Delaware General Assembly

CHAPTER 373

DELAWARE COLLEGE.

A further supplement to the act entitled "An act establishing a college for agricultural and mechanic arts, in this State.

WHEREAS, The proceeds of the sale of the public land granted to and accepted by this State, under the act of Congress, donating public lands to the several States and Territories, which should provide colleges for the benefit of agriculture and mechanic arts, pursuant to the requirements of it, amounting to the sum of eighty-three thousand dollars, was invested by virtue of the act of the Legislature, entitled "An act Amended establishing a college for agricultural and mechanic arts, in this State," passed at Dover, March r4, 1867, in certain bonds of the State of Delaware, consisting of eighty-three in number, for the sum of one thousand dollars each, payable by their own terms, within the period of comparatively a few years from the present time, and with interest payable thereon, semi-annually, at the rate of six per centum per annum, on the first day of January and the first day of July, in the meantime, until paid, and which investment, by the express terms of the said act of the Legislature, is to be forever held sacred for the purposes contemplated by the said act of Congress, and not to be transferable except by a special act of the Legislature ; and

WHEREAS, By the said act of the Legislature, the State accepted, on the proposition of the Board of trustees of Delaware College, and is now seized and possessed of a joint and equal interest with them in the grounds, buildings, libraries, apparatus and vested fund of said Delaware College, on the condition of its vesting the income to be derived from the said investment in a Board of trustees of said college, not more than one half of whom were and are to be appointed on behalf of the State, by the Governor, and the other half by the then existing Board of trustees and their successors, for the purpose of establishing, and thereby did establish at Newark, in connection with the said Delaware College, such an institution and department as would meet the requirements of the said act of Congress, and

WHEREAS, Also by the terms of the said act of the Legislature, the State Treasurer is to receive and pay over the interest of the said bonds to the treasurer of the Board of trustees of Delaware College, for the purposes and on the conditions thereinafter mentioned, and it is now deemed expedient and desirable by the said Board of trustees, that the said bonds of the State should be cancelled, and that in lieu thereof a certificate of permanent and perpetual indebtedness for the sum of eighty-three thousand dollars should be issued by the State to the trustees of Delaware College with interest thereon, at the rate of six per centum per annum, payable semiannually, on the first day of July and the first day of January in each and every year, from the last payment of interest on the said bonds, by the State Treasurer to the treasurer of the Board of trustees of Delaware College, for the purposes and on the conditions mentioned in the said act of the Legislature aforesaid ; the sole purpose and object of this act being simply to convert the character of the securities and the evidence of indebtedness, so far at least as it depends on the said bonds, and which already exists by virtue of the said act of the Legislature, as a permanent and perpetual indebtedness on the part of the State to the trustees of said college in the manner herein indicated, for the better safety and protection of both the State and the college against the possible loss of said bonds by any means whatever; therefore, Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met,

SECTION I. That *as soon after the passage of this act as indebtedness of state practicable, a written certificate of indebtedness of this State to trustees of Delaware to the trustees of Delaware College, for the sum of eighty-three thousand dollars with interest thereon, at the rate of six per centum per annum, payable on the first day of July next, and on the first clay of January, and on the first day of July in every year thereafter, by the State Treasurer to the treasurer of the trustees of said college, for the purposes and on the conditions mentioned and prescribed in the said act of the Legislature, to which this act is a further supplement according to the following form.

CERTIFICATE OF INDEBTEDNESS

OF

THE STATE OF DELAWARE TO THE TRUSTEES OF DELAWARE

COLLEGE,

FOR

EIGHTY-THREE THOUSAND DOLLARS.

These presents certify and make known to all whom it may concern, that the State of Delaware is justly indebted to, and hereby acknowledges to owe, the trustees of Delaware College the full sum of eighty-three thousand dollars lawful money of the United States of America, with interest thereon at the rate of six per centum per annum, and which she hereby faithfully promises to pay semi-annually, on the first day of July next, and on the first day of January, and the first clay of July in every year thereafter, to the Treasurer of the trustees of Delaware College, for the purposes and on the conditions mentioned and prescribed in the act of the Legislature, entitled " An act establishing a college for agricultural and mechanical arts, in this State," passed at Dover, March 14., 1867, and this certificate shall not be transferable.

In testimony whereof, the great seal of the State is hereunto affixed, and the hands of the Governor, Secretary of State, and State Treasurer, are subscribed at Dover, this ---------day of ---------- , in the year of our Lord one thousand eight hundred and seventy-seven.

{SEAL}. Governor

Secretary of State.

State Treasurer.

It shall be executed and signed by the Governor of the State, the Secretary of State, and the State Treasurer, and shall have the great seal of the State affixed thereto. It shall not be transferable, and this shall be so written and stated on the face of it. And the faith of the State is hereby pledged for the validity and safety of the debt and for the payment of the interest upon it as herein provided.

SECTION 2. It shall be the duty of the Governor to deliver the said certificate of indebtedness, when so executed, to the president of the Board of trustees of Delaware College; and it shall be the duty of the State Treasurer, thereafter to the interest thereon, semi-annually, to the treasurer of said Board of trustees, pursuant to the tenor of it, and the provisions of this act.

SECTION 3. It shall also be the duty of the State Treasurer as soon after the said certificate of indebtedness has been delivered to the president of the Board of trustees of Delaware College as practicable, to cancel and effectually destroy the whole number of the said eighty-three bonds of the State of Delaware for one thousand dollars each, and all the coupons thereunto annexed for the payment of the interest thereon, bonds and which are now in his custody and possession, in the presence of a committee to consist of three members of the Senate to be appointed by the speaker thereof for that purpose.

Passed at Dover, February 22, 1877.