BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Title 29, Chapter 27, § 2716(a)(2), of the Delaware Code by making insertions as shown by underlining and deletions as shown by strike through as follows:
(2) Require that the selection of financial institutions to provide banking and investment services pursuant to this section be conducted on an open and competitive basis as defined by the Board.
; It shall be the responsibility of the Board to approve the selection of each of the said financial institutions by a majority vote of the members of the Board. The Board, by a majority vote of its members, shall be responsible for setting the policy as to the allocation between short and long term investments and the allocation of funds to the respective financial institutions selected through the open and competitive process; and
Section 2. Amend Title 29, Chapter 27, §2716(d)(1), of the Delaware Code by making insertions as shown by underlining and deletions as shown by strike through as follows:
(1) The Board is authorized and empowered to adopt rules and regulations for the general administration of its duties and is exempt from 29 Del.C. 10161 because of the need to make investment decisions in a timely manner.
Approved February 14, 2014