Evening journal., 1914-08-01
TO BUILD COLLEGE
within SUM fixed
Loan of $4,000 Just Made
Not in Excess of State
Appropriation
INSTITUTION WILL
COST ABOUT $15O,OOO

That there Is MISUNDERSTANDING
about the $4,000 Just borrowed for
the use of the Delaware College for
women is evident. Many persons
have an idea that the $4,000 is in
addition to the S15O,OOO provided for
the erection and equipment of the |
new college at Newark by the Legis-
lature's appropriation, but It is not.
AS a matter Of fact the $4,000 was [
borrowed to give the trustees and |
College Commission ready cash. The
Legislature has authorized an appro- /
priation of $4,000 a year for five
years to pay for the erection OF the
College, and authorized the trustees
of Delaware College TO borrow up
TO $4,000, for the immediate needs
OF construction and equipment work.
The $4,000 a year appropriation is
to be used to pay off the amount bor-
rowed by the trustees.
To date there is no indication that
the appropriation of S150,000 Will be
exceeded. The buildings are being
rapidly pushed to completion and
promise to be ready in ample time
Tor the opening.
Several visitors acquainted with
! such construction nave expressed
surprise that two such buildings
could be erected within the appro-
! priation-yet Il is the case, due In
no small degree to the detailed atten-
ton given to II by every member OF
the Commission. The amount Of
money borrowed will be paid from
the State appropriation as provided
for i'm the law, which explains just
how this will be accomplished: Sec
| ton Z. The Trustees of Delaware
| College are hereby authorized and
| empowered to borrow upon faith and
credit of the State Of Delaware. in
such manner and upon such terms as
a majority Of said Trustees shall
deem advisable. the sum of One Hun
dred and Twenty Thousand Dollars.
which said sum, together with the
first appropriation Of Section s Of this
Act, or as much thereof as may be,
shall be expended by the commission
hereinbefore provided. in carrying
out the provisions Of this Act.
THE said Trustees are hereby au-
thOrized to borrow said sum OF sums
OF money and to give therefor certi-
fcates or other evidence or evidences
of indebtness, executed in such man
ner and in such form as shall be
considered advisable by said Trus-
tees. Said Trustees shall have the
power TO fix the amount of any such
certificates or other evidence or evil
dences Of Indebtedness, 20 fix the rate
of interest which shall be paid on
the sum or sums borrowed, to deter
mine the date of maturity Of such
certificates or other evidence or evil
dences Of indebtness and the place
where the same shall be payable
when they shall become due. The
, said certificates or other evidence oi
evidences of Indebtedness or an
, sum or sums which shall be borrowed
as aforesaid, shall be IN the name o
the Trustees of Delaware College. anC
the same shall be executed in such
manner as the Trustees of Delaware
College shall by resolution determine
When the said sum or sums shall
have been borrowed by the said
Trustees. the same shall be paid by
them TO the commission hereinbefort
provided, to be used by said commits
, sion for the purpose aforesaid.
Section 8. The sum of Thirty
Thousand Dollars is hereby appro
pfiated annually for a period of five
, years. which said sum shall be paiC
, by the State Treasurer out of tn,
, current funds of the State TO the
Trustees Of Delaware College, which
said sums shall be used by the Trus
tees Of Delaware College only for thu
purpose of paying the interest on th'
sums borrowed by them under thu
provisions of the preceding Section
. / and for the purposes of iiquidatinl
, the Indebtedness created as afore
said, when the same shall become du'
/. and payable"