STATE TREASURER AUTHORIZED TO PURCHASE CERTAIN
HIGHWAY IMPROVEMENT BONDS AND STATE AID BONDS
AN ACT AUTHORIZING THE STATE TREASURER TO PURCHASE CERTAIN HIGHWAY IMPROVEMENT BONDS AND STATE MD BONDS ISSUED BY THE LEVY COURTS OF NEW CASTLE, KENT AND SUSSEX COUNTIES, MATURING DURING THE FISCAL BIENNIUM ENDING JUNE 30, 1951, AND MAKING APPROPRIATIONS THEREFOR.
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 is hereby authorized, empowered and directed to purchase at par all Highway Improvement Bonds and State Aid Bonds heretofore issued by New Castle, Kent and Sussex Counties, respectively, which shall mature during the fiscal biennium of the State beginning on July 1, 1949 and ending on June 30, 1951.
Section 2. The Highway Improvement Bonds and State Aid Bonds, heretofore referred to in this Act, are as follows:
New Castle County Bonds authorized under the following acts--Chapter 88 of Volume 32, Laws of Delaware; Chapter 94 of Volume 33, Laws of Delaware; Chapter 101 of Volume 29, Laws of Delaware; Chapter 103 of Volume 34, Laws of Delaware; Chapter 25 of Volume 26, Laws of Delaware; Chapter 29 of Volume 25, Laws of Delaware and Chapter 45 of Volume 27, Laws of Delaware. Kent County Bonds authorized under the following acts--Chapter 97 of Volume 33, Laws of Delaware; Chapter 104 of Volume 34, Laws of Delaware; Chapter 104 of Volume 29, Laws of Delaware; Chapter 23 of Volume 31, Laws of Delaware and Chapter 174 of Volume 27, Laws of Delaware. Sussex County Bonds authorized under the following acts--Chapter 105 of Volume 34, Laws of Delaware; Chapter 111 of
Volume 43, Laws of Delaware and Chapter 112 of Volume 43, Laws of Delaware.
Section 3. On or before June 1, 1949 the Levy Court Commissioners of the Counties of New Castle, Kent and Sussex, respectively, shall certify to the State Treasurer the number of bonds of each issue, the amount thereof and the date on which the maturities of principal on the said Highway Improvement Bonds and the said State Aid Road Bonds of each of said Counties will become due and payable during the fiscal biennium of the State of Delaware beginning on July 1, 1949 and ending on June 30, 1951.
Section 4. Within ten days prior to the maturity date of any of the bonds set forth in Section 2 of this Act, it shall be the duty of the State Treasurer and Auditor of Accounts, and the State Treasurer and Auditor of Accounts are hereby directed and required to have on deposit and available for immediate payment at the Farmers Bank in the proper county of this State or other place where the principal of said bonds is payable at maturity, according to the provisions thereof, full and sufficient funds to pay at par the principal of all such maturing bonds, and upon the presentation of any of said bonds for payment on the maturity date or thereafter, to cause to be paid to the lawful owner or holder of any such bonds the principal sums due thereon.
Section 5. Upon the presentation at maturity of any of said bonds, there shall be paid to the registered holder or to the bearer thereof, as specified in the bonds, the principal sum of each maturing bond out of the funds deposited with and made available for this specific purpose under the provisions of this Act, and upon payment thereof the bonds shall thereafter be delivered to the State Treasurer. If any of the bonds are registered according to the provisions thereof the registered holder shall properly endorse, assign and transfer his title thereto to the State Treasurer.
Section 6. There is hereby appropriated, authorized, and directed to be paid out by the State Treasurer, for the fiscal year beginning July 1, 1949 and ending June 30, 1950 the sum of Three Hundred Thousand Dollars ($300,000.00) and for the
fiscal year beginning July 1, 1950 and ending June 30, 1951 the sum of Two Hundred and Five Thousand Dollars ($205,000.00), for the purposes herein set forth.
Section 7. This Bill shall be known as a Supplementary Appropriation Bill and the monies hereby appropriated shall be paid out of the General Fund of the State Treasury not otherwise appropriated.
Section 8. 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 maturities on any of the bonds in this Act referred to.
Section 9. All persons are hereby authorized, directed and empowered to do any act or acts necessary for the carrying out of the provisions of this act in order that the principal of each and every of the bonds specified in this Act shall be duly and faithfully paid upon the maturity thereof according to the provisions thereof.
Approved June 8, 1949.