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TITLE SECOND.

Of the Public Revenue; and the Assessment, Collection and Appropriation of Taxes.

Loan of $75,000 authorized to be issued.

Law originated in

Senate.

State Treasurer authorized to is

CHAPTER 17.

OF THE REVENUE OF THE STATE.

AN ACT to Legalize the Issue of Certain State Bonds.

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:

SECTION 1. That the State Treasurer be and he is hereby 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 the value of one thousand dollars, with coupons or interest

sue $75,000

$1000 each.

OF THE REVENUE OF THE STATE.

and dated

at a rate not

cent.

bonds

paya

warrants thereto attached for each half year's interest. thereon. The said bonds shall be numbered from 1 to 75 Bonds numinclusive, 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 annum, payable semi-annually on the first exceeding days of July and January in each and every year while four 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 ble July 1, State 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 erst da 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 to be redeemed. The said bonds shall each be signed by the Bonds Governor, Secretary of State and State Treasurer on behalf signed by 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 1 to 19 respectively.

SECTION 2.

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

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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 Wilmington 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 semi-annual installiments of interest.

deemed on any first day.

January in

1893, upon

tice.

Governor,

State and

with the

Form of bonds.

Form of coupons.

State Treas

vide a re

cord for keeping account of bonds.

OF THE REVENUE 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:

"No.

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

lars for six months' interest on Bond No.
1891, dated July 1, 1891.

dolLoan of

State Treasurer."

SECTION 3. It shall be the duty of the State Treasurer urer to pro- to provide a record of the proper size and proportions to be retained in his office, so ruled as to afford a separate space for 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.

Duty of State Treas

urer.

Form of en

try on face of paid bonds.

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
day of
A. D., by the payment of the sum

of one thousand dollars principal, and
terest, represented by coupon No.

dollars in

by

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

So enrolled.

OF THE REVENUE OF THE STATE.

coupons.

"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.

Bonds ex

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 taxation. and directed to cause all blanks in the form of the said bonds and coupons herein before prescribed to be appropriately filled.

the sale of

the bonds to

Trustees of

New Castle

SECTION 5. The proceeds of the sale of the bonds Proceeds of authorized by this act to be issued shall be paid by 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.

bonds issued

April 26,

And the Trustees of the Poor of New Castle county are Trustees to hereby authorized and directed, upon receipt of the said deliver up 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 immediately to have them canceled according to the provisions of said act.

the Poor to

said pro

County

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 Treasurer. 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 county.

SECTION 7.

Floating indebtedness of New Castle county

That portion of the floating indebtedness of held by New Castle county now held by the several banks of New

banks to be paid out of the pro

*So enrolled.

ceeds.

paring

State

urer and

pre

Secretary of
State.

OF THE REVENUE OF THE STATE.

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.

Cost of SECTION 8. That all expenses of preparing, issuing and Bonds to be delivering the bonds by this act authorized shall be allowed allowed Treas. to the State Treasurer and paid out by any unappropriated funds in the State Treasury, he producing and exhibiting 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 lowance. authorized to make such allowances and to draw drafts on the State Treasurer accordingly.

to make al

Passed at Dover, May 5, 1891.

Act to legal

CHAPTER 18.

OF THE REVENUE OF THE STATE.

AN ACT to amend an act entitled "An act to Legalize the Issue of certain State Bonds."

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

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

of State

Bonds

amended.

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

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