OF PUBLIC REVENUE.
AN ACT to Purchase a Farm for Experimental Purposes in the Interest: of Agriculture, and to Authorize the Issuance of Bonds of the State of Delaware to Obtain Funds for the Payment and Equipment of said Farm.
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. That the State Treasurer be and he is hereby authorized to issue bonds of the State of Delaware to the amount of Twenty Thousand Dollars, each bond to be of the value of One Thousand Dollars with coupon or interest warrants thereto attached for each half year's interest thereon. The said bonds shall be numbered from 1 to 20 inclusive, shall be dated July 1, A. D. 1907, and shall bear interest from and after that date at a rate not exceeding four per centum per annum, payable semi-annually on the first days of January and July in each and every year, while they remain unpaid, payable at the Farmers' Bank in the City of Wilmington, Delaware, on presentation of the coupon or interest warrant representing such semi-annual installments of interest. The principal of said bonds shall be payable at the Farmers' Bank of the State of Delaware, at Wilmington, on the first day of July, A. D. 1917, on presentation and surrender of said bonds. The said bonds shall each be signed by the Governor, Secretary of State, and State Treasurer, on behalf of this State, and shall have the Great Seal impressed thereon or affixed thereto. The signature of the State Treasurer shall be engraved or printed on each coupon or interest warrant, and the coupon or interest warrant attached to each bond shall be numbered consecutively from 1 to 20 respectively.
Section 2. The said Bonds authorized to be issued by this Act shall be in the following form, to wit:
UNITED STATES OF AMERICA
STATE OF DELAWARE.
No. _______ Loan of 1907.
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, Delaware, on the first clay of July, A. D. 1917, with interest (at a rate not exceeding four per centum per annum) likewise payable at the Farmers' Bank in the city of Wilmington, Delaware, on the first days of January and July, in each and every year, whilst the said principal sum remains unpaid, on the presentation of the coupons or interest warrants thereto annexed, representing such semi-annual installments of interest.
Dated at Dover, the first day of July, A. D. 1907.
Witness the Great Seal of the State of Delaware, and the hands of the Governor, Secretary of State and State Treasurer, the day and year aforesaid.
______________ Secretary of State.
______________ State Treasurer.
And the coupon shall be in the following form, to wit:
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 __________ Dollars, for six months' interest on Bond No. _____ loan of 1907, dated July 1, 1907.
_____________ State Treasurer.
Section 3. That it shall be the duty of the State Treasurer 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 or interest warrant, and a space at the top of each page of said record for each Bond when paid, and each, space at the top of said Record shall bear the same number as the Bond, a record whereof is intended hereby to be preserved. As the said coupons or interest warrants 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 or interest warrant in the record aforesaid, and as the said bonds shall be paid the State Treasurer shall cause the same to be cancelled 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 this day of ______ day of _______ A. D by the payment of the sum of $1000 principal and ________ Dollars interest, represented by coupon or interest warrant No. _______ by
____________ State Treasurer.
Section 4. The bonds hereby authorized to be issued shall be offered for sale by the State Treasurer upon such public advertisement, upon such competitive bidding, with such requirements as to deposit of a portion of the purchase money with each bid therefor, and subject to such conditions as shall, in the judgment of said State Treasurer, be conducive to the fair and favorable disposition of said bonds. Said State Treasurer shall also prescribe such regulations for the reception, consideration and acceptance or rejection of bids for said bonds as shall by him be deemed reasonable and proper.
Section 5. 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 bonds hereby authorized to be issued to secure the same, and that the said bonds shall be exempt from taxation by this State for any purpose, and the State Treasurer is hereby authorized and directed to cause all blanks in the form of the said bonds and coupons or interest warrants hereinbefore prescribed to be appropriately filled.
Section 6. That the proceeds of the sale of the bonds authorized by this act to be issued shall be paid by the State Treasurer to the Commissioners hereinafter named, the receipt of the Chairman of said Commissioners to him being a full and complete voucher for said payment, to be applied by them to the purchase and equipment of a farm as hereinafter mentioned to be managed and conducted by the Board of Trustees of Delaware College at Newark, in the State of Delaware, for experimental purposes in providing efficient instruction in agriculture and in conducting investigations and original research in connection with the experimental station established as a department of said College under and pursuant to an act of Congress, entitled "An Act to establish Agricultural Experiment Stations in connection with the Colleges established in the several States under the provisions of an Act approved July second, eighteen hundred and sixty-two, and Acts supplementary thereto", approved on the second day of March, A. D. 1887.
Section 7. That the said commissioners hereinafter named, or a majority of them, shall, as soon as practicable after the passage of this act, procure a suitable farm for the purposes in Section 5 of this act designated; the title of said farm shall be vested in the State of Delaware, which is hereby authorized and empowered to take, receive and hold the same. The Commissioners hereinafter named, or a majority of them, in order to carry into effect the objects and purposes of this act, are, in their discretion, hereby authorized and empowered to expend and apply such portion of the funds resulting from the sale of said bonds for the purpose of erecting or repairing any building or buildings on said farm, purchasing of any machinery, appliances, equipment or stock for said farm, as in their discretion they may consider advisable.
Section 8. That Preston Lea, David C. Rose, Oliver A. Newton, John P. Wilson, William H. Evans, Edward R. Knotts, Albert Harrington, William T. Jester and John W. Messick are hereby appointed and constituted Commissioners. The said Commissioners so named shall meet and organize by the selection of one of their number for Chairman and another of their number for Secretary, and when said Commissioners are so organized, they shall have full power and authority to do and perform any and all the things necessary to carry into effect the provisions of this Act.
Section 9. That the income to be derived from said farm shall be applied by the said Board of Trustees to the maintenance of said farm, and the buildings and fences thereon, and for instruction in agriculture and in conducting investigations in original researches as provided in Section one of this Act.
Section 10. That all expenses of preparing, issuing and delivering the bonds by this act authorized, shall be allowed to the State Treasurer and paid out of any unappropriated money in the Treasury, he producing and exhibiting the necessary vouchers therefor, as by law required with reference to other disbursement of public funds; and further, that the Secretary of State and State Treasurer shall respectively receive such compensation for the services to be rendered, and performed by them under this act, as shall be allowed by the Legislative Committee, at its Session in January 1908, and such Committee is hereby expressly authorized to make such allowances and draw drafts on the State Treasurer accordingly.
Approved March 29, A. D. 1907.