AN ACT TO AMEND CHAPTER 62, TITLE 29, DELAWARE CODE, RELATING TO PLANNING BY PROVIDING A NEW SUBCHAPTER TO CREATE A FEDERAL REINSURANCE FACILITY FUND TO SATISFY THE STATE OF DELAWARE'S OBLIGATIONS PURSUANT TO PART B, TITLE XII OF THE NATIONAL HOUSING ACT AND MAKING AN APPROPRIATION THEREFOR FROM THE CAPITAL INVESTMENT FUND.
WHEREAS, under the provisions of Part B of Title IXX of the National Housing Act, the State of Delaware, in order to participate in the federal program for reinsurance of losses from riots or civil disorders must make provisions to satisfy a portion of the riot or civil disorder loss; and
WHEREAS, the General Assembly of the State of Delaware wishes to provide the mechanism whereby the State of Delaware can qualify for participation in this program; and
WHEREAS, the State of Delaware might not be called to pay any moneys pursuant to this program for several years, if ever;
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend Chapter 62, Title 29, Delaware Code, by adding the following new Subchapter:
FEDERAL REINSURANCE FACILITY FUND
§ 6210. Federal Reinsurance Facility Fund
(a) A special fund is hereby created in the State Treasury to be known as the "Federal Reinsurance Facility Fund", hereafter referred to in this Subchapter as "Fund".
(b) The Fund shall initially consist of $1,000,000.
(c) The Fund shall be expended to pay any claim against the State of Delaware from the Federal Reinsurance Facility.
§ 6211. Withdrawals from the fund
Before any sum is withdrawn from the Fund to pay a claim against the State of Delaware from the Federal Reinsurance Facility, a request shall be made by the Insurance Commissioner to the Budget Commission.
§ 6212. Reversion of unused funds
Any moneys which shall not be expended by the Insurance Commissioner within twelve (12) months shall revert to the Budget Commission to be redeposited in the Fund.
§ 6213. Segregation of capital investment fund moneys
The Budget Commission shall segregate and set aside the sum of $1,000,000 of the moneys in the Capital Investment Fund to be known as the Federal Reinsurance Facility Fund in order to fulfill the purpose of this Act.
The funds in the Capital Investment Fund segregated and set aside pursuant to this section and unexpended as of June 30, 1971 shall be released, and such segregation of funds shall expire on June 30, 1971.
§6214. Idle moneys to be held in capital investment fund
Any moneys allocated to the Fund under this Subchapter which are not immediately needed for the purposes of this Subchapter may be held by the Budget Commission in the Capital Investment Fund until needed in the Federal Reinsurance Facility Fund.
Approved July 14, 1969.