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Delaware Laws | Title 29 State Government
CHAPTER 27. STATE TREASURER
Sec. 2712. Method of payment of State officials and employees.

(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. (9835)

(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. (9836)

(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. (9837)

(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. (9838)

(Code 1852, Sec. 471; 21 Del. Laws, c. 47; Code 1915, Sec. 398; 40 Del. Laws, c. 80; Code 1935, Sec. 372; 29 Del. C. 1953, Sec. 2713; 50 Del. Laws, c. 461, Sec. 1; 59 Del. Laws, c. 119, Sec. 1; 60 Del. Laws, c. 341, Sec. 1; 61 Del. Laws, c. 539, Sec. 2; 64 Del. Laws, c. 316, Sec. 1; 69 Del. Laws, c. 291, Sec. 40; 70 Del. Laws, c. 197, Sec. 6; 70 Del. Laws, c. 425, Sec.Sec. 27, 32; 71 Del. Laws, c. 132, Sec.Sec. 26, 29; 71 Del. Laws, c. 354, Sec. 33; 72 Del. Laws, c. 94, Sec. 127; 72 Del. Laws, c. 258, Sec. 31; 75 Del. Laws, c. 88, Sec. 20(6); 76 Del. Laws, c. 213, Sec.Sec. 41, 42.) (9839)

Sec. 2713. Refunding of improperly collected fees. (9840)(Text)

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. (9841)

(29 Del. C. 1953, Sec. 2714; 56 Del. Laws, c. 144; 57 Del. Laws, c. 741, Sec. 34B; 59 Del. Laws, c. 378, Sec. 1; 61 Del. Laws, c. 539, Sec. 2.) (9842)

Sec. 2714. Functions prior to January 7, 1975. (9843)(Text)

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. (9844)

(59 Del. Laws, c. 378, Sec. 8; 61 Del. Laws, c. 539, Sec. 2.) (9845)

Sec. 2715. Certain powers and duties of the State Treasurer. (9846)(Text)

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 Sec. 8307(1)a. [repealed] and c. [repealed] and Sec. 8307(2) [repealed] of this title. (9847)

(59 Del. Laws, c. 378, Sec. 12; 61 Del. Laws, c. 539, Sec. 2.) (9848)

Sec. 2716. Cash Management Policy Board. (9849)(Text)

(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: (9850)

(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; (9851)

(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 (9852)

(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. (9853)

(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. (9854)

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