bonds.

and delivery of bonds.

of State Treasurer

Treasurer shall indorse upon each of said bonds the date Intorsement upon of such delivery and to whom the same were delivered, and the same shall draw interest only from the time when so delivered; and the Treasurer shall notify the Notice of sale clerk of the township, or recorder or clerk of the city issuing the same, of the date of the delivery of its bonds to such railroad company. The railroad company so Fees and charges receiving such bonds shall pay the State Treasurer onetenth of one per centum of the par value of all such · bonds so delivered, which shall be received by him in full payment of all fees and charges for the custody, recording, endorsing, and delivery of said bonds, which money shall be paid into the State Treasury. And in when bond shall case any bond so delivered to said Treasurer by any such township or city shall not, within three years from the time when the same were received by him, be demanded, in compliance with the terms of this act, the same shall be canceled by said Treasurer, and returned to the proper officers of the township or city issuing the

same.

be canceled.

city or township

ty treasurer.

SEC. 7. In case any city or township issuing bonds Proceedings whet as heretofore provided in this act, shall fail to pay the fail to pay bonds. bonds, or the interest coupons, or to deposit with the Treasurer of the county in which such township or city is situated, a sufficient sum of money to pay the bonds or the coupons, which it may have issued as aforesaid, which may then be due, as by the terms of said bonds or coupons, the county treasurer of such county shall Certificate of councertify the same to the clerk of the board of supervisors of such county, or in case of the city of Detroit, to the assessor thereof, stating the amount so due and unpaid by such township or city, whereupon the board of supervisors of such county, or such assessor, as the case may be, shall cause the same to be assessed, levied, and collected from such township or city, with other county or city taxes, and in like manner, adding to the amount

Provision for pay

and interest

thereof, interest at the rate specified in said bond, for one year, and the same shall be paid to the county treasurer by the treasurer of such township or city; and upon the receipt of such money, the county treasurer shall pay to the holders thereof, the principal or interest for which such money may have been collected, with the interest thereon, and cancel or return such bonds or coupons to the township or city to which the same may belong.

SEC. 8. In case any township or city shall avail itself mont of bonds, etc. of the benefits of this act, by the issue of bonds or other evidence of debt, in the aid of any railroad company as by this act provided, such township or city shall, each year, by its proper authorities, after receiving the notice as herein provided, from the State Treasurer, of the delivery of its bonds to the proper railroad company, so long as such bonds or other evidence of debt remain unpaid, levy, assess, and collect upon the taxable property of such township or city, a sufficient sum of money to pay all bonds, or interest upon the same; as either the Taxable property bonds or interest thereon shall become due; and the full faith and credit of any township or city so issuing any such bonds or other evidence of debt is hereby pledged for the full payment of both principal and interest thereon; and the same are made hereby valid and legal charge upon the taxable property of the township or city issuing the same.

of municipality

pledged.

Conditions of delivery of bonds.

SEC. 9. No such bonds or other evidence of indebtedness shall be delivered to such company until it shall have complied with the conditions voted, and completed its road-bed and ironed its road with the usual T, or such other rail as may be used by first class railroads, through the municipality issuing the same, or to the termination thereof, if said road shall terminate therein; nor until said company shall have completed their road as aforesaid, through such municipality, or from the

upon line of road.

termination of such road if it terminates therein, to some connecting line of railroad duly completed and in full operation, or to the initial or starting point of such road. And in case such bonds shall have been issued by a Municipality not municipality not upon the line of such road, the same shall not be delivered until said road shall be completed and ironed, as aforesaid, through the municipality adjoining thereto : Provided, That in case of the voting of Proviso. aid by any township or city, located six miles or more from any part of said railroad, no such bonds shall be delivered until at least twenty miles of said road-bed and railroad shall have been completed and ironed, as aforesaid, from the terminus of said railroad nearest to such aiding city or township: And provided, further, Ibid. That in the case of the termination of said railroad, or the making of such crossing, or intersection of another railroad within the limits of any such aiding municipality, such bonds may be delivered when the said roadbed and railroad shall have been completed and ironed, as aforesaid, for the distance of six miles from such terminus or point of intersection.

ges may aid.

SEC. 10. The provisions of this act are hereby extend- Incorporated villaed so as to authorize any incorporated village to vote aid to the extent, in the manner, and subject to the conditions and provisions of this act in relation to cities. In case any township has not voted such aid, any village formed in whole or in part from such township may vote such aid, and when any such village has voted such aid, it shall not be liable to a further tax for that purpose by a vote of the township, and it shall be the duty of the president of any village to call a meeting or meetings of the electors of his village as provided in section number two of this act for cities and townships. The bonds By whom village contemplated in this act, if issued by a village, shall be executed by the president and clerk or recorder thereof, as the case may be, as provided for cities and townships.

bonds executed.

Proviso.

in section number four of this act: Provided, That whenever a village has not voted aid to the full extent of the provisions of this act, a further aid by township or village may be granted to an amount equal to the difference between the aid already granted and the full amount permitted by the provisions of this act.

SEC. 11. This act shall take immediate effect.

Approved March 22, 1869.

SPECIAL ENABLING ACTS.

Amboy, Lansing, Traverse Bay Enabling Acts and Amendments.

AN ACT to authorize the City of Saginaw to raise money to aid in the construction of the Amboy, Lansing & Traverse Bay Railroad.

SECTION 1. The People of the State of Michigan enaci, That the mayor, recorder and alderman of the city of Saginaw shall be, and they are hereby authorized and empowered to borrow money on the faith and credit of said city, and issue bonds therefor, to the amount not exceeding forty thousand dollars, which shall be expended in aiding in the construction of the Amboy, Lansing and Traverse Bay railroad: Provided, That a majority of the propertyholding tax-payers of said city, being electors therein, shall vote for such law in the manner hereinafter specified, and not otherwise.

SEC. 2. The question of raising said money by loan, shall be submitted, by the common council of said city, to the electors thereof, qualified as aforesaid, and the vote shall be taken, as near as may be, in accordance with the provisions of section eighty-four of an act entitled "An act to revise and amend the charter of the city of Saginaw," approved February fifth eighteen hundred and fifty-nine.

SEC. 3. If such loan shall be authorized by a majority of such electors, said bonds may be issued in such sum, not exceeding the amount herein before limited, and payable at such times, with such rate of interest, not exceeding ten per centum, as the common council shall direct, and shall be signed by the mayor and countersigned by the recorder, and sealed with the seal of said city, and negotiated under the direction of the common council;