CHAPTER 360
FORMERLY
HOUSE BILL NO. 941
AN ACT TO AMEND CHAPTERS 62 AND 91, TITLE 29 OF THE DELAWARE CODE, RELATING TO THE CAPITAL INVESTMENT FUND AND ADVANCED LAND ACQUISITION FUND REDUCING THOSE FUNDS AND APPROPRIATING A PORTION OF THE FUNDS RELEASED TO THE PURCHASE OF PREFERRED STOCK OF THE FARMERS BANK OF THE STATE OF DELAWARE.
WHEREAS, the demands have greatly diminished for the use of advanced land acquisition funds; and
WHEREAS, it is now in the best interest of the State to reduce the size of these funds; and
WHEREAS, the funds so released by this reduction can be better utilized by the State;
Be it enacted by the General Assembly of the State of Delaware (three-quarters of all members elected to each branch thereof concurring therein):
Section 1. Amend subsection (b), §9130, Subchapter III, Chapter 91, Title 29, Delaware Code, by striking said subsection (b) in its entirety and substituting in lieu thereof the following:
"(b) The funds shall initially consist of $1,685,000."
Section 2. The sum of $1,315,000.00, when first available, is hereby appropriated and transferred from the Capital Investment Fund existing pursuant to Chapter 62, Title 29, Delaware Code, to the State Treasurer for the purchase of 131,500 shares of preferred stock of the Farmers Bank of the State of Delaware. The dividends paid upon the preferred stock purchased hereby or the interest paid if such stock is converted to notes shall be credited by the State in the proportion as originally appropriated from the Capital Investment Fund and the State Bond Reversion Accounts and shall be credited as interest in like proportion to the Capital Investment Fund and the General Fund for the State Bond Reversion Acounts . The dividends on the stock or interest on the notes if converted, which shall be paid as principal redemption, will in the same proportions be paid when available into the Capital Investment Fund and the State Bond Reversion Accounts.