railroad from Jackson to Lansing," approved March twentieth, eighteen hundred and sixty-three, be amended by the addition of the following sections, to stand as sections four, five, six and seven of said act: SEC. 4. It may and shall be lawful for the city of Lansing, and each of the townships of Ingham county, to pledge the credit of said city, or township, to aid in the construction of a railroad from the city of Lansing, by way of the village of Mason, to the city of Jackson, for such sum or sums, not exceeding six per cent. of the assessed valuation of such city or township, as the electors of such city or township shall, at the annual meeting, or at any meeting called for that purpose, determine, and may issue bonds for such sum or sums. The electors of such city or township may also determine, at such meeting or meetings, the terms, conditions, and other particulars, in regard to said loan or pledge of credit; otherwise the same shall be determined by the common council of said city, and the township boards of said townships, respectively, and such bonds as are issued by the city of Lansing shall be signed by the mayor and clerk of said city, and be negotiated by and under the direction of the common council aforesaid, or such committee as the electors may appoint, and such bonds as are issued by any of such townships shall be signed and executed by the supervisor and township clerk, and be negotiated by and under the direction of the township board of the townships issuing the same. SEC. 5. It shall be the duty of the mayor of the said city of Lansing, and the supervisor of each of said townships of the county of Ingham, to call such meeting or meetings of the electors as are hereby authorized, whenever requested in writing by fifteen of the electors thereof, and to give at least five days public notice thereof, by the posting of handbills in at least five of the most public places in said city or township, and adver . tisement of the same in at least two of the newspapers published in the county of Ingham. SEC. 6. The several municipal corporations herein named are respectively authorized to subscribe to the capital stock of such railroad, and to issue bonds, in amount not exceeding the sum or sums limited, for the payment of such subscriptions, and on becoming subscribers to the capital stock aforesaid, shall possess all the rights pertaining thereto, the same as other stockholders, including the right to sell and dispose of the said stock, and such bonds shall be a legal obligation against the city or townships issuing the same; and the common council of each of said cities, and the township board of each of said townships, shall have power, and it shall be their duty, from time to time, to raise by tax or otherwise, such sum or sums as shall be sufficient to pay the principal and interests of said bonds as fast as the same shall become due: Provided, Said bonds shall bear interest of not more than seven per cent., but the amount of said bonds falling due in any one year shall not exceed the sum of two per cent. of the assessed valuation of the city or township issuing the same. SEC. 7. In case any of the municipal corporations herein named shall determine to take any stock in such railroad, as herein provided, then the chairman of the board of supervisors of the county, the mayor of any city, and the supervisor of any township, so taking such stock, shall, respectively, be authorized and required to subscribe such stock for their respective municipalities, and to represent them in any meeting of stockholders; but the board of supervisors, the common council of such city, and township board of any township, may provide for a subscription or representation by any other person or committee. SEC. 8. This act shall take immediate effect. AN ACT to enable the several townships, cities and villages of the counties of Clinton, Shiawassee, Saginaw and Bay, to aid in the construction of the Jackson, Lansing and Saginaw railroad. SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for the several townships, cities and incorporated villages within the counties of Clinton, Shiawassee, Saginaw and Bay, to pledge the credit of any such township or municipality, to issue bonds or other securities, to levy taxes and to borrow money to aid in the construction of the Jackson, Lansing and Saginaw railroad, for any sum not exceeding eight per centum of the assessed valuation of the property of such township or municipality, at any special meeting called for that purpose, as herein provided. SEC. 2. It shall be the duty of the clerk of any of said townships or municipalities, to call a meeting of the taxable property-holding electors thereof, on the request of fifteen freeholders of his township or municipality, which request shall be in writing, and shall specify the time and object of the meeting, and such meeting shall be notified and conducted in the same manner as special meetings called for other purposes, and the proceedings shall be recorded as required by law. SEC. 3. If it shall be determined by a majority of the electors, voting by ballot at such meeting, to aid in the construction of said railroad, it shall be the duty of the supervisor and clerk of the township, under the direction of the township board, the president and clerk of the village, under the direction of the trustees, and the mayor and clerk of the city, under the direction of the common council, to loan money, execute bonds or other securities, take securities from said railroad company, and to do all other acts necessary to comply with the determination of said meeting; and all moneys or suri ties accruing to said township, city or village, under this act, shall be deposited with the treasurer thereof, and be held by him until delivered up upon proper authority or to his successor in office. Provided, That the amount of bonds which shall fall due in any one year, shall not exceed two per centum of the assessed valuation of such township or municipality, at the time of issuing the same. SEC. 4. The township board of any such township, and the proper officers of any such city or incorporated village, shall have power, and it shall be their duty to raise, by tax or otherwise, such sum or sums of money, as shall be sufficient from time to time to pay the principal and interest of said bonds, or other obligations issued by such townships or municipalities, as often as they become due. Provided, That no bonds or other evidences of debt issued under this act shall bear a higher rate of interest than seven per cent. per annum, or be sold for less than their par value, nor shall any such bonds, or the money arising from the sale of the same, be delivered or paid over by any such township or municipality to said railroad company, until the ties shall be delivered on the line of said road, and the road bed of said road, including bridges, culverts, cattle guards and road crossings, shall be completed and ready for the iron, within the bounds of the township or municipality rendering such aid, or the townships or municipalities opposite thereto, or coterminous therewith. SEC. 5. This act shall take immediate effect. Bay City and East Saginaw Act. AN ACT to authorize the county of Bay to issue its bonds to aid in the construction of a railroad from Bay City to East Saginaw. SECTION 1. The People of the State of Michigan enact, That the board of supervisors of the county of Bay shall submit to the voters of said county, being property-holding tax-payers therein, at the next township elections, to be held on the first Monday of April next ensuing, the question whether said county shall issue and loan its bonds, under the provisions of this act; and said board shall prescribe the mode of making such submission, and also the manner of ascertaining the result of such vote; and if a majority of the voters of said county, being property-holding tax-payers therein, voting on such question, shall vote in favor of such loan, said board shall, at a subsequent meeting or meetings thereof, issue bonds, under the regulations contained in this act, to aid in the construction of a railroad on the east side of Saginaw river, from Bay City, in Bay county, to East Saginaw, in Saginaw county, State of Michigan. SEC. 2. Such bonds shall be signed by the chairman and clerk of said board, and may be issued to an amount not exceeding seventy-five thousand dollars, in sums not less than five hundred dollars each, bearing interest, payable semi-annually, at a rate not exceeding ten per centum per annum, represented by coupons in the usual form, the bonds drawn to the order of the company to which they are loaned, and payable not more than twenty years after the date of the issue thereof. SEC. 3. The board of supervisors of said Bay county may loan said bonds to such company, whose organization shall be first completed during the next ensuing |