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TITLE SECOND.

Of the Public Revenue; and the Assessment, Collection

and Appropriation of Taxes.

CHAPTER 17.

OF THE REVENUE OF THE STATE.

AN ACT to Legalize the Issue of Certain State Bonds.

Loan of $75,000 authorized to be issued.

Law origi. nated in Senate.

Whereas by an act of the General Assembly of the State of Delaware, entitled "An act to carry into effect the provisions of an act creating a State Board of Trustees for the care of the Insane," passed at Dover, April 26, 1889, a certain loan of the State of Delaware of seventy-five thousand dollars was authorized to be issued, and under the terms and provisions of said act the said loan was issued;

And whereas after the enactment of the said law it was ascertained that the said law originated in the Senate of the State of Delaware, instead of having originated as it was deemed it properly should have done in the House of Representatives of the State of Delaware, and thereupon grave doubts have arisen as to the legality of the said loan;

And whereas it is the desire of this General Assembly to set at rest all question affecting the legality of any loan for which the credit of the State is pledged ; now therefore

Be it enacted by the Senate and House of Representatives

of the State of Delaware in General Assembly met: State Treas: SECTION I. That the State Treasurer be and he is hereby ized to is authorized to issue bonds of the State of Delaware to the in bonds of amount of seventy-five thousand dollars, each bond to be of

! the value of one tliousand dollars, with coupons or interest

sue $75,000

the value of $1000 each.

OF THE REVENUE OF THE STATE.

Bonds num

and dated

ent.

ble July 1,

warrants thereto attached for each half year's interest thereon. The said bonds shall be numbered from 1 to 75 Bon inclusive, shall be dated July first, 1891, and shall bear inter- bered 1 to 75 est from and after that date at a rate not exceeding four July 1, 1891, per centum per annuin, payable semi-annually on the first exceeding days of July and January in each and every year while fer per they remain unpaid, payable at the Farmers' Bank in the city of Wilmington on presentation of the coupon representing such semi-annual installments of interest. The principal Principal of of said bonds shall be payable at the Farmers' Bank of the bor

the bonds payaState of Delaware at Wilmington, on the first day of July, 1901. A. D. 1901, on presentation and surrender of said bonds, but the same or any part thereof may be redeemed at the option may be reof this State on any first day of July or January in or after ansthirst the year A. D. 1893, upon thirty days notice published in of July or one newspaper published in the city of Philadelphia and or after one newspaper published in the State of Delaware, indica- 30 days noting by their numbers the bonds thereby called and elected tice. to be redeemed. The said bonds shall each be signed by the Bonds Governor, Secretary of State and State Treasurer on behalf Severnor, of this State, and shall have the Great Seal impressed thereon Secretary of or affixed thereto. The signature of the State Treasurer Treasurer, shall be engraved or printed on each coupon and the coupons Great Seal. attached to each bond shall be numbered consecutively from i to 19 respectively.

with the

Form of bonds.

SECTION 2. The said bonds authorized to be issued by this act shall be in the following form to wit:

“UNITED STATES OF AMERICA,

STATE OF DELAWARE. No.

LOAN OF These presents certify and make known that the State of Delaware is held and firmly bound unto the bearer in the sum of one thousand dollars lawful money of the United States of America, which the said State promises and binds itself to pay to the bearer at the Farmers' Bank in the city of Wilmington on the first day of July, A. D. 1901, with interest at a rate not exceeding four per centum per annum, likewise payable at the Farmers' Bank in the city of Wilinington on the first days of July and January in each and every year whilst the same principal sum remains unpaid on the presentation of the coupons thereto annexed representing such seini-annual installments of interest.

OF THE REVENCE OF THE STATE.

Dated at Dover the first day of July, A. D. 1891.

Witness the Great Seal of the State of Delaware, and the hands of the Governor, Secretary of State, and State Treasurer in the day and year aforesaid.

Governor,
Secretary of State.

State Treasurer."
And the coupon shall be in the following form to wit:
Form of "No. –
coupons.

The State of Delaware will pay to the bearer at the Farmers' Bank of the State of Delaware, at Wilmington, on the first day of - - A. D. — the sum of - - dollars for six months' interest on Bond No. — Loan of 1891, dated July 1, 1891.

-- State Treasurer." State Treas. SECTION 3. It shall be the duty of the State Treasurer vide a resor to provide a record of the proper size and proportions to be

ac. retained in his office, so ruled as to afford a separate space for keeping ac

each coupon and a space at the top of each page of said record for each bond when paid or redeemed, and each space at the top of said record shall bear the same number as the bond, a record whereof is hereby* to be preserved.

cord for

count of bonds.

State Treasurer.

Duty of As the said coupons are paid it shall be the duty of the

State Treasurer to mark the same in red ink across the face “Paid," cut each of them in two lengthwise, and paste the pieces in the aforesaid space for such coupon in the record aforesaid, and as the said bonds shall be paid or redeemed, the State Treasurer shall cause the same to be canceled by making lines with red ink through the signatures of the Governor, Secretary of State and State Treasurer ; and also, by writing across the face thereof in red ink the following words :

“This Bond paid (or redeemed, as the case may be) this try on face of - day of —

- A. D. — by the payment of the sum of one thousand dollars principal, and

- dollars interest, represented by coupon No. — by —

- State Treasurer."

Form of en

paid bonds.

And all coupons unmatured and surrendered with each bond redeemned shall likewise be endorsed :

So enrolled.

OF THE REVENUE OF THE STATE.

coupons.

Bonds ex

the sale of the bonds to

New Castle

Canceled by the redemption of Bond No. - " in red Entry on ink. When paid or redeemed the said bonds shall be pasted in the appropriate spaces in the record aforesaid, and all coupons paid or surrendered shall likewise be pasted in their appropriate space in said record.

SECTION 4. The public faith is hereby expressly pledged for the full and complete payment of the loan, principal and interest by this act invited and authorized and the bond hereby authorized to be issued or* to secure the same, and that the said bond shall be exempt from taxation by this State for empt from any purpose, and the State Treasurer is hereby authorized all taxa and directed to cause all blanks in the forin of the said bonds and coupons hereinbefore prescribed to be appropriately filled.

SECTION 5. The proceeds of the sale of the bonds Proceeds of authorized by this act to be issued shall be paid by the the State Treasurer to the Trustees of the Poor of New Castle be paid to county in redemption of the bonds and attached coupons the Poor of of interest authorized to be issued under the provisions of County. an act entitled, “An act to carry into effect the provisions of an act creating a State Board of Trustees for the Care of the Insane," passed at Dover, April 26, 1889.

And the Trustees of the Poor of New Castle county are Trustees to hereby authorized and directed, upon receipt of the said proceeds, to cause to be delivered up to the State Treasurer under act of the bonds and coupons aforesaid issued under the said act 1889. of April 26, 1889, together with a receipt to the State Treasurer for such proceeds. Upon the receipt by the State Treasurer of the bonds and coupons issued under the act of April 26, 1889, he shall proceed iinmediately to have them canceled according to the provisions of said act.

SECTION 6. The board of Trustees of the Poor of New Board of Castle county, upon the receipt of the proceeds of the Trustees of bonds authorized to be issued by this act, shall im- pay over the mediately pay the same over to the County Treasurer of ceeds to the said county, and his receipt to them shall be their sufficient ore voucher. Such proceeds so paid over shall be devoted to the extinguishment of the floating indebtedness of New Castle county, now held by the several banks of the said

Floating incounty.

SECTION 7. That portion of the floating indebtedness of held by New Castle county now held by the several banks of New pair

deliver up bonds issued

ceeds." with a fe under the Treasurer

the Poor to

said pro

County

Treasurer.

debtedness of New Cas

the pro*So enrolled.

banks to be paid out of

ceeds.

OF THE REVENUE OF THE STATE.

Cost of preparing bonds to b

Secretary of

Castle county is hereby rendered valid and legal and extinguishable under the provisions of this act, as far as the proceeds of the sale of these bonds can effect the same, and any balance remaining may be by the Levy Court extinguithed by current taxation.

SECTION 8. That all expenses of preparing, issuing and Bands to be delivering the bonds by this act authorized shall be allowed allowed me to the State Treasurer and paid out by any unappropriated urer and funds in the State Treasury, he producing and exhibiting State. the necessary vouchers therefor, as by law required with

reference to other disbursements of public funds, and, further, that the Secretary of State and the State Treasurer shall respectively be allowed such compensation for the

services to be rendered and performed by them under this Legislative act as shall be allowed by the Legislative Committee at the Committee session in January, and such Committee is hereby expressly

authorized to make such allowances and to draw drafts on the State Treasurer accordingly.

Passed at Dover, May 5, 1891.

lowance.

CHAPTER 18.

OF THE REVENUE OF THE STATE.
AN ACT to amend an act entitled "An act to Legalize the Issue of cer-

tain State Bonds."

Act to legal

Be it enacted by the Senate and House of Representatives · of the State of Delaware in General Assembly met:

gal- SECTION 1. That the act entitled “An act to legalize ize the Issue the issue of certain State Bonds," passed at Dover, May 5,

1891, be and the same is hereby amended by striking out the words “a rate not exceeding four" in the twelfth line of Section 2 of the enrolled copy of said act.

SECTION 2. That the Secretary of State is hereby authorized and directed to print the act entitled, “An act

Bonds amended.

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