(a) There shall be established in the State Treasury and in the accounting system of the State a special fund to be known as the Delaware Recycling Fund (“the Fund”).
(b) The following revenue shall be deposited into the Fund:
(1) As specified in § 2912 of Title 30, the recycling fee on the sale of beverage containers;
(2) On the last day of each month, the State Treasurer shall credit the Fund with interest on the average balance in the Fund for the preceding month. The interest to be paid to the Fund shall be that proportionate share, during such preceding month, of interest to the State as the Fund's and the State's average balance is to the total State's average balance;
(3) Any other revenue appropriated or transferred to the account by the General Assembly; and
(4) Repayment of low interest loans.
(c) The Fund shall be used by the Secretary for the exclusive purpose of funding specific activities designed to enhance the State's recycling rate and the diversion of recyclables that would otherwise be land disposed. The Fund may be expended only:
(1) To fund the Recycling Grants and Low Interest Loan Program referenced in § 6055 of this title. Annual funding for the Recycling Grants and Low Interest Loan Program shall be dependent on revenue generated by the Fund;
(2) To pay the limited and reasonable cost of the Department and the Recycling Public Advisory Council to study, evaluate and report on the status and potential for recycling various components of the solid waste stream, with emphasis on those aspects of municipal solid waste and commercial waste necessary to achieve the diversion goals established in § 6056 of this title;
(3) To pay the Department's limited and reasonable costs for administering this subchapter. No greater than 10% of the revenue deposited into the Fund shall be used by the Department for administering this subchapter without approval of the Joint Finance Committee and shall include but not be limited to:
promoting the Recycling Grants and Low Interest Loan Program, universal recycling, zero waste principles, development of reporting requirements and related recycling initiatives; and(4) To pay the Division of Revenue for the costs of administering § 2912 of Title 30.
(d) The Department shall commence the Recycling Grants and Low Interest Loan Program in calendar year 2011 and offer the Program at least annually thereafter until 2014.
(e) The revenue from the Fund and its disbursement via the Recycling Grants and Low Interest Loan Program shall be subject to audit and the recipient of any such funding shall agree to the audit and cooperate with the auditor as a condition of receiving funding.
(f) No expenditures shall be made from the Fund for any grants or loans pursuant to § 6055 of this title without the approval by the Controller General and Director of the Office of Management and Budget of a plan for revenues and expenditures for the period between December 1, 2010, and September 15, 2011.