Specifications include, but are not limited to: The Delaware Department of Natural Resources and Environmental Control (“DNREC”) proposed and the Delaware General Assembly established the 21st Century Fund Parks Endowment and The Delaware Land and Water Conservation Trust Fund Grant Program to create and maintain parks and other recreational facilities across the state. With the passage and approval of Delaware General Assembly Senate Bill 75, assets from the 21st Century Parks Endowment and the Delaware Land and Water Conservation Trust Fund Grant Program (together, the “Endowment”) are to be invested in perpetuity subject to a withdrawal up to 5% of the value per year as directed by DNREC. The Endowment is to be invested in a manner consistent with guidelines approved by the Delaware Cash Management Policy Board.
