SENATE BILL NO. 274
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 27, TITLE 29, DELAWARE CODE RELATING TO THE CASH MANAGEMENT POLICY BOARD AND INVESTMENT POOLS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §2716(a), Chapter 27, Title 29, Delaware Code by
inserting between the word "State" and the punctuation "," as the same appear in the first sentence therein, the following phrase:
or on deposit from its political subdivisions".
Section 2. Further Amend §2716(a), Chapter 27, Title 29, Delaware Code by inserting the phrase or its political subdivisions" after the phrase "money belonging to the State" as such phrase appears in the third and fourth sentences therein.
Section 3. Amend §2716(a)(1), Chapter 27, Title 29, Delaware Code by
striking the phrase "state money" as it appears in the first sentence therein and substitute the phrase "such funds" in lieu thereof.
Section 4. Amend Chapter 27, Title 29 of the Delaware Code by adding a new §2719 as follows:
"§2719. Local Government Investment Pool.
The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay public moneys of the local government into the Local Government Investment Pool which shall be in the custody of the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject to the same limitations provided for the deposit and investment of State funds. Funds of the local governments may be combined with funds of the State while invested in the Pool.
The State Treasurer shall adopt such rules as are necessary for the administration of this Investment Pool including specification of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in the Pool. Administrative
expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably pro-rated among the local governments in the Pool based upon the amount and length of time the monies are on deposit in the Pool.
Local Government Accounts shall remain confidential while in the custody of the State Treasurer. Public records available through the local government will be sufficient public record of the funds on deposit with the Local Government Investment Pool."
Approved June 29, 1992.