AN ACT TO PROVIDE THAT BONDS AND OTHER OBLIGATIONS ISSUED BY ANY PUBLIC HOUSING AUTHORITY OR AGENCY IN THE UNITED STATES, WHEN SECURED BY A PLEDGE OF ANNUAL CONTRIBUTIONS TO BE PAID BY THE UNITED STATES GOVERNMENT, SHALL BE SECURITY FOR ALL PUBLIC DEPOSITS AND NEGOTIABLE AND LEGAL INVESTMENTS FOR THE STATE AND PUBLIC OFFICERS, MUNICIPAL CORPORATIONS, POLITICAL SUB-DIVISIONS, AND PUBLIC BODIES, ALL BANKS, BANKERS, TRUST COMPANIES, SAVINGS BANKS AND INSTITUTIONS, BUILDING AND LOAN ASSOCIATIONS, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES AND OTHER PERSONS CARRYING ON A BANKING BUSINESS, ALL INSURANCE COMPANIES, INSURANCE ASSOCIATIONS AND OTHER PERSONS CARRYING ON AN INSURANCE BUSINESS, AND ALL EXECUTORS, ADMINISTRATORS, GUARDIANS, TRUSTEES AND OTHER FIDUCIARIES.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That the State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority established pursuant to Chapter 160 of the Revised Code of 1935, as amended, or issued by any public housing authority or agency in the United States, when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States Government, or any agency thereof, and such bonds and other obligations shall be authorized security for all public deposits and fully negotiable in this State; it being the purpose of this act to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations and that such bonds or other obligations shall be security for public deposits and negotiable in this State; provided, however, that nothing contained in this act shall be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
Section 2. That notwithstanding any other evidence of legislative intent, it is hereby declared to be the controlling legislative intent that if any provision of this act, or the application thereof to any person or circumstances, is held invalid, the remainder of the act and the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.
Section 3. That insofar as the provisions of this act are inconsistent with the provisions of any other law, the provisions of this act shall be controlling.
Section 4. That this act shall become effective from and after its passage and approval by the Governor.