STATE TREASURER AUTHORIZED TO PURCHASE PAST DUE
INTEREST COUPONS ON CERTAIN HIGHWAY IMPROVEMENT
BONDS AND STATE AID BONDS
AN ACT APPROPRIATING MONEYS FROM THE STATE TREASURY FOR THE PURPOSE OF PURCHASING PAST DUE INTEREST COUPONS 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, 1951.
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 the interest coupons falling due during the fiscal biennium of the State of Delaware beginning July 1, 1949 and ending June 30, 1951 on all Highway Improvement Bonds and State Aid Road Bonds heretofore issued by New Castle, Kent and Sussex Counties.
Section 2. The Highway Improvement Bonds and State Aid Road Bonds referred to in Section 1 hereof 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 23 of Volume 31, Laws of Delaware; Chapter 104 of Volume 29, 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 and the amount of interest coupons of said Bonds falling due during said fiscal biennium.
Section 4. Within ten days prior to the maturity date of said interest coupons 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 they and each of them hereby are 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 interest on said bonds is payable, according to the provisions thereof full and sufficient funds to purchase at par said interest coupons on all such bonds, and upon the presentation of any of said interest coupons on the date when the same become due and payable, or on any date thereafter, to purchase, or cause to be purchased, from the lawful owner or holder of such coupons said coupons at the face value thereof.
Section 5. Upon presentation at maturity of any of said interest coupons there shall be paid to the holder thereof, as the purchase price of said coupon or coupons, the face value of each maturing coupon out of the funds deposited with and made available for this specific purpose under the provisions of this Act, and upon payment thereof said coupons shall thereafter be delivered 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 Eighty Seven Thousand One Hundred and Twenty-Five Dollars ($87,125.00) and for the fiscal year beginning July 1, 1950 and ending June 30, 1951 the sum of Seventy Five Thousand Two Hundred Dollars ($75,200.00), for the purposes herein set forth.
Section 7. If any of the bonds as set forth in Section 2 hereof shall not be coupon bonds, but shall be bonds on which the interest falling due is payable directly to the registered holder thereof, the State Treasurer is hereby authorized and directed to purchase from such registered holder, at its full value any such interest obligations falling due on any of said Bonds within said biennium. Any interest obligations purchased under this Section shall be held by the State Treasurer.
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 such interest coupons and interest obligations on any of the Bonds referred to in this Act.
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.
Section 10. This Bill shall be known as a Supplementary Appropriation Bill and the moneys hereby appropriated shall be paid out of the General Fund of the State Treasury not otherwise appropriated.
Approved June 8, 1949.