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ings of the electors shall be preserved and recorded in the office of the proper city or township clerk.

SEC. 6. Whenever the electors of either of said cities or townships shall have voted to aid in the construction of such railroad, in accordance with the provisions of this act, and shall have provided for the issue of any bonds, such bonds, with the coupons which may be annexed, shall be executed as follows: if by a city they shall be signed by the mayor and officer who shall act as clerk of the common council, and such bonds impressed with the seal of the city, and if by a township, they shall be subscribed by the supervisor and township clerk; the said cities shall keep a true and correct account of all bonds issued by them respectively. The treasurer of the cities and townships which shall avail themselves of the provisions of this act, shall have the custody of such bonds and other securities or evidences of debt, as may belong to the city or township for which they act, and shall hold and deliver the same in accordance with the order of the common council, town board or committee of electors, having it in charge to carry into effect the determination of the electors; such treasurer shall give such additional security as may be required of him by such board or council and receive such compensation for his services as the proper board and council shall consider just and reasonable.

SEC 7. Every such loan shall be made upon the condition that the bonds bearing interest, of the city or township making the same, shall, at the option of such city or township, be received by the railroad company at the par value thereof, in payment of such loan; every such bond shall be drawn payable to the order of the treasurer of the city or township where issued, 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 bonds 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 city or township treasury, and be used so as to diminish as far as may be the amount of bonds to be issued.

SEC. 8. 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 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 account shall be so 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. 9. It shall be the duty of the proper authorities of each 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 therefrom will pay 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 be made for the payment of the principał sums which may grow due on such bonds and for that purpose the proper anthorities of each city and township availing itself of the provisions of this act, shall also have power to levy and collect in advance of such becoming due, by an annual tax, a sum not exceed

ing 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 bond or other evidences of debt issued under the provisions of this act shall be negotiated or delivered to the treasurer of any city or township, 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 are delivered on the line of the road, the bridges, road crossings, culverts and cattle guards fully complete, and the road bed graded and in all ways ready for iron within the limits of the municipality rendering such aid.

SEC. 10. This act shall take immediate effect.
Approved March 18, 1865.

Peninsular Railway Enabling Act.

AN ACT to authorize any of the cities and townships in the counties of Ingham, Eaton and Calhoun, to pledge their credit to aid in the construction of a railroad from Lansing to Battle Creek.

SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for any of the cities and townships in the counties of Ingham, Eaton, and Calhoun, to pledge the credit of such city or township to aid in the construction of a railroad from the city of Lansing, in Ingham county, to the city of Battle Creek, in Calhoun county, for such sum or sums, not exceeding five per centum of the assessed valuation, for the time being, of the real and personal property in such city or township, as the electors of such city or township shall, at a meeting or meetings called for that purpose,

determine; the electors of such cities or townships may also, at such meeting or meetings, determine the terms, conditions, manner of executing securities, and other particulars in regard to such pledge of credit, or may empower some city or township officer, or committee of electors, to determine the same; and in case of no such determination or delegation of power to an officer or committee, then the common council of such cities, and the township board of such townships, shall severally have power to determine all such particulars: 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 city or township, at the time of issuing the same.

SEC. 2. It shall be the duty of the mayor of each of said cities, and of the supervisor of each or any of said townships, upon the written request of thirty of the electors of said city or township, to call a meeting of the electors thereof, for the purpose of submitting the question of pledging the credit of such city or township, notice thereof to be given by posting notices in any such city or township ten days prior to said meeting, in at least six public places in such city or township, and the advertisement of the same in a newspaper published in the county in which such city or township is situated, for three weeks next prior to such meeting.

SEC. 3. In case any such city or township shall decide to pledge their credit to aid in the construction of said railroad, it shall be the duty of the supervisor thereof to assess all necessary taxes that may be required to meet the interest and the principal of any indebtedness thereby incurred: Provided, That no bonds or other evidences of debt shall be issued under the provisions of this act, or the money arising from the sale of the same, or money raised by tax or loan, shall be paid over by the board of any city or township to or for any railroad

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company, until the ties are delivered on the line of the road, and the road-bed thereof, including all bridges, culverts, cattle-guards, and road-crossings, in any such city or township, or adjoining the same, are fully completed, and the iron laid, and the road fully completed, ready for the cars: Provided further, That no such bonds or other evidences of debt shall be sold for less than their par value by the representatives of the municipality issuing the same.

Approved March 21, 1865.

Ionia and Lansing Enabling Act.

AN ACT to authorize the several townships in the counties of Ingham, Clinton, Eaton and Ionia, to pledge their credit to raise by tax, or borrow money, to aid in the construction of a railroad from the village of Ionia, in Ionia county, to the city of Lansing, in Ingham county.

SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for each of the several townships in the counties of Ingham, Clinton, Eaton and Ionia, to pledge their credit to aid in the construction of a railroad from the village of Ionia, in Ionia county, to the city of Lansing, in Ingham county, for such sum or sums not exceeding five per centum of the assessed valuation for the time being, of the real and personal property in such township, as the electors of such township shall, at a meeting or meetings called for that purpose, determine. The electors of such township may also, at such meeting or meetings, determine the terms, conditions, manner of executing the securities, and other particulars in regard to such pledge or credit, or they may empower some township officer or committee of electors to determine the same; and in case of no such determination or delegation of power to an officer or a committee, then the several township boards of such townships shall severally have power to determine all such particulars :

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