CHAPTER 224

FORMERLY

SENATE BILL NO. 476

AN ACT TO AMEND CHAPTER 40, TITLE 31, DELAWARE CODE, RELATING TO THE DELAWARE STATE HOUSING AUTHORITY.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §4053(17) of Chapter 40, Title 31, Delaware Code by adding thereto a new subsection (i) to read as follows:

"i. Bonds, debentures, notes or other obligations issued by any of the following: Bank for Cooperatives, Export-Import Bank of the United States, Government National Mortgage Association, Federal Financing Bank, Small Business Administration, or any other agency or instrumentality of the United States of America, created by an Act of Congress (substantially similar to the foregoing in its legal relationship to the United States of America);".

Section 2. Amend §4055(a) of Chapter 40, Title 31, Delaware Code by striking the words 'aforesaid Farmers Bank' as the same appears in the fourth sentence thereof and inserting in lieu thereof the word 'Authority'.

Section 3. Amend §4069(13) of Chapter 40, Title 31, Delaware Code by striking said subsection 13 in its entirety and inserting in lieu thereof a new subsection (13) to read as follows:

"(13) 'Mortgage Lender' means any bank or trust company, savings bank, national banking association, savings and loan association, Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, approved mortgage banker, building and loan association, or any insurance company authorized to transact business in the State."

Section 4. Amend §4071(1) of Chapter 40, Title 31, Delaware Code by deleting the phrase ',upon the terms set forth in §4077 of this Title' as the same appears in said subsection (1) and inserting in lieu thereof a period "."

Section 5. Amend §4053(18) of Chapter 40, Title 31, Delaware Code by striking the semicolon ";" after the word "approval" and inserting the following:

"with respect to bonds and notes subject to the Capital Reserve Fund established under §4057A of this Chapter."

Section 6. Amend §4057A(b) of Chapter 40, Title 31, Delaware Code by striking all the words commencing with the word 'Except' and ending with the words 'hereof. The' as they appear in the beginning of said subsection (b) and inserting in lieu thereof the following:

"Except with respect to an issue, or portion of an issue, of bonds designated by Resolution of the Authority as not being subject to the requirements and provisions of this section, the".

Section 7. Amend §4055(a), Chapter 40, Title 31, Delaware Code by inserting after the word 'semiannually' the following:

"or at such other time or times as shall be determined by Resolution of the Authority."

Section 8. Amend §4057A(f) of Chapter 40, Title 31, Delaware Code by striking said subsection (f) in its entirety and inserting in lieu thereof a new subsection (1) to read as follows:

"(f) For the purposes of this section, the term bonds' shall mean all obligations of the Authority bearing a maturity date more than two (2) years after the date thereof, except any bonds, notes or other obligations of the Authority which are designated by Resolution of the Authority prior to the issuance thereof as being not subject to the provisions of this Section."

Approved April 15, 1980.