Repealed by 70 Del. Laws, c. 197, § 1, eff. July 10, 1995.
§ 2702. Office and records.
The State Treasurer shall occupy the office and space provided by the State and shall keep therein all books of all account
records, vouchers, papers, magnetic data and things pertaining to the conduct of the office and shall take proper means to
safeguard and preserve the same.
22 Del. Laws, c. 293, § 2; Code 1915, § 455; Code 1935, § 398; 29 Del. C. 1953, § 2703; 59 Del. Laws, c. 378, § 1; 70 Del. Laws, c. 197, § 2.;
§ 2703. Salary.
The annual salary of the State Treasurer shall be set through the recommendation of the Delaware Compensation Commission (Chapter
33 of this title) and the line item appropriations of the General Assembly.
61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 3.;
§ 2704. Trustee of School Fund.
The State Treasurer shall, by virtue of the office, be the Trustee of the School Fund.
Code 1852, § 510; Code 1915, § 457; Code 1935, § 400; 29 Del. C. 1953, § 2705; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2705. Custody and investment of state funds.
(a) 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 be invested daily.
(b) Money belonging to the State shall continue to be invested until required by the State Treasurer to make disbursements
authorized by law.
Code 1852, § 511; 14 Del. Laws, c. 377, § 1; Code 1915, § 458; Code 1935, § 401; 29 Del. C. 1953, § 2706; 51 Del. Laws, c. 112; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 60 Del. Laws, c. 375, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 1.;
§ 2706. Checks and drafts; signatures; time limitation on honoring.
(a) The signing of checks or drafts by the State Treasurer may either be by hand with a pen and ink signature or by a facsimile
signature of a process approved by the State Treasurer.
(b) No check or order issued by the State Treasurer shall be honored or paid by the depository upon which such check or order
is drawn after the expiration of 180 days from the date of such check or order.
(c) The State Treasurer shall establish and maintain a special fund appropriation to be credited with stale check write-off
amounts. Use of this account is limited to the processing of stale-check reissues by the State Treasurer. On June 30 of each
fiscal year, the unexpended stale check write-off balance in excess of $100,000 shall be credited to the General Fund. If
during a fiscal year, there is an insufficient amount to process reissues, a revenue refund shall be made from the General
Fund to the special appropriation.
Code 1852, § 511; Code 1915, § 458; 38 Del. Laws, c. 42; 40 Del. Laws, c. 85; Code 1935, § 401; 29 Del. C. 1953, § 2707; 57 Del. Laws, c. 741, §§ 34B, 34C; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 4; 70 Del. Laws, c. 509, § 1; 73 Del. Laws, c. 310, § 9.;
§ 2707. Payment of vouchers upon approval; method of payment.
All vouchers for the payment of money issued by any department, commission or board of the State, including those requiring
the approval of the Governor, shall be paid by the State Treasurer upon the certification by the proper officers of the department,
commission or board and the approval thereof by the Secretary of Finance. Methods of payments may include checks, drafts and
electronic funds transfers.
37 Del. Laws, c. 45, § 1; Code 1935, § 403; 29 Del. C. 1953, § 2708; 54 Del. Laws, c. 39, § 5; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 468, § 6; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 43.;
§ 2708. Destruction of 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.
37 Del. Laws, c. 46, § 1; Code 1935, § 404; 29 Del. C. 1953, § 2709; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 5; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 44.;
§ 2709. Receipt and accounting for stock dividends and interest; power to vote as stockholder.
The State Treasurer may receive the dividends or interests on any stock, shares, loan or investment of money belonging to
the State or the School Fund and shall apply and account for the same according to law. The State Treasurer may, in respect
to any such stock or shares, except stock in the Farmers' Bank, vote the same in person or by proxy, as other stockholders
do.
Code 1852, § 528; Code 1915, § 471; Code 1935, § 408; 29 Del. C. 1953, § 2710; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2710. Bond servicing procedure.
The State Treasurer shall cause any agent so designated by the issuing officers to maintain reconciliation statements on all
state bonds and coupons. Said reconciliation statements shall balance with bank statements on bond and coupon accounts. Any
paid-off, matured, redeemed, called or cancelled bonds and coupons shall be held by any agent so designated by the issuing
officers on behalf of the State Treasurer until a sufficient quantity has been collected by the office to be cancelled and
destroyed according to this chapter.
Code 1935, § 403A; 48 Del. Laws, c. 252, § 1; 29 Del. C. 1953, § 2711; 50 Del. Laws, c. 321, § 1; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 6; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 45.;
§ 2711. Administration of moneys received from federal grants.
(a) All federal financial assistance program money received by the State, whether directly or indirectly, in the form of cash,
check or via an electronic funds transfer method, shall be reported to the Office of the State Treasurer by the receiving
agency through the processing of the proper cash receipt transaction in the State's financial management system. The amount
received shall be credited to a special fund federal fund grant appropriation line. Such money is appropriated to the grant
designated agency for the specific purposes for which the money was granted and shall be paid out of the special fund by the
State Treasurer upon payment voucher executed by the designated agency.
(b) Nothing contained in this section shall affect federal grants or federal aid to the University of Delaware, the Agricultural
Experimental Station and the Division of Agricultural Extension of the University of Delaware.
(c) Monies received pursuant to 33 U.S.C § 701c-3 will be deposited into a special account and distributed annually by the
State Treasurer to soil and water conservation districts within this state for the purpose of drainage and flood control.
Distributions will be made to county soil and water conservation districts in which the subject leased lands are situated
in proportional shares as required by 22 U.S.C § 701c-3.
41 Del. Laws, c. 77; 29 Del. C. 1953, § 2712; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 5; 72 Del. Laws, c. 258, § 60.;
§ 2712. Method of payment of State officials and employees.
(a)(1) Effective upon the implementation of the new payroll system, the salaries of all State officials and employees, including
the Governor, shall be paid bi-weekly. The bi-weekly rate shall be determined by dividing the annual salary by 26. All state
officials and employees who leave state service shall receive full payment for all days worked in their final lagged paycheck.
Public and higher education employees, whether they elect payment over 10 or 12 months, shall receive their full contract
amount. Public and higher education, 10-month contractual employees who elect payment over the contract period shall receive
the exact annual salary stated in the contract, divided by 22.
(2) The bi-weekly payment shall represent earnings for the period ending 14 days prior to the checkdate for all state officials
and employees except the Governor. Effective upon the inauguration of the Governor in January 2001, the salary of the Governor
shall also be lagged 1 pay cycle.
(3) If any of the dates of payment specified herein should occur on a holiday, payment shall be made on the last working day
prior to such holiday. The payment of wages, as outlined herein, shall be made from funds authorized for the period in which
the payment is made.
(b) Methods of payment may include checks, drafts, direct deposits and electronic funds transfers.
(c) The Chief Justice and Justices of the Supreme Court, Chancellor and Vice Chancellors of the Court of Chancery, President
Judge and Judges of the Superior Court, Chief Judge and Judges of the Court of Common Pleas and Chief Judge and Judges of
the Family Court shall be paid a salary in accordance with the lag payroll set forth in paragraphs (a)(1) and (a)(2) of this
section.
(d) Those judicial officers, as set forth in subsection (c) of this section, who were employed in such positions on December
31, 1994, shall receive a lag pay adjustment on August 15, 1995, equal to one twenty-fourth of the base pay in effect on July
15, 1995. This is a one-time adjustment to enable implementation of the lag payroll system effective August 1, 1995, with
respect to those judicial officers in office as of December 31, 1994, on the same basis afforded to the other state officials
and employees except the Governor, employed by the State on that same date in positions set forth in § 10(a) of Senate Bill
420 of the 137th General Assembly. This lag pay adjustment is not a salary increase and is not available to judicial officers
who were not employed in such positions on December 31, 1994.
(e) Judicial officers, as set forth in subsection (c) of this section, whose service commenced after December 31, 1994, shall
participate in the lag payroll on the same terms and conditions as other participating employees of the State hired after
that same date.
(f)(1) Notwithstanding any other provision of law, all state wage and salary payments shall be paid to employees who begin
to receive such payments on or after January 1, 1996, and recipients of state retirement payments who begin to receive such
retirement payments on or after January 1, 1996, by electronic funds transfer, unless another method has been determined by
the Secretary of Finance to be appropriate.
(2) Each recipient of state wage, salary or retirement payments shall designate 1 financial institution and associated account
and provide the payment authorizing information necessary for the recipient to receive electronic funds transfer payments
through each institution so designated.
(3) The Secretary of Finance may waive the requirements of paragraph (f)(1) of this section for any state employee upon request
by the head of an agency or school district under standards prescribed by the Secretary of Finance.
(4) The Director of the Office of Management and Budget may waive the requirements of paragraph (f)(1) of this section for
any state pensioner upon request by the pension administrator under standards prescribed by the Director of the Office of
Management and Budget.
Code 1852, § 471; 21 Del. Laws, c. 47; Code 1915, § 398; 40 Del. Laws, c. 80; Code 1935, § 372; 29 Del. C. 1953, § 2713; 50 Del. Laws, c. 461, § 1; 59 Del. Laws, c. 119, § 1; 60 Del. Laws, c. 341, § 1; 61 Del. Laws, c. 539, § 2; 64 Del. Laws, c. 316, § 1; 69 Del. Laws, c. 291, § 40; 70 Del. Laws, c. 197, § 6; 70 Del. Laws, c. 425, §§ 27, 32; 71 Del. Laws, c. 132, §§ 26, 29; 71 Del. Laws, c. 354, § 33; 72 Del. Laws, c. 94, § 127; 72 Del. Laws, c. 258, § 31; 75 Del. Laws, c. 88, § 20(6); 76 Del. Laws, c. 213, §§ 41, 42.;
§ 2713. Refunding of improperly collected fees.
In the event any agency of this State having the power to collect fees or other receipts that become revenue to the General
Fund of the State shall improperly collect and deposit such fees or other receipts with the State Treasurer, the State Treasurer
shall have the authority, except as otherwise provided specifically by law, upon certification by the collecting agency that
a fee or other receipt was improperly collected and deposited, to make a refund from the General Fund of the State in the
amount improperly collected and deposited to the person from whom the fee or receipt was improperly collected.
29 Del. C. 1953, § 2714; 56 Del. Laws, c. 144; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2.;
§ 2714. Functions prior to January 7, 1975.
The State Treasurer shall have the power to perform and shall be responsible for the powers, duties and functions vested by
Chapter 62 and Chapter 74 of this title in the Secretary of Finance immediately prior to January 7, 1975, and which are not
otherwise hereinbefore specifically transferred to the State Treasurer.
59 Del. Laws, c. 378, § 8; 61 Del. Laws, c. 539, § 2.;
§ 2715. Certain powers and duties of the State Treasurer.
The State Treasurer shall have the power to perform and shall be responsible for the performance of all the powers, duties
and functions heretofore vested in the Division of the Treasury pursuant to § 8307(1)a. [repealed] and c. [repealed] and §
8307(2) [repealed] of this title.
59 Del. Laws, c. 378, § 12; 61 Del. Laws, c. 539, § 2.;
§ 2716. Cash Management Policy Board.
(a) Establishment; purposes. -- There is hereby established the Cash Management Policy Board (the "Board"). The Board's purposes
shall be to establish policies for the investment of all money belonging to the State or on deposit from its political subdivisions,
except money deposited in any state pension fund or the State Deferred Compensation Program, and to determine the terms, conditions
and other matters relating to those investments including the designation of permissible investments. In carrying out its
purpose to designate permissible investments, the Board shall exercise the judgment and care under the circumstances then
prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs with due
regard to the probable income and level of risk from investments of money belonging to the State or its political subdivisions
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 or its political subdivisions, unless the Board shall
find it not in the State's best interest, the Board shall:
(1) Require as a condition to any deposit of such funds in any state or national bank 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;
(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; and
(3) 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. -- The Board shall be composed of 9 members. Each member of the Board shall have 1 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 5 appointed members,
at least 1 member shall be a resident of Sussex County, at least 1 member shall be a resident of Kent County, and at least
1 member shall be a resident of New Castle County; and 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 1 major political party over the other major political party. Any person who declines to announce a political affiliation
shall also be eligible for appointment as a member of the Board. In considering the qualifications of persons who may be appointed
to the Board, the Governor shall consider among other things the knowledge of such person in the fields of investment management
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.
(c) Term of appointed members; conduct of meetings. --
(1) Each appointed member shall be appointed for a 3-year term beginning on the date of appointment; provided, however, that
of the initial members, 1 shall be appointed for a 1-year term, 2 for 2-year terms and 2 for 3-year terms. Appointed members
shall be eligible for reappointment.
(2) Each member of the Board shall have 1 vote and the powers of the Board shall be exercised by a majority vote of all members
present; provided that a quorum of 5 members shall be necessary to hold a meeting of the Board.
(3) The Chairperson of the Board shall be designated by the Governor from among the appointed members.
(4) The Board shall meet as often as shall be necessary to properly discharge its duties; provided, however, that the Board
shall meet at least 2 times annually; and provided further, that the State Treasurer or the Chairperson of the Board shall
be 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 Chapter 100 of this title.
(d) Powers and duties of 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 shall be 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, whenever the same shall be deemed by the Board necessary or
desirable in the performance of the functions of the Board. No such agreement shall be 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 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) Compensation; indemnification. --
(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:
a. 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
b. 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 subparagraph a. of this paragraph that such member is not entitled to be indemnified under this section.
63 Del. Laws, c. 142, § 2; 65 Del. Laws, c. 373; 68 Del. Laws, c. 278, §§ 1-3; 70 Del. Laws, c. 186, § 1.;
§ 2717. Proceeds of sale of Farmers' Bank stock.
Repealed by 70 Del. Laws, c. 197, § 7, eff. July 10, 1995.
§ 2718. Local Government Investment Pool.
(a) The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay
moneys of the local government or organization into the Local Government Investment Pool which shall be in the custody of
the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject
to the same limitations provided for the deposit and investment of state funds. Funds of the local governments may be combined
with funds of the State while invested in the Pool.
(b) The State Treasurer shall adopt such rules as are necessary for the administration of this Investment Pool including specification
of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in
the Pool. Administrative expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably prorated
among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool.
(c) Local government accounts shall remain confidential while in the custody of the State Treasurer. Public records available
through the local government will be sufficient public record of the funds on deposit with the Local Government Investment
Pool.
68 Del. Laws, c. 278, § 4; 70 Del. Laws, c. 29, § 1; 70 Del. Laws, c. 186, § 1; 71 Del. Laws, c. 378, § 45; 76 Del. Laws, c. 280, § 129.;
§ 2719. Expense of issuing bonds.
The annual operating budget shall authorize an appropriation for the Expense of Issuing Bonds in State Treasurer, Debt Management
for payment of expenses relating to the issuance of state long-term debt. Disbursement from the Expense of Issuing Bonds appropriation
shall not be made without the prior approval of the State Treasurer and the Secretary of Finance.
73 Del. Laws, c. 310, § 10.;
§ 2720. Delaware Council on Volunteer Fire Service.
(a) There is hereby created a Delaware Council on Volunteer Fire Service, hereinafter referred to as the Council, to advise
the Secretary of Finance on all matters relating to the administration, implementation and financing of the Volunteer Fire
Service Revolving Loan Fund Program. The Council shall review and recommend to the Secretary of Finance for adoption, after
a public hearing, criteria for administering and awarding loans from the Volunteer Fire Service Revolving Loan Fund, including
but not limited to criteria for assessing recipient need.
(b) The Council shall consist of:
(1) The President of the Delaware Volunteer Firefighter's Association or designee;
(2) The Chairperson of the State Fire Prevention Commission or designee; and
(3) Three members; 1 each appointed by the Presidents of the New Castle, Kent, and Sussex County Firemen's Associations no
later than September 1 for the initial appointment and January 15 of each calendar year thereafter.
a. Initial appointments shall be for staggered terms. The member from Sussex County's initial term shall be for 3 years, the
member from Kent County's initial term shall be for 2 years, and the member from New Castle County's initial term shall be
for 1 year.
b. Upon expiration of the preceding terms, subsequent appointments shall be for a 3-year term.
c. At the end of a member's term, such member shall continue to serve until the member's successor is duly appointed;
(4) The State Treasurer or designee; and
(5) The Secretary of Finance or designee.
(c) The Secretary of Finance shall serve as the chair of the Council.
(d) Members of the Council shall receive no compensation. The Council shall hold at least 1 regular meeting each calendar
year and shall keep a record of its proceedings. All proceedings of the Council shall be conducted in accordance with Chapter
100 of this title.
(e) For purposes of conducting business of the Council, 4 voting members shall constitute a quorum. A majority vote of Council
members shall be required on any action or matter before the Council.
(f) The Council shall adopt procedural rules and regulations to carry out the provisions of this chapter.
73 Del. Laws, c. 434, § 1; 70 Del. Laws, c. 186, § 1; 77 Del. Laws, c. 378, § 1.;
§ 2721. Delaware Volunteer Fire Service Revolving Loan Fund.
(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer
Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly to the Fund
shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware
Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire,
rescue, emergency medical and technical emergency response related service to Delaware communities. Loan funds shall not be
made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun,
except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency
response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as
a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall
be approved by the Governor for the following purposes:
(1) To accept and retain the funds and revenues appropriated by the General Assembly;
(2) To make loans to eligible volunteer fire, rescue and emergency medical service companies meeting the criteria established
herein;
(3) To buy or refinance debt obligations of eligible volunteer fire, rescue and emergency medical service companies;
(4) To facilitate the pledging by an eligible fire, rescue and emergency medical service company of its state grant-in-aid
and health insurance rebate funds as collateral for securing a loan from the Fund;
(5) To earn interest on amounts on deposit in such Fund;
(6) To establish all necessary interest bearing accounts for deposit of loan repayments; and
(7) To finance the reasonable costs incurred by the State in the administration of the Fund.
(b) The Council shall develop a competitive process to approve loan applications for improving fire, rescue, emergency medical
and technical emergency response services throughout the State and, in connection therewith, shall develop criteria to assess
the relative needs for fire service and loan assistance throughout the State. Such criteria shall include and shall give highest
priority to, but shall not be limited to, consideration of the financial need of the fire, rescue, and emergency medical service
companies and the surrounding community. In addition, the Council shall consider:
(1) The financial assets of the volunteer fire, rescue, and emergency medical service company making the application, as well
as its ability to obtain revenue, income and financial support and loans from outside sources;
(2) The age and existing conditions of the volunteer fire, rescue and emergency medical service company's apparatus, equipment,
or facilities, including, but not limited to, whether such apparatus, equipment and facility are in compliance with National
Fire Protection Association standards; and
(3) The demographic, geographic and financial conditions of the community served by the volunteer fire, rescue and emergency
medical service company making the application.
(c) The Council shall be required to submit a strategic plan for accomplishing the goals to be met by the Fund and a procedure
for the application process by January 31, 2003. Such plan shall contain the guidelines and procedures for the administration
of the program and shall be presented to the cochairs of the Joint Legislative Committee on Capital Improvement Programs.
No funds shall be loaned from the Delaware Volunteer Fire Service Revolving Loan Fund until the cochairs of the Joint Legislative
Committee on Capital Improvement Programs have reviewed and approved the plan.
(d) Upon the request of the Council, subsequent to approval of an application in accordance with this subsection, the State
Treasurer is authorized to release funds appropriated to the Volunteer Fire Service Revolving Loan Fund sufficient to make
such loans.
(e) The Council shall submit an annual report to the Governor and cochairs of the Joint Legislative Committee on Capital Improvement
programs by October 15 of each succeeding year.
Repealed by 70 Del. Laws, c. 197, § 1, eff. July 10, 1995.
§ 2702. Office and records.
The State Treasurer shall occupy the office and space provided by the State and shall keep therein all books of all account
records, vouchers, papers, magnetic data and things pertaining to the conduct of the office and shall take proper means to
safeguard and preserve the same.
22 Del. Laws, c. 293, § 2; Code 1915, § 455; Code 1935, § 398; 29 Del. C. 1953, § 2703; 59 Del. Laws, c. 378, § 1; 70 Del. Laws, c. 197, § 2.;
§ 2703. Salary.
The annual salary of the State Treasurer shall be set through the recommendation of the Delaware Compensation Commission (Chapter
33 of this title) and the line item appropriations of the General Assembly.
61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 3.;
§ 2704. Trustee of School Fund.
The State Treasurer shall, by virtue of the office, be the Trustee of the School Fund.
Code 1852, § 510; Code 1915, § 457; Code 1935, § 400; 29 Del. C. 1953, § 2705; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2705. Custody and investment of state funds.
(a) 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 be invested daily.
(b) Money belonging to the State shall continue to be invested until required by the State Treasurer to make disbursements
authorized by law.
Code 1852, § 511; 14 Del. Laws, c. 377, § 1; Code 1915, § 458; Code 1935, § 401; 29 Del. C. 1953, § 2706; 51 Del. Laws, c. 112; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 60 Del. Laws, c. 375, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 1.;
§ 2706. Checks and drafts; signatures; time limitation on honoring.
(a) The signing of checks or drafts by the State Treasurer may either be by hand with a pen and ink signature or by a facsimile
signature of a process approved by the State Treasurer.
(b) No check or order issued by the State Treasurer shall be honored or paid by the depository upon which such check or order
is drawn after the expiration of 180 days from the date of such check or order.
(c) The State Treasurer shall establish and maintain a special fund appropriation to be credited with stale check write-off
amounts. Use of this account is limited to the processing of stale-check reissues by the State Treasurer. On June 30 of each
fiscal year, the unexpended stale check write-off balance in excess of $100,000 shall be credited to the General Fund. If
during a fiscal year, there is an insufficient amount to process reissues, a revenue refund shall be made from the General
Fund to the special appropriation.
Code 1852, § 511; Code 1915, § 458; 38 Del. Laws, c. 42; 40 Del. Laws, c. 85; Code 1935, § 401; 29 Del. C. 1953, § 2707; 57 Del. Laws, c. 741, §§ 34B, 34C; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 4; 70 Del. Laws, c. 509, § 1; 73 Del. Laws, c. 310, § 9.;
§ 2707. Payment of vouchers upon approval; method of payment.
All vouchers for the payment of money issued by any department, commission or board of the State, including those requiring
the approval of the Governor, shall be paid by the State Treasurer upon the certification by the proper officers of the department,
commission or board and the approval thereof by the Secretary of Finance. Methods of payments may include checks, drafts and
electronic funds transfers.
37 Del. Laws, c. 45, § 1; Code 1935, § 403; 29 Del. C. 1953, § 2708; 54 Del. Laws, c. 39, § 5; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 468, § 6; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 43.;
§ 2708. Destruction of 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.
37 Del. Laws, c. 46, § 1; Code 1935, § 404; 29 Del. C. 1953, § 2709; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 5; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 44.;
§ 2709. Receipt and accounting for stock dividends and interest; power to vote as stockholder.
The State Treasurer may receive the dividends or interests on any stock, shares, loan or investment of money belonging to
the State or the School Fund and shall apply and account for the same according to law. The State Treasurer may, in respect
to any such stock or shares, except stock in the Farmers' Bank, vote the same in person or by proxy, as other stockholders
do.
Code 1852, § 528; Code 1915, § 471; Code 1935, § 408; 29 Del. C. 1953, § 2710; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2710. Bond servicing procedure.
The State Treasurer shall cause any agent so designated by the issuing officers to maintain reconciliation statements on all
state bonds and coupons. Said reconciliation statements shall balance with bank statements on bond and coupon accounts. Any
paid-off, matured, redeemed, called or cancelled bonds and coupons shall be held by any agent so designated by the issuing
officers on behalf of the State Treasurer until a sufficient quantity has been collected by the office to be cancelled and
destroyed according to this chapter.
Code 1935, § 403A; 48 Del. Laws, c. 252, § 1; 29 Del. C. 1953, § 2711; 50 Del. Laws, c. 321, § 1; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 6; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 45.;
§ 2711. Administration of moneys received from federal grants.
(a) All federal financial assistance program money received by the State, whether directly or indirectly, in the form of cash,
check or via an electronic funds transfer method, shall be reported to the Office of the State Treasurer by the receiving
agency through the processing of the proper cash receipt transaction in the State's financial management system. The amount
received shall be credited to a special fund federal fund grant appropriation line. Such money is appropriated to the grant
designated agency for the specific purposes for which the money was granted and shall be paid out of the special fund by the
State Treasurer upon payment voucher executed by the designated agency.
(b) Nothing contained in this section shall affect federal grants or federal aid to the University of Delaware, the Agricultural
Experimental Station and the Division of Agricultural Extension of the University of Delaware.
(c) Monies received pursuant to 33 U.S.C § 701c-3 will be deposited into a special account and distributed annually by the
State Treasurer to soil and water conservation districts within this state for the purpose of drainage and flood control.
Distributions will be made to county soil and water conservation districts in which the subject leased lands are situated
in proportional shares as required by 22 U.S.C § 701c-3.
41 Del. Laws, c. 77; 29 Del. C. 1953, § 2712; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 5; 72 Del. Laws, c. 258, § 60.;
§ 2712. Method of payment of State officials and employees.
(a)(1) Effective upon the implementation of the new payroll system, the salaries of all State officials and employees, including
the Governor, shall be paid bi-weekly. The bi-weekly rate shall be determined by dividing the annual salary by 26. All state
officials and employees who leave state service shall receive full payment for all days worked in their final lagged paycheck.
Public and higher education employees, whether they elect payment over 10 or 12 months, shall receive their full contract
amount. Public and higher education, 10-month contractual employees who elect payment over the contract period shall receive
the exact annual salary stated in the contract, divided by 22.
(2) The bi-weekly payment shall represent earnings for the period ending 14 days prior to the checkdate for all state officials
and employees except the Governor. Effective upon the inauguration of the Governor in January 2001, the salary of the Governor
shall also be lagged 1 pay cycle.
(3) If any of the dates of payment specified herein should occur on a holiday, payment shall be made on the last working day
prior to such holiday. The payment of wages, as outlined herein, shall be made from funds authorized for the period in which
the payment is made.
(b) Methods of payment may include checks, drafts, direct deposits and electronic funds transfers.
(c) The Chief Justice and Justices of the Supreme Court, Chancellor and Vice Chancellors of the Court of Chancery, President
Judge and Judges of the Superior Court, Chief Judge and Judges of the Court of Common Pleas and Chief Judge and Judges of
the Family Court shall be paid a salary in accordance with the lag payroll set forth in paragraphs (a)(1) and (a)(2) of this
section.
(d) Those judicial officers, as set forth in subsection (c) of this section, who were employed in such positions on December
31, 1994, shall receive a lag pay adjustment on August 15, 1995, equal to one twenty-fourth of the base pay in effect on July
15, 1995. This is a one-time adjustment to enable implementation of the lag payroll system effective August 1, 1995, with
respect to those judicial officers in office as of December 31, 1994, on the same basis afforded to the other state officials
and employees except the Governor, employed by the State on that same date in positions set forth in § 10(a) of Senate Bill
420 of the 137th General Assembly. This lag pay adjustment is not a salary increase and is not available to judicial officers
who were not employed in such positions on December 31, 1994.
(e) Judicial officers, as set forth in subsection (c) of this section, whose service commenced after December 31, 1994, shall
participate in the lag payroll on the same terms and conditions as other participating employees of the State hired after
that same date.
(f)(1) Notwithstanding any other provision of law, all state wage and salary payments shall be paid to employees who begin
to receive such payments on or after January 1, 1996, and recipients of state retirement payments who begin to receive such
retirement payments on or after January 1, 1996, by electronic funds transfer, unless another method has been determined by
the Secretary of Finance to be appropriate.
(2) Each recipient of state wage, salary or retirement payments shall designate 1 financial institution and associated account
and provide the payment authorizing information necessary for the recipient to receive electronic funds transfer payments
through each institution so designated.
(3) The Secretary of Finance may waive the requirements of paragraph (f)(1) of this section for any state employee upon request
by the head of an agency or school district under standards prescribed by the Secretary of Finance.
(4) The Director of the Office of Management and Budget may waive the requirements of paragraph (f)(1) of this section for
any state pensioner upon request by the pension administrator under standards prescribed by the Director of the Office of
Management and Budget.
Code 1852, § 471; 21 Del. Laws, c. 47; Code 1915, § 398; 40 Del. Laws, c. 80; Code 1935, § 372; 29 Del. C. 1953, § 2713; 50 Del. Laws, c. 461, § 1; 59 Del. Laws, c. 119, § 1; 60 Del. Laws, c. 341, § 1; 61 Del. Laws, c. 539, § 2; 64 Del. Laws, c. 316, § 1; 69 Del. Laws, c. 291, § 40; 70 Del. Laws, c. 197, § 6; 70 Del. Laws, c. 425, §§ 27, 32; 71 Del. Laws, c. 132, §§ 26, 29; 71 Del. Laws, c. 354, § 33; 72 Del. Laws, c. 94, § 127; 72 Del. Laws, c. 258, § 31; 75 Del. Laws, c. 88, § 20(6); 76 Del. Laws, c. 213, §§ 41, 42.;
§ 2713. Refunding of improperly collected fees.
In the event any agency of this State having the power to collect fees or other receipts that become revenue to the General
Fund of the State shall improperly collect and deposit such fees or other receipts with the State Treasurer, the State Treasurer
shall have the authority, except as otherwise provided specifically by law, upon certification by the collecting agency that
a fee or other receipt was improperly collected and deposited, to make a refund from the General Fund of the State in the
amount improperly collected and deposited to the person from whom the fee or receipt was improperly collected.
29 Del. C. 1953, § 2714; 56 Del. Laws, c. 144; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2.;
§ 2714. Functions prior to January 7, 1975.
The State Treasurer shall have the power to perform and shall be responsible for the powers, duties and functions vested by
Chapter 62 and Chapter 74 of this title in the Secretary of Finance immediately prior to January 7, 1975, and which are not
otherwise hereinbefore specifically transferred to the State Treasurer.
59 Del. Laws, c. 378, § 8; 61 Del. Laws, c. 539, § 2.;
§ 2715. Certain powers and duties of the State Treasurer.
The State Treasurer shall have the power to perform and shall be responsible for the performance of all the powers, duties
and functions heretofore vested in the Division of the Treasury pursuant to § 8307(1)a. [repealed] and c. [repealed] and §
8307(2) [repealed] of this title.
59 Del. Laws, c. 378, § 12; 61 Del. Laws, c. 539, § 2.;
§ 2716. Cash Management Policy Board.
(a) Establishment; purposes. -- There is hereby established the Cash Management Policy Board (the "Board"). The Board's purposes
shall be to establish policies for the investment of all money belonging to the State or on deposit from its political subdivisions,
except money deposited in any state pension fund or the State Deferred Compensation Program, and to determine the terms, conditions
and other matters relating to those investments including the designation of permissible investments. In carrying out its
purpose to designate permissible investments, the Board shall exercise the judgment and care under the circumstances then
prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs with due
regard to the probable income and level of risk from investments of money belonging to the State or its political subdivisions
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 or its political subdivisions, unless the Board shall
find it not in the State's best interest, the Board shall:
(1) Require as a condition to any deposit of such funds in any state or national bank 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;
(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; and
(3) 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. -- The Board shall be composed of 9 members. Each member of the Board shall have 1 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 5 appointed members,
at least 1 member shall be a resident of Sussex County, at least 1 member shall be a resident of Kent County, and at least
1 member shall be a resident of New Castle County; and 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 1 major political party over the other major political party. Any person who declines to announce a political affiliation
shall also be eligible for appointment as a member of the Board. In considering the qualifications of persons who may be appointed
to the Board, the Governor shall consider among other things the knowledge of such person in the fields of investment management
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.
(c) Term of appointed members; conduct of meetings. --
(1) Each appointed member shall be appointed for a 3-year term beginning on the date of appointment; provided, however, that
of the initial members, 1 shall be appointed for a 1-year term, 2 for 2-year terms and 2 for 3-year terms. Appointed members
shall be eligible for reappointment.
(2) Each member of the Board shall have 1 vote and the powers of the Board shall be exercised by a majority vote of all members
present; provided that a quorum of 5 members shall be necessary to hold a meeting of the Board.
(3) The Chairperson of the Board shall be designated by the Governor from among the appointed members.
(4) The Board shall meet as often as shall be necessary to properly discharge its duties; provided, however, that the Board
shall meet at least 2 times annually; and provided further, that the State Treasurer or the Chairperson of the Board shall
be 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 Chapter 100 of this title.
(d) Powers and duties of 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 shall be 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, whenever the same shall be deemed by the Board necessary or
desirable in the performance of the functions of the Board. No such agreement shall be 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 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) Compensation; indemnification. --
(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:
a. 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
b. 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 subparagraph a. of this paragraph that such member is not entitled to be indemnified under this section.
63 Del. Laws, c. 142, § 2; 65 Del. Laws, c. 373; 68 Del. Laws, c. 278, §§ 1-3; 70 Del. Laws, c. 186, § 1.;
§ 2717. Proceeds of sale of Farmers' Bank stock.
Repealed by 70 Del. Laws, c. 197, § 7, eff. July 10, 1995.
§ 2718. Local Government Investment Pool.
(a) The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay
moneys of the local government or organization into the Local Government Investment Pool which shall be in the custody of
the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject
to the same limitations provided for the deposit and investment of state funds. Funds of the local governments may be combined
with funds of the State while invested in the Pool.
(b) The State Treasurer shall adopt such rules as are necessary for the administration of this Investment Pool including specification
of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in
the Pool. Administrative expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably prorated
among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool.
(c) Local government accounts shall remain confidential while in the custody of the State Treasurer. Public records available
through the local government will be sufficient public record of the funds on deposit with the Local Government Investment
Pool.
68 Del. Laws, c. 278, § 4; 70 Del. Laws, c. 29, § 1; 70 Del. Laws, c. 186, § 1; 71 Del. Laws, c. 378, § 45; 76 Del. Laws, c. 280, § 129.;
§ 2719. Expense of issuing bonds.
The annual operating budget shall authorize an appropriation for the Expense of Issuing Bonds in State Treasurer, Debt Management
for payment of expenses relating to the issuance of state long-term debt. Disbursement from the Expense of Issuing Bonds appropriation
shall not be made without the prior approval of the State Treasurer and the Secretary of Finance.
73 Del. Laws, c. 310, § 10.;
§ 2720. Delaware Council on Volunteer Fire Service.
(a) There is hereby created a Delaware Council on Volunteer Fire Service, hereinafter referred to as the Council, to advise
the Secretary of Finance on all matters relating to the administration, implementation and financing of the Volunteer Fire
Service Revolving Loan Fund Program. The Council shall review and recommend to the Secretary of Finance for adoption, after
a public hearing, criteria for administering and awarding loans from the Volunteer Fire Service Revolving Loan Fund, including
but not limited to criteria for assessing recipient need.
(b) The Council shall consist of:
(1) The President of the Delaware Volunteer Firefighter's Association or designee;
(2) The Chairperson of the State Fire Prevention Commission or designee; and
(3) Three members; 1 each appointed by the Presidents of the New Castle, Kent, and Sussex County Firemen's Associations no
later than September 1 for the initial appointment and January 15 of each calendar year thereafter.
a. Initial appointments shall be for staggered terms. The member from Sussex County's initial term shall be for 3 years, the
member from Kent County's initial term shall be for 2 years, and the member from New Castle County's initial term shall be
for 1 year.
b. Upon expiration of the preceding terms, subsequent appointments shall be for a 3-year term.
c. At the end of a member's term, such member shall continue to serve until the member's successor is duly appointed;
(4) The State Treasurer or designee; and
(5) The Secretary of Finance or designee.
(c) The Secretary of Finance shall serve as the chair of the Council.
(d) Members of the Council shall receive no compensation. The Council shall hold at least 1 regular meeting each calendar
year and shall keep a record of its proceedings. All proceedings of the Council shall be conducted in accordance with Chapter
100 of this title.
(e) For purposes of conducting business of the Council, 4 voting members shall constitute a quorum. A majority vote of Council
members shall be required on any action or matter before the Council.
(f) The Council shall adopt procedural rules and regulations to carry out the provisions of this chapter.
73 Del. Laws, c. 434, § 1; 70 Del. Laws, c. 186, § 1; 77 Del. Laws, c. 378, § 1.;
§ 2721. Delaware Volunteer Fire Service Revolving Loan Fund.
(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer
Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly to the Fund
shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware
Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire,
rescue, emergency medical and technical emergency response related service to Delaware communities. Loan funds shall not be
made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun,
except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency
response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as
a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall
be approved by the Governor for the following purposes:
(1) To accept and retain the funds and revenues appropriated by the General Assembly;
(2) To make loans to eligible volunteer fire, rescue and emergency medical service companies meeting the criteria established
herein;
(3) To buy or refinance debt obligations of eligible volunteer fire, rescue and emergency medical service companies;
(4) To facilitate the pledging by an eligible fire, rescue and emergency medical service company of its state grant-in-aid
and health insurance rebate funds as collateral for securing a loan from the Fund;
(5) To earn interest on amounts on deposit in such Fund;
(6) To establish all necessary interest bearing accounts for deposit of loan repayments; and
(7) To finance the reasonable costs incurred by the State in the administration of the Fund.
(b) The Council shall develop a competitive process to approve loan applications for improving fire, rescue, emergency medical
and technical emergency response services throughout the State and, in connection therewith, shall develop criteria to assess
the relative needs for fire service and loan assistance throughout the State. Such criteria shall include and shall give highest
priority to, but shall not be limited to, consideration of the financial need of the fire, rescue, and emergency medical service
companies and the surrounding community. In addition, the Council shall consider:
(1) The financial assets of the volunteer fire, rescue, and emergency medical service company making the application, as well
as its ability to obtain revenue, income and financial support and loans from outside sources;
(2) The age and existing conditions of the volunteer fire, rescue and emergency medical service company's apparatus, equipment,
or facilities, including, but not limited to, whether such apparatus, equipment and facility are in compliance with National
Fire Protection Association standards; and
(3) The demographic, geographic and financial conditions of the community served by the volunteer fire, rescue and emergency
medical service company making the application.
(c) The Council shall be required to submit a strategic plan for accomplishing the goals to be met by the Fund and a procedure
for the application process by January 31, 2003. Such plan shall contain the guidelines and procedures for the administration
of the program and shall be presented to the cochairs of the Joint Legislative Committee on Capital Improvement Programs.
No funds shall be loaned from the Delaware Volunteer Fire Service Revolving Loan Fund until the cochairs of the Joint Legislative
Committee on Capital Improvement Programs have reviewed and approved the plan.
(d) Upon the request of the Council, subsequent to approval of an application in accordance with this subsection, the State
Treasurer is authorized to release funds appropriated to the Volunteer Fire Service Revolving Loan Fund sufficient to make
such loans.
(e) The Council shall submit an annual report to the Governor and cochairs of the Joint Legislative Committee on Capital Improvement
programs by October 15 of each succeeding year.
Repealed by 70 Del. Laws, c. 197, § 1, eff. July 10, 1995.
§ 2702. Office and records.
The State Treasurer shall occupy the office and space provided by the State and shall keep therein all books of all account
records, vouchers, papers, magnetic data and things pertaining to the conduct of the office and shall take proper means to
safeguard and preserve the same.
22 Del. Laws, c. 293, § 2; Code 1915, § 455; Code 1935, § 398; 29 Del. C. 1953, § 2703; 59 Del. Laws, c. 378, § 1; 70 Del. Laws, c. 197, § 2.;
§ 2703. Salary.
The annual salary of the State Treasurer shall be set through the recommendation of the Delaware Compensation Commission (Chapter
33 of this title) and the line item appropriations of the General Assembly.
61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 3.;
§ 2704. Trustee of School Fund.
The State Treasurer shall, by virtue of the office, be the Trustee of the School Fund.
Code 1852, § 510; Code 1915, § 457; Code 1935, § 400; 29 Del. C. 1953, § 2705; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2705. Custody and investment of state funds.
(a) 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 be invested daily.
(b) Money belonging to the State shall continue to be invested until required by the State Treasurer to make disbursements
authorized by law.
Code 1852, § 511; 14 Del. Laws, c. 377, § 1; Code 1915, § 458; Code 1935, § 401; 29 Del. C. 1953, § 2706; 51 Del. Laws, c. 112; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 60 Del. Laws, c. 375, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 1.;
§ 2706. Checks and drafts; signatures; time limitation on honoring.
(a) The signing of checks or drafts by the State Treasurer may either be by hand with a pen and ink signature or by a facsimile
signature of a process approved by the State Treasurer.
(b) No check or order issued by the State Treasurer shall be honored or paid by the depository upon which such check or order
is drawn after the expiration of 180 days from the date of such check or order.
(c) The State Treasurer shall establish and maintain a special fund appropriation to be credited with stale check write-off
amounts. Use of this account is limited to the processing of stale-check reissues by the State Treasurer. On June 30 of each
fiscal year, the unexpended stale check write-off balance in excess of $100,000 shall be credited to the General Fund. If
during a fiscal year, there is an insufficient amount to process reissues, a revenue refund shall be made from the General
Fund to the special appropriation.
Code 1852, § 511; Code 1915, § 458; 38 Del. Laws, c. 42; 40 Del. Laws, c. 85; Code 1935, § 401; 29 Del. C. 1953, § 2707; 57 Del. Laws, c. 741, §§ 34B, 34C; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 4; 70 Del. Laws, c. 509, § 1; 73 Del. Laws, c. 310, § 9.;
§ 2707. Payment of vouchers upon approval; method of payment.
All vouchers for the payment of money issued by any department, commission or board of the State, including those requiring
the approval of the Governor, shall be paid by the State Treasurer upon the certification by the proper officers of the department,
commission or board and the approval thereof by the Secretary of Finance. Methods of payments may include checks, drafts and
electronic funds transfers.
37 Del. Laws, c. 45, § 1; Code 1935, § 403; 29 Del. C. 1953, § 2708; 54 Del. Laws, c. 39, § 5; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 468, § 6; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 43.;
§ 2708. Destruction of 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.
37 Del. Laws, c. 46, § 1; Code 1935, § 404; 29 Del. C. 1953, § 2709; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 5; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 44.;
§ 2709. Receipt and accounting for stock dividends and interest; power to vote as stockholder.
The State Treasurer may receive the dividends or interests on any stock, shares, loan or investment of money belonging to
the State or the School Fund and shall apply and account for the same according to law. The State Treasurer may, in respect
to any such stock or shares, except stock in the Farmers' Bank, vote the same in person or by proxy, as other stockholders
do.
Code 1852, § 528; Code 1915, § 471; Code 1935, § 408; 29 Del. C. 1953, § 2710; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 186, § 1.;
§ 2710. Bond servicing procedure.
The State Treasurer shall cause any agent so designated by the issuing officers to maintain reconciliation statements on all
state bonds and coupons. Said reconciliation statements shall balance with bank statements on bond and coupon accounts. Any
paid-off, matured, redeemed, called or cancelled bonds and coupons shall be held by any agent so designated by the issuing
officers on behalf of the State Treasurer until a sufficient quantity has been collected by the office to be cancelled and
destroyed according to this chapter.
Code 1935, § 403A; 48 Del. Laws, c. 252, § 1; 29 Del. C. 1953, § 2711; 50 Del. Laws, c. 321, § 1; 57 Del. Laws, c. 741, § 34B; 58 Del. Laws, c. 315, § 6; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 63 Del. Laws, c. 142, § 45.;
§ 2711. Administration of moneys received from federal grants.
(a) All federal financial assistance program money received by the State, whether directly or indirectly, in the form of cash,
check or via an electronic funds transfer method, shall be reported to the Office of the State Treasurer by the receiving
agency through the processing of the proper cash receipt transaction in the State's financial management system. The amount
received shall be credited to a special fund federal fund grant appropriation line. Such money is appropriated to the grant
designated agency for the specific purposes for which the money was granted and shall be paid out of the special fund by the
State Treasurer upon payment voucher executed by the designated agency.
(b) Nothing contained in this section shall affect federal grants or federal aid to the University of Delaware, the Agricultural
Experimental Station and the Division of Agricultural Extension of the University of Delaware.
(c) Monies received pursuant to 33 U.S.C § 701c-3 will be deposited into a special account and distributed annually by the
State Treasurer to soil and water conservation districts within this state for the purpose of drainage and flood control.
Distributions will be made to county soil and water conservation districts in which the subject leased lands are situated
in proportional shares as required by 22 U.S.C § 701c-3.
41 Del. Laws, c. 77; 29 Del. C. 1953, § 2712; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2; 70 Del. Laws, c. 197, § 5; 72 Del. Laws, c. 258, § 60.;
§ 2712. Method of payment of State officials and employees.
(a)(1) Effective upon the implementation of the new payroll system, the salaries of all State officials and employees, including
the Governor, shall be paid bi-weekly. The bi-weekly rate shall be determined by dividing the annual salary by 26. All state
officials and employees who leave state service shall receive full payment for all days worked in their final lagged paycheck.
Public and higher education employees, whether they elect payment over 10 or 12 months, shall receive their full contract
amount. Public and higher education, 10-month contractual employees who elect payment over the contract period shall receive
the exact annual salary stated in the contract, divided by 22.
(2) The bi-weekly payment shall represent earnings for the period ending 14 days prior to the checkdate for all state officials
and employees except the Governor. Effective upon the inauguration of the Governor in January 2001, the salary of the Governor
shall also be lagged 1 pay cycle.
(3) If any of the dates of payment specified herein should occur on a holiday, payment shall be made on the last working day
prior to such holiday. The payment of wages, as outlined herein, shall be made from funds authorized for the period in which
the payment is made.
(b) Methods of payment may include checks, drafts, direct deposits and electronic funds transfers.
(c) The Chief Justice and Justices of the Supreme Court, Chancellor and Vice Chancellors of the Court of Chancery, President
Judge and Judges of the Superior Court, Chief Judge and Judges of the Court of Common Pleas and Chief Judge and Judges of
the Family Court shall be paid a salary in accordance with the lag payroll set forth in paragraphs (a)(1) and (a)(2) of this
section.
(d) Those judicial officers, as set forth in subsection (c) of this section, who were employed in such positions on December
31, 1994, shall receive a lag pay adjustment on August 15, 1995, equal to one twenty-fourth of the base pay in effect on July
15, 1995. This is a one-time adjustment to enable implementation of the lag payroll system effective August 1, 1995, with
respect to those judicial officers in office as of December 31, 1994, on the same basis afforded to the other state officials
and employees except the Governor, employed by the State on that same date in positions set forth in § 10(a) of Senate Bill
420 of the 137th General Assembly. This lag pay adjustment is not a salary increase and is not available to judicial officers
who were not employed in such positions on December 31, 1994.
(e) Judicial officers, as set forth in subsection (c) of this section, whose service commenced after December 31, 1994, shall
participate in the lag payroll on the same terms and conditions as other participating employees of the State hired after
that same date.
(f)(1) Notwithstanding any other provision of law, all state wage and salary payments shall be paid to employees who begin
to receive such payments on or after January 1, 1996, and recipients of state retirement payments who begin to receive such
retirement payments on or after January 1, 1996, by electronic funds transfer, unless another method has been determined by
the Secretary of Finance to be appropriate.
(2) Each recipient of state wage, salary or retirement payments shall designate 1 financial institution and associated account
and provide the payment authorizing information necessary for the recipient to receive electronic funds transfer payments
through each institution so designated.
(3) The Secretary of Finance may waive the requirements of paragraph (f)(1) of this section for any state employee upon request
by the head of an agency or school district under standards prescribed by the Secretary of Finance.
(4) The Director of the Office of Management and Budget may waive the requirements of paragraph (f)(1) of this section for
any state pensioner upon request by the pension administrator under standards prescribed by the Director of the Office of
Management and Budget.
Code 1852, § 471; 21 Del. Laws, c. 47; Code 1915, § 398; 40 Del. Laws, c. 80; Code 1935, § 372; 29 Del. C. 1953, § 2713; 50 Del. Laws, c. 461, § 1; 59 Del. Laws, c. 119, § 1; 60 Del. Laws, c. 341, § 1; 61 Del. Laws, c. 539, § 2; 64 Del. Laws, c. 316, § 1; 69 Del. Laws, c. 291, § 40; 70 Del. Laws, c. 197, § 6; 70 Del. Laws, c. 425, §§ 27, 32; 71 Del. Laws, c. 132, §§ 26, 29; 71 Del. Laws, c. 354, § 33; 72 Del. Laws, c. 94, § 127; 72 Del. Laws, c. 258, § 31; 75 Del. Laws, c. 88, § 20(6); 76 Del. Laws, c. 213, §§ 41, 42.;
§ 2713. Refunding of improperly collected fees.
In the event any agency of this State having the power to collect fees or other receipts that become revenue to the General
Fund of the State shall improperly collect and deposit such fees or other receipts with the State Treasurer, the State Treasurer
shall have the authority, except as otherwise provided specifically by law, upon certification by the collecting agency that
a fee or other receipt was improperly collected and deposited, to make a refund from the General Fund of the State in the
amount improperly collected and deposited to the person from whom the fee or receipt was improperly collected.
29 Del. C. 1953, § 2714; 56 Del. Laws, c. 144; 57 Del. Laws, c. 741, § 34B; 59 Del. Laws, c. 378, § 1; 61 Del. Laws, c. 539, § 2.;
§ 2714. Functions prior to January 7, 1975.
The State Treasurer shall have the power to perform and shall be responsible for the powers, duties and functions vested by
Chapter 62 and Chapter 74 of this title in the Secretary of Finance immediately prior to January 7, 1975, and which are not
otherwise hereinbefore specifically transferred to the State Treasurer.
59 Del. Laws, c. 378, § 8; 61 Del. Laws, c. 539, § 2.;
§ 2715. Certain powers and duties of the State Treasurer.
The State Treasurer shall have the power to perform and shall be responsible for the performance of all the powers, duties
and functions heretofore vested in the Division of the Treasury pursuant to § 8307(1)a. [repealed] and c. [repealed] and §
8307(2) [repealed] of this title.
59 Del. Laws, c. 378, § 12; 61 Del. Laws, c. 539, § 2.;
§ 2716. Cash Management Policy Board.
(a) Establishment; purposes. -- There is hereby established the Cash Management Policy Board (the "Board"). The Board's purposes
shall be to establish policies for the investment of all money belonging to the State or on deposit from its political subdivisions,
except money deposited in any state pension fund or the State Deferred Compensation Program, and to determine the terms, conditions
and other matters relating to those investments including the designation of permissible investments. In carrying out its
purpose to designate permissible investments, the Board shall exercise the judgment and care under the circumstances then
prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs with due
regard to the probable income and level of risk from investments of money belonging to the State or its political subdivisions
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 or its political subdivisions, unless the Board shall
find it not in the State's best interest, the Board shall:
(1) Require as a condition to any deposit of such funds in any state or national bank 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;
(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; and
(3) 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. -- The Board shall be composed of 9 members. Each member of the Board shall have 1 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 5 appointed members,
at least 1 member shall be a resident of Sussex County, at least 1 member shall be a resident of Kent County, and at least
1 member shall be a resident of New Castle County; and 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 1 major political party over the other major political party. Any person who declines to announce a political affiliation
shall also be eligible for appointment as a member of the Board. In considering the qualifications of persons who may be appointed
to the Board, the Governor shall consider among other things the knowledge of such person in the fields of investment management
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.
(c) Term of appointed members; conduct of meetings. --
(1) Each appointed member shall be appointed for a 3-year term beginning on the date of appointment; provided, however, that
of the initial members, 1 shall be appointed for a 1-year term, 2 for 2-year terms and 2 for 3-year terms. Appointed members
shall be eligible for reappointment.
(2) Each member of the Board shall have 1 vote and the powers of the Board shall be exercised by a majority vote of all members
present; provided that a quorum of 5 members shall be necessary to hold a meeting of the Board.
(3) The Chairperson of the Board shall be designated by the Governor from among the appointed members.
(4) The Board shall meet as often as shall be necessary to properly discharge its duties; provided, however, that the Board
shall meet at least 2 times annually; and provided further, that the State Treasurer or the Chairperson of the Board shall
be 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 Chapter 100 of this title.
(d) Powers and duties of 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 shall be 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, whenever the same shall be deemed by the Board necessary or
desirable in the performance of the functions of the Board. No such agreement shall be 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 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) Compensation; indemnification. --
(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:
a. 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
b. 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 subparagraph a. of this paragraph that such member is not entitled to be indemnified under this section.
63 Del. Laws, c. 142, § 2; 65 Del. Laws, c. 373; 68 Del. Laws, c. 278, §§ 1-3; 70 Del. Laws, c. 186, § 1.;
§ 2717. Proceeds of sale of Farmers' Bank stock.
Repealed by 70 Del. Laws, c. 197, § 7, eff. July 10, 1995.
§ 2718. Local Government Investment Pool.
(a) The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay
moneys of the local government or organization into the Local Government Investment Pool which shall be in the custody of
the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject
to the same limitations provided for the deposit and investment of state funds. Funds of the local governments may be combined
with funds of the State while invested in the Pool.
(b) The State Treasurer shall adopt such rules as are necessary for the administration of this Investment Pool including specification
of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in
the Pool. Administrative expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably prorated
among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool.
(c) Local government accounts shall remain confidential while in the custody of the State Treasurer. Public records available
through the local government will be sufficient public record of the funds on deposit with the Local Government Investment
Pool.
68 Del. Laws, c. 278, § 4; 70 Del. Laws, c. 29, § 1; 70 Del. Laws, c. 186, § 1; 71 Del. Laws, c. 378, § 45; 76 Del. Laws, c. 280, § 129.;
§ 2719. Expense of issuing bonds.
The annual operating budget shall authorize an appropriation for the Expense of Issuing Bonds in State Treasurer, Debt Management
for payment of expenses relating to the issuance of state long-term debt. Disbursement from the Expense of Issuing Bonds appropriation
shall not be made without the prior approval of the State Treasurer and the Secretary of Finance.
73 Del. Laws, c. 310, § 10.;
§ 2720. Delaware Council on Volunteer Fire Service.
(a) There is hereby created a Delaware Council on Volunteer Fire Service, hereinafter referred to as the Council, to advise
the Secretary of Finance on all matters relating to the administration, implementation and financing of the Volunteer Fire
Service Revolving Loan Fund Program. The Council shall review and recommend to the Secretary of Finance for adoption, after
a public hearing, criteria for administering and awarding loans from the Volunteer Fire Service Revolving Loan Fund, including
but not limited to criteria for assessing recipient need.
(b) The Council shall consist of:
(1) The President of the Delaware Volunteer Firefighter's Association or designee;
(2) The Chairperson of the State Fire Prevention Commission or designee; and
(3) Three members; 1 each appointed by the Presidents of the New Castle, Kent, and Sussex County Firemen's Associations no
later than September 1 for the initial appointment and January 15 of each calendar year thereafter.
a. Initial appointments shall be for staggered terms. The member from Sussex County's initial term shall be for 3 years, the
member from Kent County's initial term shall be for 2 years, and the member from New Castle County's initial term shall be
for 1 year.
b. Upon expiration of the preceding terms, subsequent appointments shall be for a 3-year term.
c. At the end of a member's term, such member shall continue to serve until the member's successor is duly appointed;
(4) The State Treasurer or designee; and
(5) The Secretary of Finance or designee.
(c) The Secretary of Finance shall serve as the chair of the Council.
(d) Members of the Council shall receive no compensation. The Council shall hold at least 1 regular meeting each calendar
year and shall keep a record of its proceedings. All proceedings of the Council shall be conducted in accordance with Chapter
100 of this title.
(e) For purposes of conducting business of the Council, 4 voting members shall constitute a quorum. A majority vote of Council
members shall be required on any action or matter before the Council.
(f) The Council shall adopt procedural rules and regulations to carry out the provisions of this chapter.
73 Del. Laws, c. 434, § 1; 70 Del. Laws, c. 186, § 1; 77 Del. Laws, c. 378, § 1.;
§ 2721. Delaware Volunteer Fire Service Revolving Loan Fund.
(a) A special fund appropriation account is hereby created in the Department of Finance, to be known as the Delaware Volunteer
Fire Service Revolving Loan Fund, hereinafter referred to as the Fund. Sums appropriated by the General Assembly to the Fund
shall be used to create a loan program to be administered according to guidelines and procedures developed by the Delaware
Council on Volunteer Fire Service to upgrade equipment and improve facilities that are essential to providing adequate fire,
rescue, emergency medical and technical emergency response related service to Delaware communities. Loan funds shall not be
made available for equipment that has already been ordered or the expansion of facilities or parking that has already begun,
except where such expansion is deemed necessary to provide adequate fire, rescue and emergency medical and technical emergency
response services to the surrounding community by the Delaware Council on Volunteer Fire Service. The Fund shall serve as
a revolving loan account and shall be eligible to receive loan repayments. The Fund shall be deemed a special fund and shall
be approved by the Governor for the following purposes:
(1) To accept and retain the funds and revenues appropriated by the General Assembly;
(2) To make loans to eligible volunteer fire, rescue and emergency medical service companies meeting the criteria established
herein;
(3) To buy or refinance debt obligations of eligible volunteer fire, rescue and emergency medical service companies;
(4) To facilitate the pledging by an eligible fire, rescue and emergency medical service company of its state grant-in-aid
and health insurance rebate funds as collateral for securing a loan from the Fund;
(5) To earn interest on amounts on deposit in such Fund;
(6) To establish all necessary interest bearing accounts for deposit of loan repayments; and
(7) To finance the reasonable costs incurred by the State in the administration of the Fund.
(b) The Council shall develop a competitive process to approve loan applications for improving fire, rescue, emergency medical
and technical emergency response services throughout the State and, in connection therewith, shall develop criteria to assess
the relative needs for fire service and loan assistance throughout the State. Such criteria shall include and shall give highest
priority to, but shall not be limited to, consideration of the financial need of the fire, rescue, and emergency medical service
companies and the surrounding community. In addition, the Council shall consider:
(1) The financial assets of the volunteer fire, rescue, and emergency medical service company making the application, as well
as its ability to obtain revenue, income and financial support and loans from outside sources;
(2) The age and existing conditions of the volunteer fire, rescue and emergency medical service company's apparatus, equipment,
or facilities, including, but not limited to, whether such apparatus, equipment and facility are in compliance with National
Fire Protection Association standards; and
(3) The demographic, geographic and financial conditions of the community served by the volunteer fire, rescue and emergency
medical service company making the application.
(c) The Council shall be required to submit a strategic plan for accomplishing the goals to be met by the Fund and a procedure
for the application process by January 31, 2003. Such plan shall contain the guidelines and procedures for the administration
of the program and shall be presented to the cochairs of the Joint Legislative Committee on Capital Improvement Programs.
No funds shall be loaned from the Delaware Volunteer Fire Service Revolving Loan Fund until the cochairs of the Joint Legislative
Committee on Capital Improvement Programs have reviewed and approved the plan.
(d) Upon the request of the Council, subsequent to approval of an application in accordance with this subsection, the State
Treasurer is authorized to release funds appropriated to the Volunteer Fire Service Revolving Loan Fund sufficient to make
such loans.
(e) The Council shall submit an annual report to the Governor and cochairs of the Joint Legislative Committee on Capital Improvement
programs by October 15 of each succeeding year.