SENATE JOINT RESOLUTION NO. 19
AUTHORIZING THE GOVERNOR AND THE FARMERS BANK COMMISSION TO ENTER IN AMENDMENTS TO THE 1976 ASSISTANCE AGREEMENT AMONG THE FARMERS BANK, THE STATE AND THE FEDERAL DEPOSIT INSURANCE CORPORATION.
WHEREAS, the State of Delaware, the Federal Deposit Insurance Corporation, and the Farmers Bank of the State of Delaware are parties to a 1976 agreement designed to provide financial assistance to the Farmers Bank (the "Assistance Agreement"); and
WHEREAS, certain questions have arisen among the parties with respect to the Assistance Agreement; and
WHEREAS, in light of these questions, It is In the best interest of the State to agree to amendments or reformation of the Assistance Agreement which does not impose, in the aggregate, greater obligations on the part of the State.
BE IT RESOLVED by the Senate of the 131st General Assembly of the State of Delaware, the House of Representatives concurring therein, that the Governor and the Farmers Bank Commission be and hereby are authorized on behalf of and with the full power and authority of the State to enter into such amendments or reformation of the Assistance Agreement which, in the judgment of the Governor, the State Treasurer and the Farmers Bank Commission, are in the best interest of the State and which:
A. Fix a definite date for the termination of the State's deposit obligations under the Assistance Agreement; and
A. Reform or modify other provisions of the Assistance Agreement in a manner that does not in the aggregate impose greater obligations on the part of the State than those already existing under the Assistance Agreement.
Approved July 7,1991.