not to exceed six millions of dollars, or so much
thereof as may be necessary, bearing an interest of
six per centum per annum, payable semi-annually,
on the first days of January and July in each and
every year, said loan to be exempt from State, county
and municipal taxation, and redeemable at the
pleasure of the State in fifteen years from the date
of its issue.
SEC. 2. And he, it enacted, That the Governor, Comp-
troller and Treasurer be and they are hereby author-
ized and directed to have the said bonds or certifi-
cates of debt of the State prepared either with
coupons attached or as registered bonds, in their
discretion, or in such proportions of each as they
may think will best secure their sale and promote
the interest of the State.
SEC. 3. And be it enacted, That the said bonds or
certificates are to be used exclusively in exchange for
the bonds of the State now outstanding, or to raise
the means to pay oft' said bonds, in the option of the
holder, that matured in eighteen hundred and sixty
five and in eighteen hundred and seventy, and for
the taking up of said sterling debt, which said ster-
ling debt may be redeemed or exchanged at a rate
not higher than four dollars and eighty-four cents
per pound sterling; and said bonds, or certificates,
or the money arising therefrom, are not to be used
for any other purpose whatsoever.
SEC. 4. And be it enacted, That if the Governor,
Comptroller and Treasurer, or a majority of them,
shall, in their discretion, deem it advisable, they shall,
from time to time, as it may appear to the interest of
the State, sell, to the best advantage, so much of tins
loan as may bo necessary to carry out the intention
of this Act; the Treasurer of the State first giving
notice of not less than thirty days inviting propo-
sals, which proposals shall be opened by him in the
presence of the Governor and Comptroller; and no
bid shall be awarded at less than par.
SEC. 5. And be it enacted, That the bonds of this
State, now overdue, and those on which the interest
is payable in London, usually denominated the ster-
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Authorized
to prepare
bonds.
To be used
exclusively
in exhanging
outstanding
bonds.
May sell.
Overdue
bonds and
sterling bond
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