SEC. 3. And be it further enacted, That the Comptroller shall], on the first day of July next, and on the
first day of July in every subsequent year, set apart
to the credit of the sinking fund, the sum of one
hundred thousand dollars, which in addition to all
sums otherwise accruing to the augmentation of the
sinking fund, is hereby appropriated for the purpose
of taking up the existing debt of this State, and the
Comptroller shall cause the same to be invested in
stock or bonds of this State, purchased at par or less,
and said bonds, after being cancelled as hereinafter
directed, shall be credited to the sinking fund, and
held by the Treasurer, subject to the future action of
the General Assembly.
SEC. 4. And be it further enacted, That whenever
in the judgment of the Comptroller, there shall be a
surplus in the treasury over* above the amount
necessary to meet the current expenses of the State,
as provided by law, he shall cause the same to be
invested in the bonds or certificates of debt of this
State, purchased at par or less; and in all purchases
of bonds or certificates hereby directed to be made,
the Treasurer shall give the preference to the over-
due debt of the State, and the Comptroller and
Treasurer may at any time require the said overdue
debt or some class thereof, which can be regulated
and accurately described, to be presented at the
place where made payable for payment, by giving
not less than thirty days' notice to the holders of such
overdue debt, that on a day named in said notice,
interest on said overdue debt, or class thereof, will
cease, and if said bonds or certificates, so overdue
and particularly described in said published notice,
be not presented for payment by said day, the payment of interest on the same shall cease, and no
further payment of interest on the same shall he
lade.
SEC. 5. And be it further enacted, That if the overdue
bonds or certificates of the State shall not be procurable? in sufficient amounts, the Treasurer may invest the
sum or sums required by this Act in any bonds
or certificates of the State which may be offered for
sat at the best rates possible for the State, and all
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Comptroller
to set apart
to the credit
of the sinking
fund
Surplus in
the treasury.
To give pre-
ference to
overdue debt,
If overdue
bonds are not
procurable
Treasurer
may invest.
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