such written consent and approval.

Approved April 9, 1945.