(a) This section shall be referred to as the Delaware Standardbred Breeder’s Program Fund Act of 1999.
(b) (1) A special fund of the State is hereby established in the Department of Agriculture to be known as the “The Delaware Standardbred Breeder’s Fund.” Funds reserved for the Delaware Standardbred Breeder’s Program pursuant to § 4815(b)(4)a. and b.2. of Title 29 shall be transferred to the Delaware Standardbred Breeder’s Program Fund. The Secretary of Finance and the Secretary of Agriculture shall deposit or transfer all other moneys, including gifts, bequests, grants or other funds, from private and public sources specifically designated for the Delaware Standardbred Breeder’s Program Fund. The General Assembly at any time may appropriate additional moneys to the Delaware Standardbred Breeder’s Program Fund.
(2) Moneys from the Delaware Standardbred Breeder’s Program Fund shall be expended in accordance with the Delaware Standardbred Breeder’s Program Plan approved pursuant to § 4815(b)(4)b.2. of Title 29.
(3) The Delaware Standardbred Breeder’s Program Fund shall be invested by the State Treasurer consistent with the investment policies established by the Cash Management Policy Board. All income earned shall be reinvested in the Delaware Standardbred Breeder’s Program Fund.
(4) No moneys shall be expended from the Delaware Standardbred Breeder’s Program Fund except pursuant to an appropriation incorporated in the State’s Bond and Capital Improvements Act or annual appropriations act.
(5) The transfer of funds from the Delaware Standardbred Breeder’s Program Fund shall be approved by the Secretary of Finance, the Secretary of Agriculture, and the Chair of the Delaware Harness Racing Commission. Such expenditures shall only be made upon the satisfaction of the specific requirements established by law and the plan and rules adopted by the Delaware Standardbred Breeder’s Fund Board to govern expenditures for this purpose. Unexpended cash balances in the Delaware Standardbred Breeder’s Program Fund shall be interest-earning and such interest shall be credited to the Delaware Standardbred Breeder’s Program Fund.
72 Del. Laws, c. 261, § 1; 79 Del. Laws, c. 311, § 1.
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