HOUSE BILL NO. 278
AN ACT TO AMEND SUBCHAPTER II, CHAPTER 41 AND SUBCHAPTER II, CHAPTER 84, TITLE 9, DELAWARE CODE, TO EMPOWER THE GOVERNMENT OF KENT COUNTY TO INVEST IDLE FUNDS AS RECOMMENDED BY THE COUNTY COMPTROLLER AND AUTHORIZED BY THE COUNTY GOVERNMENT.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Subchapter 11, Chapter 41, Title 9, Delaware Code, by adding a new Section 4122 to read as follows:
"§4122. Investment Powers
The County government by its Levy Court may authorize and order the investment of idle funds kept as surplus by the Receiver of Taxes not reasonably required to be maintained on a demand basis in such manner as recommended by the County Comptroller. Investment of County funds shall be in accordance with the provisions of General State Law and of the ordinances of the County Government governing such investments. All interest or investments and moneys so earned from these idle or surplus funds shall accrue only to the benefit of the County of Kent."
Section 2. Amend §8427, Subchapter II, Chapter 84, Title 9, Delaware Code, by striking the final sentence and inserting in lieu thereof the followings
"The same shall remain therein, unless determined by the County government to be idle or surplus and thereupon by order or authorization invested in accordance with Section 4122, Title 9, Delaware Code, or until drawn by him in payment of legal demands, or in the transfer thereof to his successor."
Approved July 12, 1979