DELAWARE STATE SENATE

152nd GENERAL ASSEMBLY

SENATE AMENDMENT NO. 1

TO

SENATE SUBSTITUTE NO. 1

FOR

SENATE BILL NO. 83

AMEND Senate Substitute No. 1 to Senate Bill No. 83, on line 11, by deleting the words “within the State Treasury”. 

FURTHER AMEND Senate Substitute No. 1 to Senate Bill No. 83, by adding the following after line 38:  

“(g) All amounts transferred to the Delaware Community Investment Venture Fund shall be invested by the State Treasurer consistent with the standards established by the Cash Management Policy Board. The State Treasurer shall credit interest to the fund on a monthly basis consistent with the rate established by the Cash Management Policy Board.”

SYNOPSIS

This amendment makes the following two changes to Senate Substitute No. 1 to Senate Bill No. 83:

(1) It removes the requirement that the Delaware Community Investment Venture Fund be established within the State Treasury to allow for flexibility.

(2) It adds a provision about standard cash management practice which makes clear that interest earned by the Delaware Community Investment Venture Fund is to be credited to the Fund.

Author: Senator Brown