HOUSE BILL NO. 501
AS AMENDED BY HOUSE AMENDMENT NO. 1
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.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 6102, Title 29 of the Delaware Code, is amended by adding a new section (e) to read as follows:
(e) All moneys which have been appropriated by the General Assembly now deposited in a special fund account, as well as all moneys hereafter appropriated by the General Assembly to Delaware Higher Education Loan Program, hereinafter called the Agency, established by Executive Order 40, dated August 27, 1970, for the use in and purpose of carrying out the function of the Delaware Higher Education Loan Program established under the provisions of the U.S. Higher Education Act of 1965, shall be deposited by or to the credit of the State Treasurer in one special fund account to be known as the Delaware Higher Education Loan Program Fund. In addition, the following moneys or receipts shall be deposited by or to the credit of the State Treasurer in the Delaware Higher Education Loan Program Fund:
a. moneys or receipts advanced by the Federal Government for carrying out the Program of the Agency,
b. moneys or receipts received by the Agency as loan insurance premiums,
c. moneys or receipts received by the Agency through gift, grant, or by other means from other sources,
d. moneys or receipts collected on defaulted loans by the Agency after expenses of collection, or
e. moneys or receipts in the nature of interest or other earnings derived from the investment by the State Treasurer thereof.
e. The moneys or receipts deposited in or credited to the Delaware Higher Education Loan Program Fund shall not be part of the General Fund of the State and shall not be commingled with the moneys or receipts of the General Fund or of any other special fund of the State.
Approved May 10, 1974.