Delaware General Assembly


CHAPTER 128

FORMERLY

HOUSE BILL NO. 280

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 40, TITLE 31 OF THE DELAWARE CODE RELATING TO THE DEPARTMENT OF HOUSING.

WHEREAS, Delaware State Housing Authority (DSHA) has identified two areas in which its list of allowable investments could be expanded in order to allow wider investment options and increased earnings; and

WHEREAS, the additional investment alternatives will not increase risk above a level which is recognized to be acceptable for a municipal agency; and

WHEREAS, DSHA's bond-rating agency, Moody's Investors Service, has provided its approval of the proposed expansion of allowable Investments; and

WHEREAS, the additional investment alternatives will help to increase the supply of affordable housing.

NOW, THEREFORE:

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Chapter 40, §4053(17), Title 31 of the Delaware Code by deleting subparagraph 1. and inserting in lieu thereof the following:

"1. Shares of any investment company that; (i) is registered under the Investment Company Act of 1940, as amended; (ii) invests substantially all of its assets in short-term, high-quality money market instruments; (iii) maintains a constant net asset value per share; and, (iv) maintains a rating at least as high as DSHA's bonds."

Section 2. Amend Chapter 40, §4053(17), Title 31 of the Delaware Code by adding a new subparagraph n. to read as follows:

"In Corporate debt obligations, rated at least as high as DSHA's bonds, which have a fixed par value and/or whose terms promise a fixed dollar amount at maturity or call date."

Section 3. This Act shall be effective July 1, 1993.

Approved July 12, 1993.