(a) There is hereby established the Industrial Revenue Bond Committee, to be composed of the Chairperson, the Secretary of Finance, a representative of the Delaware State Housing Authority and 1 representative each from Sussex County, New Castle County, Kent County and the City of Wilmington, appointed by each jurisdiction pursuant to those procedures deemed by such jurisdiction to be necessary and appropriate. The Chairperson shall be the Chairperson of the Committee.
(b) The Committee shall make recommendations to the Governor of the State regarding modification of the allocation of the state ceiling made in § 8791A(a) of this title. The Secretary of Finance shall be responsible for monitoring the volume of private activity bonds issued by each of the participating jurisdictions and for recommending to the Committee changes in the allocation of the state ceiling as circumstances dictate.
(c) The Committee shall meet at such times and in such places as its members determine to be appropriate for carrying out its functions and purposes. The Committee shall engage in other activities to promote the cooperation of jurisdiction on economic development projects within the State. The Secretary of Finance shall report to the Governor, the General Assembly and the Committee at the conclusion of each year on the projects financed with private activity bonds and on other matters as appropriate.