DELAWARE STATE HOSPITAL AT FARNHURST
AUTHORIZING THE STATE TO BORROW MONEY AND ISSUE
BONDS FOR THE PAYMENT OF THE MONEY APPROPRIATED
AN ACT FOR THE CONSTRUCTION, EQUIPPING AND FURNISHING OF SEVERAL NEW BUILDINGS AND THE REMODELING AND REFURNISHING OF SEVERAL OLD BUILDINGS AT THE DELAWARE STATE HOSPITAL AT FARNHURST; MAKING AN APPROPRIATION THEREFOR AND AUTHORIZING THE STATE OF DELAWARE TO BORROW MONEY AND ISSUE BONDS FOR THE PAYMENT OF THE MONEY SO APPROPRIATED.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (three-fourths of all the Members elected to each House concurring therein):
Section 1. Within the appropriation under Section 2 of this Act, the State Board of Trustees of the Delaware Hospital at Farnhurst is hereby authorized, empowered and directed to erect new facilities on the grounds of the State Hospital and to repair, remodel and refurnish existing facilities at State Hospital for use as receiving rooms, for the care of untidy patients, and for use as colored wards.
Section 2. There is hereby appropriated to the State Board of Trustees of the Delaware State Hospital at Farnhurst the sum of Four Hundred Fifty Thousand Dollars ($450,000.00), or so much thereof as may be necessary, out of the proceeds of a bond issue authorized to provide the necessary funds for the purpose of this Act. The funds so appropriated shall not revert to the General Fund of the State Treasury at the end of any fiscal year but shall remain and be available for the purpose indicated until the same has been expended.
Section 3. That the Governor and the State Treasurer and the Secretary of State of the State of Delaware herein some-
times referred to as the "issuing officers," are hereby authorized, empowered and directed, to borrow upon the faith and credit of the State of Delaware a sum of money not in excess of Four Hundred Fifty Thousand Dollars ($450,000.00) which shall be used for the purposes set forth in this Act entitled, "An Act Appropriating Monies for the Construction, Equipping and Furnishing of Several New Buildings and the Remodeling and Refurnishing of Several Old Buildings at the Delaware State Hospital at Farnhurst; Making an Appropriation Therefor and Authorizing the State of Delaware to Borrow Money and Issue Bonds for Payment of the Money so Appropriated."
Section 4. That the said bonds, issued in accordance with the provisions of this Act, shall be a direct general obligation of the State, and the public faith and credit of the State is hereby expressly pledged for the full and complete payment of the debt, principal and interest. The principal and interest of the said bonds shall be exempt from taxation by the State or by any political subdivision thereof, for any purpose whatsoever.
Section 5. That the said bonds shall be signed in the name of the State of Delaware by the Governor, the Secretary of State, and the State Treasurer, and shall have the great seal of the State impressed thereon. Attached interest coupons shall be authenticated by the signature or facsimile signature of the State Treasurer. The said bonds may be issued notwithstanding that any of the officers signing them or whose facsimile signature appears on the coupons shall have ceased to hold office at the time of such issue or at the time of delivery of said bonds.
Section 6. That the said bonds shall recite that they are issued for the purpose set forth in this Act, and that they are issued in pursuance of this Act and the constitution of this State, and such recital shall be conclusive evidence of the authority of the State to issue said bonds and of their validity. Any such bonds containing such recital shall, in any suit, action or proceeding involving their validity, be conclusively deemed to be fully authorized by this Act and to have been issued, executed and delivered in conformity herewith, and shall be incontestable for any cause.
Section 7. That the said bonds shall be in such form and in such denomination and may contain such other and further recital and be subject to such terms and conditions, with such privileges as to registration, conversion, reconversion, redemption and exchange, and may contain such other provisions, as may be determined by the said "issuing officers."
Section 8. That the said bonds shall bear interest payable semi-annually at a rate of interest not exceeding two and one-half per centum (21/2 %) per annum.
Section 9. That the said bonds shall mature as the "issuing officers" may determine; provided, however, that beginning after June 30, 1949, not less than Eighteen Thousand Dollars ($18,000.00) of the principal debt hereby authorized shall be paid each year until the total of the said debt is fully paid.
Section 10. That all money received from the sale of the said bonds authorized under the provisions of this Act shall be deposited by the State Treasurer at the Farmers' Bank of the State of Delaware, at Dover, and shall be used exclusively for the purpose set forth in this Act, and shall be allocated to the Board of Trustees of the Delaware State Hospital.
Section 11. That the Budget Appropriation Bill enacted and approved by the General Assembly at the One Hundred and Fifteenth Session, and at each and every subsequent biennial session thereof, shall contain under the Debt Service Item provisions for the payment of maturity principal and interest of said bonds issued by virtue of this Act and of such revenues of the State of Delaware that are not prohibited by constitutional provisions or committed by preceding statutes for other purposes are hereby pledged for the redemption and cancellations of the said bonds and the payment of the interest thereon.
Approved June 30, 1949