(a) The State Treasurer shall credit to the account of each local school district that has funds on deposit with the State Treasurer such amount of interest as determined by this section upon such funds. The rate of interest applied shall be based upon net interest earned and calculated under guidelines established by the Cash Management Policy Board.
(b) On or before the last day of each month, the State Treasurer shall credit the operating and debt service accounts respectively of each school district's operating and debt service funds with interest on the average balances in operating and debt service funds for the preceding month. The amount of interest due shall be calculated upon the average daily account balances determined by the respective financial activity reports of the Department of Finance.
(c) On or before the last day of each month, the State Treasurer shall credit the debt service account of each local school district's construction fund with interest on the average balance of that proportion of the construction account contributed by the local school district. The amount of interest due shall be calculated upon the average daily account balances determined by the respective financial activity reports of the Department of Finance.
Structure Delaware Code
Chapter 19. LOCAL SCHOOL TAXES
Subchapter I. General Provisions
§ 1902. Power of district to levy taxes for school purposes.
§ 1903. Election preceding levy of tax.
§ 1908. Method of voting; referendum to transfer tax funds.
§ 1909, 1910. Certifying and declaring result of election; recount.
§ 1911. Required vote for authorization of additional tax.
§ 1912. Assessment list; school capitation tax.
§ 1914. Levy of annual school tax without election.
§ 1915. Demand for new election.
§ 1916. Tax collection warrant and assessment list; tax rate after general reassessment.
§ 1917. Collection and deposit of school taxes.
§ 1918. Disbursement of school taxes; financial statement.
§ 1919. Report of school tax collections and payment of collected taxes.
§ 1921. Refund of county taxes paid in error.
§ 1922. Borrowing in anticipation of taxes.
§ 1923. Payment of interest upon local school funds on deposit.