HENRY LLOYD, ESQUIRE, GOVERNOR.

shall be registered bonds, and such proportions
shall have interest coupons attached thereto,
as the said Governor, Comptroller and Treas-
urer, or a majority of them, may from time to
time determine; each of such certificates of

749

indebtedness shall be payable fourteen years
after the date thereof, but shall be redeem-
able by the State at any time after ten years
from the date thereof; each of such certifi-
cates of indebtedness shall be exempt from
all State, county and municipal taxation.

SEC. 3. And be it enacted, That the Treas-
urer of this State is hereby authorized, and
may be required by the holder of any of the
bonds of this State, hereinbefore referred to as
now due, to exchange,on or before the first day of
July in the year eighteen hundred and eighty-
six, and as of said date, any part or parts of the
certi ficates of debt issued under the provisions
of this act, at their face amount and value,
for any part or parts of the bonds or certifi-
cates of indebtedness of this State of the same
aggregate amount and face value which are
mentioned and referred to in the preamble of
this act as now due; and may, on the first day
of July, in the year eighteen hundred and
eighty-seven, or within such time thereafter as
the Governor, Comptroller and Treasurer of this
State, or a majority of them, may prescribe,
exchange any part or parts of the certificates
of debt issued under the provisions of this
act, at their face amount and value, for any
part or parts of the bonds or certificates of in-

When para-
ble.

debtedness of this State, of the same aggre-
gate amount and face value which are men-
tioned and referred to in the preamble of this
act, as falling due in the year eighteen hun-
dred and eighty-seven; all amounts or differ-
ences of interest which may be required to be
paid in making any of the exchanges author-
ized by this act, shall be settled in cash; and
the Treasurer of this State is hereby directed
to pay, out of any money in the Treasury of
this State not otherwise appropriated, upon

Exchange
bonds.