the order of the treasurer of the same county, city or township, and when endorsed by him shall be negotiable in the hands of any bona fide holder thereof. The said treasurer shall so endorse the same, and append to his endorsement the actual date of the delivery of the same by him, and such bond shall only bear interest from that date. If such bonds shall be negotiated by or under the direction of the proper board, council or committee, any premium which shall be received on the sale of bonds shall be paid into the county treasury, and be used so as to diminish, as far as may be, the amount of bonds to be issued.

SEC. 9. The interest on any bonds so issued may be made payable either annually or semi-annually, and on such days as the proper board or council may determine; and both principal and interest may be made payable at such point within this State as the said board or council may determine. All moneys received by any treasurer, on account of the transactions hereby authorized, shall be so kept a separate fund from all others, and such accounts shall be kept as to show upon the books of the treasurer the business transacted with such railroad company. The proper local board, council or committee, may, from time to time, give directions as to the manner of keeping such accounts.

SEC. 10. It shall be the duty of the proper authorities of each county, city and township which shall have availed itself of the provisions of this act, to levy and collect annually such taxes as, together with the dividends arising from, will pay the interests on the outstanding bonds, and other incidental charges and liabilities connected therewith. In the case of a loan to a railroad company, sufficient taxes shall be annually collected to pay the interest which shall not be promptly paid by the railroad company. Provisions shall also be made for the payment of the principal sums which may grow due on such bonds, and for that purpose the proper authorities of each county, city and township availing itself of the provisions of this act, shall also have power to levy and collect, in advance of such bonds becoming due, by an annual tax, a sum not exceeding ten per centum per annum of the principal sums unpaid on such outstanding bonds, to be paid into a sinking fund, and invested in the

purchase of such outstanding bonds, or otherwise in such manner, and under such rules and regulations, as may be adopted by the proper authorities. The said cities are hereby severally authorized to levy and collect the said taxes, in addition to those authorized by their charters: Provided, No bonds, or other evidences of debt, issued under the provisions of this act, shall be negotiated or delivered to the treasurer of any county, township, city or village, for any railroad company, or said bonds, or other evidences of debt, or moneys arising from the sale of the same, be delivered or paid over to said railroad company, until the ties shall be delivered on the line of said 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; but in case of aid rendered by a county, the board of supervisors may provide for the delivery of one-half of the bonds upon the completion of one-half or some larger portion of such road in said county. Approved February 5, 1861.

AN ACT to amend an act entitled an Act to authorize the counties of Jackson and Eaton, and the cities and townships of such counties, and of Barry and Kent, the townships of Onondaga and Leslie, in Ingham county, and Leighton and Wayland, in Allegan County, to pledge their credit in aid of the construction of a railroad from Jackson to Grand Rapids, being act number sixty-seven, of Session Laws of eighteen hundred and sixty-four.

SECTION 1. The People of the State of Michigan enact, That sections one and ten of an Act entitled “An Act to authorize the counties of Jackson and Eaton, and the cities and townships of such counties, and of Barry and Kent, the townships of Onondaga and Leslie, in Ingham county, and Leighton and Wayland, in Allegan county, to pledge their credit in aid of the construction of a railroad from Jackson to Grand Rapids," be, and the same are hereby amended so as to read as follows:

SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for the several counties of Jackson and Eaton, for any city or township within such counties, or within the counties of Barry or Kent, for the townships of Onondaga and Leslie, in Ingham county, and for the townships of Leighton and Wayland, in Allegan county, to loan money to any rail

road company, organized, or to be organized, for the construction of a railroad from the city of Jackson to the city of Grand Rapids; but the outstanding indebtedness and liability to be incurred for such purpose, shall not at any time exceed five per centum of the assessed valuation for the time being, of any county, city or township: Provided, That no more than seventy-five thousand dollars shall be raised or loaned by the county of Eaton, exclusive of any township loans made therein to aid in the construction on said railroad.

SEC. 10. It shall be the duty of the proper authorities of each county, city and township, which shall avail itself of the provisions of this act, to levy and collect annually, such taxes as together with the dividends arising from, will pay the interest on the outstanding bonds and other incidental charges and liabilities connected therewith. In the case of a loan to a railroad company, sufficient taxes shall be annually collected to pay the interest which shall not be promptly paid by the railroad company. Provision shall also be made for the payment of the principal sums which may grow due on such bonds, and for that purpose the proper authorities of each county, city or township, availing itself of the provisions of this act, shall also have power to levy and collect in advance of such bonds becoming due, by an annual tax not exceeding ten per centum per annum of the principal sums unpaid on such outstanding bonds, to be paid into a sinking fund, and invested in the purchase of such outstanding bonds, or otherwise in such manner and under such rules and regulations as may be adopted by the proper authorities. The said cities are hereby severally authorized to levy and collect the said taxes in addition to those authorized by their charter: Provided, No bonds or other evidences of debt issued under the provisions of this act shall be negotiated or delivered to the treasurer of any county, township, city

or village, for any railroad company, or said bonds or other evidences of debt, or moneys arising from the sale of the same, be delivered or paid over to said railroad company until the ties shall be delivered on the line of said 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, or within the limits of the municipalities opposite to and co-terminius with the municipalities so aiding in the construction thereof. But in case of aid rendered by a county, the board of supervisors may provide for the delivery of one-half of the bonds upon the completion of one-half or some larger portion of such work in said county. SEC. 2. This act shall take immediate effect. Approved March 16, 1865.

Grand Rapids and Indiana Enabling Act.

AN ACT to authorize the several townships in any of the counties on the line of the Grand Rapids and Indiana railroad to aid in the construction of said railroad.

SECTION 1. The People of the State of Michigan enact, That it shall be lawful for any of the several townships, cities and incorporated villages of the counties on the line of the proposed railroad of the Grand Rapids and Indiana railroad company, to pledge the credit of any such municipality, to issue bonds or other securities, to levy taxes, and to borrow money to aid in the construction of said railroad, for any sum not exceeding ten per centum of the assessed valuation of the property of any such municipality, at any special meeting called for that purpose, as hereinafter directed.

SEC. 2. It shall be the duty of the clerk of any of said municipalities to call a meeting of the taxable pro

perty holding electors thereof, on the written or printed request of fifteen freeholders of his municipality, which request shall specify the amount to be raised, the mode of raising it, the rate of interest, which shall not exceed seven per cent. per annum, the time of payment, and such other matters as may be deemed for the interest and security of the municipality; and in posting notices according to law, he shall also, with each notice, post the request upon which the meeting is called. The questions submitted to the electors shall be those contained in the call for the meeting; and those who vote in the affirmative, shall vote a ballot on which is written or printed, "aid for railroad-yes ;" and those who vote in the negative, shall vote a ballot on which is written or printed, "aid for railroad-no." The meeting shall be conducted in the same manner as annual meetings are conducted, and the result shall be certified by the board of inspectors, and filed in the office of the clerk.

SEC. 3. If it shall be determined at such meeting to aid in the construction of said railroad, it shall be the duty of the supervisor and clerk, by the direction of the township board, and president and clerk of the incorporated villages, by direction of the trustees, as the case may be, or the mayor and clerk of any city, by direction of the common council, to loan money, to execute bonds or other securities, to require securities from the railroad company, and to do all other acts necessary to comply with such determination; and all moneys or securities accruing to said township, city or incorporated village under this act, shall be deposited with the treasurer thereof, and 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 municipality at the time of issuing the

same.