AN ACT TO AMEND SUBCHAPTER IV, TITLE 30, DELAWARE CODE, TITLED "STATE AID TO MUNICIPALITIES FOR STREETS", TO AUTHORIZE INCORPORATED MUNICIPALITIES TO MAKE SHORT TERM INVESTMENTS OF MUNICIPAL STREET AID PROGRAM FUNDS RECEIVED FROM THE STATE PENDING EXPENDITURE.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. § 5165, Title 30, Delaware Code, is amended by adding thereto a new Subparagraph "(c)" to read as follows:
(c) Pending expenditures of funds received under Section 5163 (b), (1) and (2), an incorporated municipality shall be authorized to make short term investments of such funds in United States Government securities, with any interest earned thereon to be used for the purposes set forth in Subparagraph (a) above; and such short term investments of such funds are not to be deemed to be "expenditures" of such funds which are prescribed by Subparagraph (a) above.
Approved March 23, 1970.