CHAPTER 361

FORMERLY

HOUSE SUBSTITUTE NO. 1

FOR

HOUSE BILL NO. 383

AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE AND 76 DELAWARE LAWS, CHAPTER 79, SECTION 56 RELATING TO THE COUNCIL ON DEVELOPMENT FINANCE.

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

Section 1. Amend § 5007, Title 29 of the Delaware Code by striking subsections “(a)” through “(h)” and substituting in lieu thereof the following:

“(a) The Council on Development Finance is hereby established and shall serve in an advisory capacity to the Director and shall consider matters relating to the financing and modernization of agricultural, industrial, commercial, emerging technologies and other facilities in the State and such other matters as may be referred to it by the Governor, or by the Director. The Council may study research, plan and advise the Director and the Governor on matters relating to economic development and strategic opportunities.

(b)(1) The Office of Management and Budget and the Office of the Controller General shall appoint one (1) designee from each of their respective offices to support the staff of the Council. Upon request of the Council, the designees shall assist the Council by providing relevant analysis and research. The designees must be available to attend all Council meetings.

(2) The chair of the Council, with prior notice to the Controller General, may engage professional contractual services when necessary to provide analysis and research for specific applications recommended to the Council by the Delaware Economic Development Office. The Office of the Controller General shall administer contracts for such services.

(c) The Council shall be composed of nine (9) members who are Delaware residents. The Governor shall appoint seven (7) members: two (2) members from New Castle County, one (1) member from Kent County, one (1) member from Sussex County and three (3) At-Large members. The President Pro Tempore of the Senate shall appoint one (1) member of the Senate and the Speaker of the House of Representatives shall appoint one (1) member of the House of Representatives. Council members shall serve for 3-year terms and may be reappointed.

(d) At least three (3), but no more than four (4) members of the Council shall be affiliated with one (1) of the major political parties and at least two (2), but no more than three (3) of the members shall be affiliated with the other major political party; provided however, that there shall be more than a bare majority representation of one (1) major political party over the other major political party. Any person who declines to announce a political affiliation shall also be eligible for appointment as a member of the Council.

(e) In making appointments to the Council, the Governor shall appoint professionals possessing one (1) or more of the following designations: a member of the Bar of the Supreme Court of the State, an officer of a bank or trust company located in the State, an expert in private equity or a venture capital expert.”.

(f) Members of the Council shall serve without compensation, except that they may be reimbursed for reasonable and necessary expenses incident of their duties as members in accordance with State law.

(g) Chairperson of the Council shall be appointed by the Governor. Such Chairperson shall serve at the pleasure of the Governor.

(h) Any appointment, pursuant to this Section, to replace a member whose position becomes vacant prior to the expiration of the member’s term shall be filled only for the remainder of that term. However, a person who is appointed to fill such a vacancy may be reappointed.

(i) The Council shall conduct its business only when a quorum is present. A quorum shall consist of five (5) of the nine (9) members being physically present. Upon written request from the Council, the Governor may declare a vacancy for any member who is absent from four (4) consecutive Council meetings. The Council Chair should schedule meetings so that they are centrally located and geographically balanced in number.”.

Section 2. Amend, Volume 76, Chapter 79, § 56, Laws of Delaware, entitled “Council on Development Finance.” by deleting § 56 in its entirety.

Approved July 16, 2008