CHAPTER 142
FORMERLY
SENATE BILL NO. 316
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLES 5, 9, 10, 12, 14, 18, 23, 29, AND 31 RELATING TO PROVISIONS WITHIN SAID TITLES DEALING SPECIFICALLY WITH THE FARMERS BANK OF THE STATE OF DELAWARE AND TO MAKE PROVISIONS FOR THE DISPOSITION OF MONEY PREVIOUSLY DEPOSITED WITH THE FARMERS BANK OF THE STATE OF DELAWARE.
WHEREAS, the State has owned a substantial portion of the outstanding capital stock of the Farmers Bank of the State of Delaware (the "Farmers Bank") since 1808 and State statute has provided since 1857 that State funds shall he deposited in the Farmers Bank and also has contained numerous additional provisions relating to the special relationship between the State and Farmers Bank; and
WHEREAS, the State, pursuant to authorization by the 128th General Assembly and the Governor of the State, entered into an agreement dated May 12, 1976, with the Federal Deposit Insurance Corporation (the "FDIC") and the Farmers Bank to provide financial assistance from the State and the FDIC to Farmers Bank (the "Assistance Agreement"); and
WHEREAS, the Assistance Agreement was subsequently modified by an agreement dated May 10, 1977, among Farmers Bank, the FDIC and the State (authorized by the 129th General Assembly and the Governor of the State); and
WHEREAS, the State is receiving limited benefit from the depository arrangements mandated by the Assistance Agreement; and
WHEREAS, it is anticipated that the Assistance Agreementwill terminate no later than January l, 1982 with respect to the depository requirements; and
WHEREAS, under the principles of sound fiscal policy and management it is imperative that the State deposit its inoney under such terns and conditions which will produce the greater fiscal benefit to the State.
NOW, THEREFORE:
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Title 29 of the Delaware Code by striking §2705 in its entirety and substituting in lieu thereof a new §2705 to read as follows:
"§2705. Custody and investment of State funds
The State Treasurer shall have custody of money belonging to the State, including, but not limited to, money in the School Fund. All money belonging to the State, except money deposited in any pension fund of the State, and received by the State Treasurer, shall he invested daily.
Money belonging to the State shall continue to be invested until required by the State Treasurer to make disbursement; authorized by law."
Section 2. Amend Title 29 by adding n new section to he designated §2716 to read as follows:
"§2716. Cash Management Policy Board
(a) Establishment and Purpose. There is hereby established the Cash Management Policy Board (the "Board"). The Board's purposes shall he to establish policies for the investment of all money belonging to the State, except money deposited in any State pension fund or the State Deferred Compensation Program, and to determine the terns, conditions and other matters relating to those investments including the designation of permissible investment.
In carrying out its purpose to designate permissible investments, the Board shall: exercise the judgment And care under the circumstances then prevailing which men and women of prudence, discretion, and intelligence exercise In the management of their own affairs with due regard to the probable income nnd level of risk from investment; of money belonging to the State in accordance with the policies established by the Board;
In carrying out its purpose to determine the terms, conditions and other matters relating to the investment of money belonging to the State, unless the Board shall find it not in the State's best interest, the Board shall:
(i) require as a condition to any deposit of State money in any state or national hank or savings and loan institution that such deposits be continuously and fully secured by direct general obligations of or obligations the payment of the principal and interest on which are unconditionally guaranteed by, the United States of America or other suitable obligations as determined by the Board;
(ii) 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; and
(i) require that temporary clearing accounts as well as major disbursement accounts be established in a bank or banks whose principal office is located within the State.
(b) Composition of the Board. The Board shall be composed of nine members. Each member of the Board shall have one vote. The State Treasurer, the Secretary of Finance, the Secretary of State and the Controller General shall be members of the Board and shall serve on the Board ex officio. Five members shall be appointed by the Governor and confirmed by the Senate.
Of the five appointed members, (i) at least one member shall he a resident of Sussex County, at least one member shall be a resident of Kent County, and at least one member shall be a resident of New Castle County; and 00 at least 2, but no more than 3, appointed members of the Board shall be affiliated with 1 of the major political parties and at least 1, but no more than 2, of the appointed members shall be affiliated with the other major political party; provided, however, that there shall be no more than a bare majority representation of I major political party over the other major political party. Any person who declines to announce his political affiliation shall also be eligible for appointment as a member of the Board.
In considering the qualifications of persons who may he appointed to the Board, the Governor shall consider among other things the knowledge of such person in the fields of investment Inanagement and banking services.
The Governor shall fill vacancies on the Board created by appointed members for their unexpired term and the appointments shall be confirmed by the Senate.
(e) Term of Appointed Members and Conduct of Meetings:
(1) Ench appointed member shall be appointed for a three-year term beginning on the date of appointment provided, however, that of the initial members, one shall he appointed for a one-year term, two for two-year terns, and two for three-year terns. Appoiated :members shall be eligible for reappointment.
(2) Each member of the Board shall have one vote and the powers of the Board shall be exercised by a majority vote of all members present provided that n quorum of five members shall he necessary to hold a meeting of the Board.
(3) The Chairman of the Board shall be designated by the Governor from among the appointed members.
(4) The Board shall meet as often as shall 'm necessary to properly discharge its duties; provided, however, that the Board shall meet at least once every three months, and provided further, that the State Treasurer shall he authorized to call special meetings of the Board.
(5) Meetings and/or documents relating to investment strategy or negotiations concerning investment of money belonging to the State shall be exempt from the provisions of Chapter 100 of this Title.
(d) Powers and Duties of the Board.
(1) The Board Is authorized and empowered to adopt rules and regulations for the general administration of its duties.
(2) The Board shall establish a policy with respect to the creation of all checking accounts by the State or any agency or department by the State or any agency or department of the State, and the State Treasurer shall enforce that policy.
(3) The Board shill he authorized to enter into agreements to employ or contract for the services of private and public consultants, for research, technical, or other services and for facilities, alienever the same shall be deemed by the Board necessary or desirable in the performance of the functions of the Board. No such agreement shall he binding or enforceable unless the State shall have appropriated money to pay the obligations incurred by the Board hereunder.
(4) The Board shall prepare and publish an annual report to the General Assembly concerning its activities.
(e) Powers and Duties of the State Treasurer.
(1) The investment of money belonging to the State shall be made by the State Treasurer in accordance with policies established by the Board and subject to the terms, conditions and other matters, including the designation of permissible investments relating to the investment of the money belonging to the State, except for money deposited in any State pension fund or funds of the State Deferred Compensation Program.
(2) State agencies and departments, and school districts shall provide the State Treasurer with such reports and projections of receipts and expenditures as well as other data he or she may request to enable the Treasurer to provide the Board with accurate cash flow forecasts.
(f) Miscellaneous.
(1) Members shall not receive compensation for serving on the Board, but shall be entitled to reimbursement by the State for travel and other expenses incurred In attending meetings of the Board.
(2) The State shall indemnify an appointed Board member who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he or she is or was an appointed Board member, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, if he or she acted in good faith and in a manner he or she reasonably believed to be in the best interests of the State and with respect to any criminal action or proceeding had no reasonable cause to believe his or her conduct was unlawful. Expenses incurred in defending a civil, administrative or investigative action, suit or proceeding shall be paid by the State in advance of final disposition of such action, suit or proceeding if (i) initially authorized by a majority vote of the Board exclusive of the member or members to be indemnified unless more than a majority of the Board shall also be parties to the same action, suit or proceeding, in which instance, such authorization shall be by the Governor of the State and (ii) such Board member agrees to repay such amount if it is ultimately determined by the Board or the Governor, as the case may be, pursuant to (i) above that such member is not entitled to be indemnified under this section.
Section 3. Amend §742(b) of Title 5 of the Delaware Code by striking the following consecutive words as they appear in the fourth sentence thereof: "to the state directors of the Farmers' Bank of the State of Delaware, nor".
Section 4. Amend Title 5 of the Delaware Code by striking §929 thereof in its entirety.
Section 5. Amend Title 5 of the Delaware Code by striking §930 and §935(a) thereof in its entirety.
Section 6. Amend §1906(a) of Title 5 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of the State of Delaware and inserting in lieu thereof the following: "any state or national bank as defined in §101 of this Title".
Section 7. Amend §502(b) of Title 9 of the Delaware Code by striking the second sentence thereof and substituting in lieu thereof the following: "Bonds shall be issued as bearer, coupon bonds convertible into fully registered bonds."
Section 8. Amend §514 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the branch of the Farmers Bank of Delaware in the county where the bonds are issued' and inserting in lieu thereof the following: any state or national bank designated by the county government."
Section 9. Amend §533 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "in the branch of the Farmers Bank where the principal and interest are payable,".
Section 10. Amend §552(b) of Title 9 of the Delaware Code by striking the second sentence thereof and inserting in lieu thereof the following: "The bonds shall be issued as bearer, coupon bonds convertible into fully registered bonds."
Section 11. Amend §563 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the branch of the Farmers Bank of Delaware in the county where the bonds are issued" and inserting in lieu thereof the following: "any state or national bank designated by the county government".
Section 12. Amend §579 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "in the branch of the Farmers Bank" and inserting in lieu thereof the following: "in a state or national bank".
Section 13. Amend §650(e) of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the branch of the Farmers Bank of Delaware in the county where the bonds are issued" and inserting in lieu thereof the following: "any state or national bank designated by the county government".
Section 14. Amend §653 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "in the branch of the Farmers Bank" and inserting in lieu thereof the following: "in a stat3 or national bank".
Section 15. Amend §1522(b) of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the Wilmington Branch of the Farmers Bank" and inserting in lieu thereof the following: "a state or national bank designated by the County".
Section 16. Amend §2211(c) of Title 9 of the Delaware Code by striking the last sentence thereof and inserting in lieu thereof the following: "The residue of the purchase money shall be immediately deposited to the credit of the owner or owners of the property so sold in a state or national bank having been designated by New Castle County."
Section 17. Amend §2311(b) of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the branch of the Farmers Bank of Delaware located in New Castle County" and inserting in lieu thereof the following: "a state or national bank designated by New Castle County".
Section 18. Amend §2408 of Title 9 of the Delaware Code by striking subsection (a) thereof in its entirety and inserting in lieu thereof the following:
"(a) The principal of and interest on the bonds shall be payable when due and payable from money appropriated from time to time by New Castle County."
Section 19. Amend §2409 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers Bank of the State of Delaware, at Wilmington, Delaware" and inserting in lieu thereof the followings "a state or national bank designated by New Castle County".
Section 20. Amend §4159 of Title 9 of the Delaware Code by striking subsection (a) thereof in its entirety and inserting in lieu thereof the following:
"(a) The principal of and interest on the bonds shall be payable when due and payable from money appropriated by Kent County."
Section 21. Amend §4511(c) of Title 9 of the Delaware Code by striking the last sentence thereof and inserting in lieu thereof the followings "The residue of the purchase money shall be immediately deposited to the credit of the owner or owners of the property so sold in a state or national bank having its principal office in the State."
Section 22. Amend §4708 of Title 9 of the Delaware Code by striking subsection (a) thereof in its entirety and inserting in lieu thereof the following:
"(a) The principal of and interest on the bonds shall be payable when due and payable from money appropriated by Kent County."
Section 23. Amend §4709 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers Bank of the State of Delaware, at Dover, Delaware" and inserting in lieu thereof the followings "a state or national bank designated by Kent County".
Section 24. Amend §8511(b) of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the branch of the Farmers Bank of the State of Delaware located in Sussex County" and inserting in lieu thereof the following: "a state or national bank designated by Sussex County".
Section 25. Amend §6711(c) of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers Bank, Georgetown, Delaware" and inserting in lieu thereof the followings "a state or national bank designated by Sussex County".
Section 26. Amend §8435 of Title 9 of the Delaware Code by striking the following consecutive words as they appear therein: ", the County Auditor and a representative of the Farmers Bank of the State of Delaware" and inserting in lieu thereof the followings "and the County Auditor".
Section 27. Amend §4760(a) of Title 10 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of the State of Delaware" and inserting in lieu thereof the following: "any state or national hank having its principal place of business in the State".
Section 28. Amend §6114 of Title 10 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of the State of Delaware in the county seat of and inserting in lieu thereof the following: "any state or national bank having a branch or office in".
Section 29. Amend §2315(a) of Title 12 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of this State" and inserting In lieu thereof the following: "any state or national bank with Its principal office in the State".
Section 30. Amend §2316(b) of Title 12 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of this State" and inserting in lieu thereof the following: "any state or national bank having its principal office in the State".
Section 31. Amend §1503 of Title 19 of the Delaware Code by striking the following consecutive words as they appear therein: ", except as to stock of the Farmers' Bank;".
Section 32. Amend §1922 of Title 14 of the Delaware Code by striking the following consecutive words as they appear therein: "the principal office of the Farmers Bank of the State of Delaware in the county in which the school district is situated' and inserting in lieu thereof the following: "a state or national bank designated by the school district".
Section 33. Amend Title 14 of the Delaware Code by striking §1923 thereof in its entirety and inserting in lieu thereof the following:
"§1923. Payment of interest Upon Local School Funds on Deposit
(a) On the 30th day of June and the 31st day of December of each year, the State Treasurer shall credit to the account of each local school district which has funds on deposit with the St:tte Treasurer such amount of interest as determined by this Section upon such funds.
(b) The State Treasurer shall credit the operating and debt service account respectively of each district's school operating and debt service funds with interest on 80% of the average balances in operating and debt service funds for the 6-month periods ending on the last day of May and November. The interest to be paid will be that proportionate share of interest paid to the State as the school's 80% average balances are to the total State's average balance. The average balance shall be determined by averaging the balances of such funds as of that day of each month when the balances of all State funds deposited are determined.
(c) The State Treasurer shall credit the debt service account of each local school district construction fund with interest on 90'6 of the average balance of that proportion of the construction accounts contributed by the local district for the 6-month periods ending on the last day of Viay and November. The average proportional amount contributed by the local school district shall 5e determined by averaging the balances of such proportional amounts as of that day of ench month on which the balances of all State funds deposited are determined. The interest to be paid will be that proportionate share of interest paid to the State as the schools' 90% average balances of the proportion of construction accounts contributed by the local district are to the State's average balance."
Section 34. Amend Title 14 of the Delaware Code by striking §2110 thereof in its entirety and substituting in lieu thereof the following:
"§2110. Place of payment of principal and interest
The principal of and interest on the bonds shall be payable at a state or national bank within or without the State designated by the issuing officers as that term is defined in Section 7401 of Title 29, Delaware Code."
Section 35. Amend Title 14 of the Delaware Code by striking §2113 thereof in its entirety mind substituting in lieu thereof the following:
"§2113. Cancellation and destruction ofpaid bonds and coupons
After any bonds issued under the authority of this chapter or the coupons annexed thereto shall have been paid, they shall be immediately cancelled, a record of payment shall be made and the bonds or coupons destroyed."
Section 36. Amend §3702 of Title 14 of the Delaware Code by striking the following consecutive words as they appear therein: "account to be known as State School Emergency Fund in the Farmers' Bank of the State of Delaware" and inserting in lieu thereof the following: "fund to he known as the State School Emergency Fund".
Section 37. Amend §3703 of Title 14 of the Delaware Code by striking the first sentence thereof and inserting in lieu thereof the following:
"Upon receipt of a written demand or requisition of the Governor as provided in §3702 of this Title, the State Treasurer shall forthwith set aside from the General Fund the amount requested by the Governor in his written demand or requisition, in a special fund of the State, to be known as the State School Emergency Fund. Interest payable on money in the special fund shall be credited when and to the same extent as interest on other State money on deposit in any state or national bank."
Section 38. Amend §6535 of Title 18 by striking the following consecutive words: "custodian of and" as they appear therein, and by adding a new sentence:
"The State Treasurer shall be custodian of the Fund."
Section 39. Amend §6536(a) of Title 18 of the Delaware Code by striking it in its entirety and inserting in lieu thereof the following:
"(a) The State Treasuer shall invest and reinvest such portion of the Fund as is not required to meet regular anticipated expenses in accordance with the investment guidelines established by the Cash Management Policy Board."
Section 40. Amend §1902 of Title 23 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of this State, or in any branch thereof" and inserting in lieu thereof the following: "any state or national bank having an office or a branch".
Section 41. Amend §402(a) of Title 29 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of the State of Delaware at Dover" and inserting in lieu thereof the following: "a special fund of the State to fund capital projects of the State".
Section 42. Amend §554 of Title 29 of the Delaware Code by striking the following consecutive words as they appear in the third sentence therein: "with the Secretary of Finance in the Farmers' Bank of the State of Delaware" and inserting in lieu thereof the following: "in a special fund of the State".
Section 43. Amend §2707 of Title 29 of the Delaware Code by adding the following sentence:
"Methods of payments ,nay include checks, drafts and electronic funds transfers."
Section 44. Amend Title 29 of the Delaware Code by striking §2708 thereof in its entirety and inserting in lieu thereof:
"§2708. Destruction of Cancelled Bonds and Coupons
The State Treasurer may cause any registration, recording, or cancellation agent of the State to destroy any paid, redeemed, called or cancelled bonds and coupons of the State. Such agent shall give the State Treasurer a certificate of destruction or cremation of such bonds and coupons which shall be retained by the State Treasurer."
Section 45. Amend §2710 of Title 29 of the Delaware Code by striking the following consecutive words each time they appear therein: "the Farmers' Bank of the State of Delaware" and inserting in lieu thereof in each instance the following: "any agent so designated by the issuing officers".
Section 46. Amend §5903(14) of Title 29 of the Delaware Code by striking the following consecutive words as they appear therein: "and Directors of the Farmers' Bank of the State of Delaware".
Section 47. Amend Title 29 of the Delaware Code by striking §6103 thereof in its entirety and inserting in lieu thereof the following:
"§6103. Deposit of State Money; Report to State Treasurer
All monies which belong to the State shall be deposited on day of receipt to the credit of the State Treasurer in the designated depository of the State's funds, with the exception of monies received after the close of normal banking hours or when an agency receives less than $100 in receipts daily. Those agencies receiving less than $100 in daily receipts shall safely secure such funds and make a deposit when accumulated, undeposited receipts exceed $100, or on a weekly basis, whichever occurs first. When monies are received after the close of normal banking hours, those monies shall normally be safely secured and deposited on the next business day, except when receipts arc of sufficient tnagnitutde to warrant their being deposited after normal banking hours. A report of collections signed by the responsible head of each agency shall be promptly submitted to the State Treasurer, with a copy thereof to the Secretary of Finance."
Section 48. Amend §6204(a) of Title 29 of the Delaware Code by striking all of subsection (a) after the word "Fund" and inserting in lieu thereof the following: "as shall be prescribed by the Cash Management Policy Board".
Section 49. Amend §7408 of Title 29 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers' Bank of the State of Delaware, a state banking institution, and may be payable at such additional place or places without" and inserting in lieu thereof the following: such place or places within or without".
Section 50. Amend Title 29 of the Delaware Code by striking §7412 thereof in its entirety and inserting in lieu thereof:
"§7412. Registration, Recording and Cancellation Agent
The issuing officers shall, by resolution, direct the State Treasurer to contract, in such manner as the issuing officers shall prescribe, with a banking or other institution to act as (1) registration agent for bonds, notes, and revenue notes; (2) recording agent to provide a permanent record of all bonds and coupons pertaining thereto, notes and revenue notes which shall have been paid or redeemed; and (3) cancellation agent to cancel all such bonds and coupons pertaining thereto, notes and revenue notes which shall have been paid or redeemed. The State Treasurer may, at the direction of the issuing officers, contract with such institution for related services. Any such contract shall provide that the agent shall be responsible to the State for the faithful and safe conduct of the services to be performed by it as registration agent, recording agent or cancellation agent, or services related thereto, for the fidelity and integrity of the officers and agents of such contracting institution performing the duties of a registration agent, recording agent or cancellation agent, or services related thereto, and for all loss or damage which may result from any failure of such officers or agents to discharge their duties and for any improper or incorrect discharge of those duties, and shall save the State free and harmless from any and all loss or damage occasioned by or incurred in the performance of such services. Such contract may be terminated by the State Treasurer at any time, if so directed by the issuing officers. Any such contract shall be filed in the office of the State Treasurer as a public record."
Section 51. Amend §7414 of Title 29 by striking the following consecutive words as they appear therein: in the Farmers' Bank of the State of Delaware and inserting in lieu thereof the following: "in the General Fund or a special fund of the State.
Section 52. Amend §7508(a) of Title 29 of the Delaware Code by striking the following consecutive words as they appear therein: the Farmers' Bank of the State of Delaware in the county in which the district is located" and inseting in lieu thereof the following: "a place prescribed by the issuing officers of the State.
Section 53. Amend Title 29 of the Delaware Code by striking said §7514 in its entirety and inserting in lieu thereof the following:
"§7514. Local Funds and State Appropriations to be Deposited
The moneys paid to the State Treasurer by a school district as its local share under any school construction bond authorization act and any funds appropriated as its local share by the State under any school construction bond authorization act, including any additional amount appropriated to such school district by the State, and for the financing of which bonds of the State are to be issued, shall be deposited by the State Treasurer in a special fund and shall be expended only for school construction in such district. Each of said local shares and additional amounts shall be credited with interest in the following manner:
(a) On the 30th day of June and the 31st day of December of each year, the State Treasurer shall credit to the account of each local school district which has funds on deposit with the State Treasurer such amount of interest as determined by this Section upon such funds.
(b) The State Treasurer shall credit the operating and debt service account respectively of each district's school operating and debt service funds with interest on 80% of the average balances in operating and debt service funds for the 6-month periods ending on the last day of May and November. The interest to be paid will be that proportionate share of interest paid to the State as the schools' 80% average balances are to the total State's average balance. The average balance shall be determined by averaging the balances of such funds as of that day of each month when the balances of all State funds deposited are determined.
(c) The State Treasurer shall credit the debt service account of each local school district school construction fund with Interest on 90% of the average balance of that proportion of the construction accounts contributed by the local district for the 6-month periods ending on the last day of May and November. The average proportional amount contributed by the local school district shall ')e determined by averaging the balances of such proportional amounts as of that day of each month on which the balances of all State funds deposited are determined. The interest to be paid will be that proportionate share of interest paid to the State as the schools' 90% average balances of the proportion of construction accounts contributed by the local district are to the State's average balance."
Section 54. Amend §111(c) of Title 31 of the Delaware Code by striking the following consecutive words: "Auditor of Accounts" and substituting in lieu thereof the following:
"Department of Finance";
and further amending §111(d) of Title 31 by striking the following consecutive words as they appear therein: "Auditor of Accounts" and "with the Farmers Bank of the State of Delaware" and then inserting respectively in lieu thereof the following:
"Treasurer" and "in a fund of the State".
Section 55. Amend §4055(a) of Title 31 of the Delaware Code by striking the following consecutive words as they appear therein: "the Farmers Bank of the State of Delaware at Dover, or at such alternate" and inserting in lieu thereof the following: "such place or".
Section 56. Amend §3210 of Title 18 by deleting the second sentence in its entirety and substituting in lieu thereof the following:
"Funds derived from such dividends shall be invested by the State Treasurer in accordance with guidelines established by the Cash Management Policy Board, with all income from such Investments reverting to the Group Life insurance Fund."
Section 57. The provisions of this Act are severable, and if any phrase, clause, sentence or provision of this Act, or the application of such phrase, clause, sentence, or provision to any person or circumstances, shall be held invalid, the remainder of this Act and the application of such provision or provisions to persons or circumstances other than to those to which it was held invalid, shall not be affected thereby.
Section 58. The various Sections of this Act shall become effective at the following times:
(a) Sections 33, 38, 39, 48, and 53, and that portion of Section 2 containing new subsection (e) of §2716 of Title 29, shall become effective upon the termination of the State's final obligations under Section 10 of the Assistance Agreement; and
(b) Section 31 shall become effective upon the transfer of the last share of Farmers Bank stock owned by the State.
(c) All other provisions of this Act shall become effective immediately upon adoption of this Act.
The Secretary of State shall cause a notice to be published in a newspaper of general circulation in the State announcing the effective dates of the Sections other than those that become effective upon the adoption of this Act.
Approved July 13, 1981.