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Delaware Laws | Title 29 State Government
CHAPTER 27. STATE TREASURER
Sec. 2709. Receipt and accounting for stock dividends and interest; power to vote as stockholder.

Sec. 2709. Receipt and accounting for stock dividends and interest; power to vote as stockholder. (9816)(Text)

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. (9817)

(Code 1852, Sec. 528; Code 1915, Sec. 471; Code 1935, Sec. 408; 29 Del. C. 1953, Sec. 2710; 57 Del. Laws, c. 741, Sec. 34B; 59 Del. Laws, c. 378, Sec. 1; 61 Del. Laws, c. 539, Sec. 2; 70 Del. Laws, c. 186, Sec. 1.) (9818)

Sec. 2710. Bond servicing procedure. (9819)(Text)

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. (9820)

(Code 1935, Sec. 403A; 48 Del. Laws, c. 252, Sec. 1; 29 Del. C. 1953, Sec. 2711; 50 Del. Laws, c. 321, Sec. 1; 57 Del. Laws, c. 741, Sec. 34B; 58 Del. Laws, c. 315, Sec. 6; 59 Del. Laws, c. 378, Sec. 1; 61 Del. Laws, c. 539, Sec. 2; 63 Del. Laws, c. 142, Sec. 45.) (9821)

Sec. 2711. Administration of moneys received from federal grants. (9822)(Text)

(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. (9823)

(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. (9824)

(c) Monies received pursuant to 33 U.S.C Sec. 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 Sec. 701c-3. (9825)

(41 Del. Laws, c. 77; 29 Del. C. 1953, Sec. 2712; 57 Del. Laws, c. 741, Sec. 34B; 59 Del. Laws, c. 378, Sec. 1; 61 Del. Laws, c. 539, Sec. 2; 70 Del. Laws, c. 197, Sec. 5; 72 Del. Laws, c. 258, Sec. 60.) (9826)

Sec. 2712. Method of payment of State officials and employees. (9827)(Text)

(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. (9828)

(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. (9829)

(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. (9830)

(b) Methods of payment may include checks, drafts, direct deposits and electronic funds transfers. (9831)

(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. (9832)

(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 Sec. 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. (9833)

(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. (9834)

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