HOUSE BILL NO. 335
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 51, TITLE 30 OF THE DELAWARE CODE RELATING TO REGULATIONS AND EXPENDITURES OF STATE MUNICIPAL STREET AID FUNDS BY MUNCIPALITIES.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend Subsection 5165 (c), Chapter 51, Title 30 of the Delaware Code by striking it in its entirety and substitute in lieu thereof a new Subsection (c) to read as follows:
"(c) Pending expenditure of funds received pursuant to §5163 of this Title, a municipality may make short-term investments of such funds in United States government securities or may deposit same in any bank or savings and loan association interest-bearing accounts or certificates guaranteed by any agency of the United States Government. Any interest earned on such investments or deposits shall be used for the purposes set forth in subsection (a) (2) of this section. Such investments or deposits shall not be deemed to be 'expenditures' of the funds as set forth in subsection (a) of this section."
Approved May 28, 1976