HOUSE BILL NO. 603
AN ACT TO AMEND TITLE 29, DELAWARE CODE, SECTION 6102 BY PROVIDING FOR THE MAINTENANCE OF A SEPARATE RESERVE FUND UNDER THE STUDENT LOAN PROGRAM OF THE HIGHER EDUCATION ACT OF 1965, AS AMENDED.
WHEREAS, in order to comply with the Student Loan Program of the United States Higher Education Act of 1965, as amended, it is necessary that the State maintain a separate fund which together with any interest or profit derived from investment thereof shall not revert to the General Fund;
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 6102 of Title 29 of the Delaware Code, is amended by adding a new section (e), as follows:
"(e) All moneys which have been appropriated by the General Assembly and are now deposited in a special fund account, as well as all moneys hereafter appropriated by the General Assembly, for use in carrying out the function of the Delaware Higher Education Student Loan Program, under the U.S. Higher Education Act of 1965, established by Executive Order 26, dated August 8, 1966, and Executive Order 40, dated August 27, 1970, hereinafter called The Agency, shall be placed in a segregated fund account, known as the Delaware Higher Education Loan Program Fund together with sums as are (a) advanced by the Federal Government for carrying out the Program of the Agency, (b) received by the Agency as loan insurance premiums, (c) received by the Agency through gift, grant, or by other means from other sources, (d) collected on defaulted loans after expenses of collection, or (e) in the nature of interest or other earnings derived from the investment thereof. The said Fund in the separate account shall not be a part of the General Fund of the State."
Approved April 8, 1972.