of; and the said bonded securities, made or issued by said board of supervisors of the county of Livingston, under the provisions of section three of this act, shall be and the same are hereby made valid and legal charges upon the taxable property within the said county, and it shall be the duty of the said board of supervisors to provide by tax for the payment of the principal, and interest thereon, as fast as the same shall become due, according to the terms thereof. SEC. 5. No bonds, or other evidences of debt, shall be delivered to the treasurer of any township, city or village, for any railroad company, until all the terms and conditions required by the vote of the townships, cities or villages, or the proper authorities, shall have been fully complied with: Provided, That no bonds or other evidences of debt, issued under the provisions of this act, shall be sold for less than their par value, nor said bonds or other evidences of debt, or the moneys arising from the sale of the same, be delivered or paid over to said railroad company until the ties shall be furnished and delivered on the line of the road, and the road-bed thereof, including all bridges, culverts, cattle-guards and road-crossings, shall be fully completed and ready for the iron within the limits of the municipalities rendering such aid. SEC. 6. This act shall take immediate effect. AN ACT to repeal section three, and amend section four, of act number fortynine of the session laws of eighteen hundred and sixty-four, entitled "An Act to authorize the several townships in the counties of Livingston, Oakland, Washtenaw and Wayne, to pledge their credit, and the county of Livingston to raise by tax, or borrow money to aid in the construction of a railroad from some point near the city of Detroit, to Howell, in the county of Livingston," approved February fifth, eighteen hundred and sixty-four. SECTION 1. The people of the State of Michigan enact, That section three, of act number forty-nine, of the session laws of eighteen hundred and sixty-four, be, and is hereby repealed. SEC. 2. That section four of said act is hereby amended so as to read as follows: SEC. 4. The securities issued or made in pursuance of the provisions of section one of this act, shall be and the same are hereby made a valid and legal charge upon the taxable property of the several townships issuing or making the same; and it shall be the duty of the township board of such townships severally to provide by tax for the payment of the principal and interest thereon, as fast as the same shall become due and payable, by the terms thereof. Approved March 21, 1865. AN ACT to amend an Act entitled "An Act to authorize the several townships in the counties of Livingston, Oakland, Washtenaw and Wayne, to pledge their credit, and the county of Livingston to raise by tax, or borrow money, to aid in the construction of a railroad from some point near the city of Detroit, to Howell, in the County of Livingston," approved February fifth, one thousand eight hundred and sixty-four, and amended by act of the Legislature, approved March twenty-first, one thousand eight hundred and sixty-five. SECTION 1. The People of the State of Michigan enact, That an act entitled "An Act to authorize the several townships in the counties of Livingston, Oakland, Washtenaw and Wayne, to pledge their credit, and the county of Livingston to raise by tax or borrow money, to aid in the construction of a railroad from some point near the city of Detroit to Howell, in the county of Livingston," approved February fifth, one thousand eight hundrod and sixty-four, and amended by act of the Legislature, approved March twenty-first, one thousand eight hundred and sixty-five, be amended so as to include the city of Lansing in the county of Ingham, by adding the following sections to said acts, to stand as sections seven, eight, nine, ten, eleven, twelve, thirteen, fourteen and fifteen. SEC. 7. It shall and may be lawful for the city of Lansing, in the county of Ingham, to aid in the construction of a railroad from some point at or near the city of Detroit, to the city of Lansing, in the county of Ingham, to such amount not exceeding five per centum of the assessed valuation, for the time being, of the real and personal property in said city, as the tax-paying electors of said city shall, at a meeting or meetings called for that purpose, determine by a two-thirds vote of such electors present and voting: Provided, That such amount, exclusive of interest thereon, which shall become due and collectable in any one year, shall not exceed one per centum of the assessed valuation of said city, at the time of issuing the same. Provided further, That such aid so voted shall be subject to any conditions which may be imposed by the electors voting as aforesaid. SEC. 8. It shall be the duty of the mayor of said city, to call such meeting or meetings of the electors of said city as are hereby authorized, whenever a request, in writing, to do so, shall be made to him by thirty taxpaying electors of said city, and to give public notice thereof, at least ten days previous to holding such meeting, by posting the same in not less than five of the most public places in said city, and the advertisement of the same in some newspaper published in said city. SEC. 9. At such meetings, the city or ward inspectors of election, if present, shall act as inspectors of election; the electors shall vote by ballot, (such ballot to contain the words "For the tax," or "Against the tax," as the case may be), and shall be subject to challenge, as at other city elections; and the proceedings at such meetings to be held under the provisions of this act shall be governed by the laws regulating the municipal elections of said city; and illegal and fraudulent voting shall be punishable in the same manner and to the same extent as at other city elections. A copy of the request, and also of the notice required by the provisions of this act, shall be entered at large upon the records of the city, together with a statement of the result and other essential particulars, and a certified copy of such record shall be, in all courts and places, prima facie evidence of the facts therein set forth. SEC. 10. If said city shall avail itself of the benefits of this act by voting aid to railroad company as provided for herein, said city shall, within sixty days after the question of aid is determined by a two-thirds vote of the tax paying electors of said city, as provided in this act, issue its coupon bonds for the amount so determined to be granted, which bonds shall be in sums of not less than one hundred dollars each, and not more than one thousand dollars each, and shall be payable at any time as determined upon by the electors of said city, not exceeding twenty years from the date thereof. Such bonds shall bear interest at a rate not exceeding ten per cent. per annum, and shall have attached thereto the necessary and usual interest coupons, corresponding in dates and numbers with the bonds to which they are attached, which shall be signed by written signatures by the same person or persons executing such bonds. Such bonds shall be executed by the mayor and clerk or recorder of said city, under the seal of said city. The bonds and coupons attached thereto shall be payable at the office of the treasurer of the county of Ingham. SEC. 11. Whenever any such bonds as provided by the provisions of this act shall have been issued as therein specified the same shall be delivered by the person, persons or officers having charge of the same to the treasurer of this State, who shall give a receipt therefor, and hold the same as trustee for the municipality issuing the same, and for the railroad company for which they were issued, and to be disposed of by said treasurer in discharge of his trust as hereinafter provided. son. SEC. 12. Upon receipt of any such bonds from said city, in aid of said railroad company, the treasurer of this State shall immediately register or record the same in a book or books to be kept by him for that purpose, in his office, which record shall show the amount, date and number of each bond, the rate of interest which it bears, by what city issued, to the benefit of what railroad company the same are issued, and the time when payable, which record shall always be open for the inspection of any citizen of this State, or other interested perSuch bonds shall be safely kept by said treasurer for the benefit of the parties interested, and be disposed of by him in the following manner, that is to say: Whenever said railroad company, in aid of which such bonds may have been issued, shall present to said treasurer a certificate from the Governor of this State, that such railroad company has, in all respects, complied with the provisions of this act in relation to the completion of its road, and is thereby entitled to any of such bonds, the same, or such of said bonds as said company shall be entitled to receive, shall be delivered to said company. The treasurer shall endorse upon such of said bonds, the date 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 clerk of said city of the date of the delivery of its bonds to such railroad company. The railroad company so receiving such bonds shall pay the State treasurer one-tenth 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 case any bond so delivered to said treasurer by said city shall not, within three years from the time when the same were received by him, be demanded in compliance H |