CHAPTER 74 - APPROPRIATION TO PAY INTEREST ON CERTAIN HIGHWAY IMPROVEMENT BONDS AND STATE AID ROAD BONDS

AN ACT APPROPRIATING MONEYS FROM THE STATE TREASURY FOR THE PURPOSE OF PAYING THE INTEREST ON CERTAIN HIGHWAY IMPROVEMENT BONDS AND STATE AID BONDS ISSUED BY THE LEVY COURTS OF NEW CASTLE, KENT AND SUSSEX COUNTIES, DURING THE FISCAL BIENNIUM OF THE STATE OF DELAWARE, ENDING JUNE 30, 1943.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (three-fourths of all members elected to each branch thereof concurring therein):

Section 1. On or before June 1, 1941, the Levy Court Commissioners of New Castle County, Kent County and Sussex County respectively shall certify to the State Treasurer the sums of money necessary to meet the requirements of paying interest falling due on the Highway Improvement Bonds and State Aid Road Bonds of each of the said Counties during the fiscal biennium of the State of Delaware beginning on July 1; 1941, and ending on June 30, 1943,

Section 2. The Highway Improvement Bonds and State Aid Road Bonds heretofore referred to in this Act are as follows;

New Castle County Bonds authorized under the following act: Chapter 51 of Volume 24, Laws of Delaware, Chapter 101 of Volume 29, Laws of Delaware, Chapter 88 of Volume 32, Laws of Delaware, Chapter 94 of Volume 33, Laws of Delaware and Chapter 103 of Volume 34, Laws of Delaware; Kent County Bonds authorized under the following acts: Chapter 174 of Volume 27, Laws of Delaware, Chapter 104, Volume 29, Laws of Delaware, Chapter 97 of Volume 33, Laws of Delaware, Chapter 104 of Volume 34, Laws of Delaware, and Chapter 128 of Volume 40, Laws of Delaware; Sussex County Bonds authorized under the following acts: Chapter 132 of Volume 40, Laws of Delaware, Chapter 131 of Volume 40, Laws of Delaware, and Chapter 105 of Volume 34, Laws of Delaware.

Section 3. If, and when, any of the Bonds issued in accordance with any of the acts of the General Assembly of the State of Delaware, as hereinbefore enumerated in Section 2 of this act, shall be paid and redeemed, prior to their clue date, by the issuing of Refunding Bonds for the payment and redemption thereof, then and in any such event, the interest on any such Refunding Bonds so issued, shall be paid as hereinafter provided, as the interest on the original bonds referred to in Section 2 was paid before being refunded and all of the provisions of this act shall apply to any and all such Refunding Bonds with the same force and effect as in the case of the bonds issued under the provisions of the said acts of the General Assembly of the State of Delaware as hereinbefore enumerated in Section 2.

Section 4. There is hereby appropriated and authorized to be paid out of the State Treasury to the Levy Court Commissioners of New Castle County, and to the Levy Court Commissioners of Kent County, and to the Levy Court Commissioners of Sussex County, for the use of said Counties respectively such sums of money as shall be necessary to meet the requirements of paying interest falling due on all the Bonds set forth in Section 2 of this act or on all Refunding Bonds that may be issued as set forth in Section 3 of this act, to be used by said Levy Court Commissioners for the purpose of paying the interest on said Bonds and for no other purpose. The moneys hereby appropriated and authorized are intended to embrace the sums necessary to provide for the said requirements of paying interest falling due on the said Highway Improvement Bonds and the said State Aid Bonds of each of the said Counties falling due during the period from July 1, 1941 up to June 30, 1943, both inclusive.

Section 5. Within ten days prior to the time for the payment of said interest on said bonds, the State Treasurer is hereby directed and required to pay to the Receiver of Taxes and County Treasurer of the respective Counties, the sums of money certified under Section 1 of this act as may be necessary for the purpose of paying the said interest charges on Bonds issued under the provisions of the said acts of the General Assembly of the State of Delaware as enumerated in Section 2 of this act.

Section 6. The Levy Courts of the respective Counties, in fixing the annual rate of taxation, shall not provide for the raising of any sum of money for the payment of the interest on any Bonds in this act referred to.

Section 7. The moneys hereby appropriated and authorized to be paid out of the State Treasury shall be paid out of the General Fund, not otherwise appropriated.

Approved May 2, 1941.