§ 8727A. Findings and purpose; creation of the Fund.
212 words·~1 min read·
/de/title-29/subchapter-ii-delaware-strategic-fund/8727a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The General Assembly finds that Delaware’s development finance programs are necessary to compete for new and existing businesses. Furthermore, the General Assembly finds the number and limited previous funding of finance programs of the Delaware Economic Development Office do not maximize efficiency of administration by the State or the business community. It is the intent of the General Assembly to solve this problem by consolidating the existing development finance programs of the Delaware Economic Development Office into a Delaware Strategic Fund.
(b)A special fund to be known as the “Delaware Strategic Fund” (“Fund”) shall be created.
(1)The Fund shall initially consist of $2,250,000 as authorized in 69 Del. Laws, c. 77 to the Delaware Economic Development Office on behalf of the Delaware Economic Development Authority (“Authority”) and funds subsequently appropriated to the Authority or the Division. Funds appropriated pursuant to this or subsequent acts are to be used for Fund activities as defined in the following paragraphs. The Fund shall also consist of present balances and future payments of moneys transferred from discontinued programs.
(2)The Fund shall be invested by the State Treasurer in securities consistent with the policies established by the Cash Management Policy Board. All moneys generated by the Fund shall be deposited in the Fund.