The Text

The comptroller is authorized to renew the bounty debt or any part thereof, by extending the time of its payment to the first day of October, one thousand eight hundred and eighty-six, and to issue stock for that purpose, which lie may apply in exchange for the outstanding stock, or sell ; and in case of sale, the proceeds thereof shall be applied to the purchase of the outstanding stock. The rate of interest on said stock shall not exceed seven per cent, per annum, payable semi-annually, and said stock shall be exchanged or negotiated on the best possible terms, and in no event at less than par, nor at a lower rate than the outstanding stock can be purchased for, at the time the sale or exchange shall be effected. The principal and interest of the stock hereby authorized shall be secured by a direct annual tax to pay, and sufficient to pay, the interest thereon as it shall become due, and also to pay the principal thereof within eighteen years from October first, one thousand eight hundred and sixty-eight. The Legislature may appropriate, from time to time, to the payment of the principal or interest of said stock any funds of the State not otherwise appropriated ; and in case of such appropriation the tax to supply the sinking fund shall be correspondingly reduced.