Certificates of stocks or bond.. each. Are to be ble. tled "an act authorizing the building of the State penitentiary," approved on the twenty-second day of March, in the year A. D. 1838, and outstanding bonds issued pursuant to the provisions of an act "entitled an act to authorize a loan of a certain sum of money to the University of Michigan," approved on the sixth day of April in the year A. D. (1838) eighteen hundred and thirty-eight. Sec. 2. For the purpose of affecting the loan or loans aforesaid, the Governor and State Treasurer are hereby empowered and directed, after having first advertised for such loan in one of the daily papers in each of the cities of Detroit, Boston and New York, for at least thirty days prior to negotiating said loan, to cause to be made and Amount of issued certificates of stock or bonds, in sums of not less than one thousand dollars each, to be signed by the Governor and countersigned by the Secretary of State and State Treasurer, with the great seal of the State affixed thereto, which said certificates of stock or bonds shall be transfera drawn in favor of the Auditor General, and being endorsed by him, shall become transferable and be delivered to the Governor and State Treasurer, and be transferable by them in such form as they shall decide, to be redeemable as aforesaid, and to bear interest as aforesaid, payable on the when and first days of July and January in each year, in the city of New York, or elsewhere in the United States, should the Governor and State Treasurer find it convenient and advantageous so to contract; and it is hereby further declared that it shall be deemed a sufficient execution of said power to borrow, that the Governor and State Treasurer have caused the said certificates of stock or bonds to be executed and sold: Provided, That said certificates of stock or bonds shall not be sold for less than their par Money, how value, and the money obtained from said loan or loans to be appli- shall be paid over to the State Treasurer, to be applied for the purposes directed in this act. Interest, where paya ble. Proviso. Bonds, how sold ed. State pledg Sec. 3. The faith of the State is hereby pledged for the Faith of the payment of any loan or loans that shall be made pursuant ed. to the provisions of this act. Aud. Gen. Sec. 4. All necessary contingent expenses incurred by Expenses. the Governor and State Treasurer in carrying out the provisions of this act, shall be audited by the Board of State Auditors and paid out of any moneys in the treasury not otherwise appropriated: Provided, That the State Proviso. Treasurer shall not sit as a member of said Board, nor have a vote in auditing any claim or claims under this section. Sec. 5. The certificates of stock or bonds, the issue of Duties of which is authorized by this act, shall be numbered and registered in a proper book to be prepared and kept for that purpose by the Auditor General in his office; which register shall contain the number, amount and when each certificate of stock or bond becomes due, the rate of interest, and when and where the interest is payable. And the Auditor General shall keep full minutes of the certificates of stock and bonds taken up and paid under the provisions of this act, in a book to be provided and kept by him in his office for that purpose, and immediately after said minutes shall have been taken as aforesaid, the same certificates and bond shall be canceled in writing across the face of each, which cancelments shall be signed by the Secretary of State and State Treasurer, and said certifi-signed. cates and bonds, thus canceled, shall be filed in the office of the Secretary of State. Cano'lment, by whom loan. Sec. 6. The Governor and State Treasurer are hereby Temporary authorized and directed, in the name of the people of the State of Michigan, to negotiate and contract for a temporary loan or loans, not exceeding in all fifty thousand dollars (should it become necessary to do so, to meet deficiencies in the revenue) upon the same terms and conditions as the loan or loans hereinbefore are authorized, redeemable at the pleasure of the State at any redeemable When to be terest. time after the expiration of two years from and after the first day of July next, at an interest not exceeding seven Bate of in per centum per annum, to meet deficiencies in the ordinary revenues of the State, should any exist-and all the provisions of the preceding sections of this act shall govern and control the proceedings under this section, so far as they are applicable and not inconsistent herewith: Provided, That the Governor and State Treasurer shall not be compelled to advertise for the loans authorized under this section. Proviso. This act is ordered take immediate effect. Loan or tax authorized. How the mo ['No. 7. ] AN ACT to authorize the Township of Holland, and other Townships, in the Counties of Ottawa and Allegan to make loans and levy taxes for the improvement of the harbor at the mouth of North Black River, in Ottawa County. SECTION 1. The People of the State of Michigan enact, That the township of Holland, in the county of Ottawa, is hereby authorized and empowered to borrow money on the faith and credit of said township, and issue its bonds therefor, or levy taxes to an amount not exceeding one per centum upon its taxable property, in any one year, which ney is to be money shall be expended in improving the entrance from expended. Lake Michigan to Black Lake harbor, in said township. Sec. 2. Said township bonds may be issued for sums not less than ($100 00) one hundred dollars each, and for a time payable not less than (5) five years, and at a rate of Rate of inte interest not exceeding (7) seven per centum, payable by coupons, annually, which bonds shall be signed by the supervisor and countersigned by the clerk of said township: Provided, That a majority of all the taxable inhabitants of said township, voting at any annual or special meeting Amount of bonds, when payable. rest Proviso. habitant to thereof, shall vote by ballot for such loans, and not other- Taxable inwise: And provided also, That said bonds shall in no case vote on the be sold for less than their par value. question. township Sec. 3. If said loans are authorized by a majority of the Powers of electors, the township board may order the issue of said board. bonds from time to time, and may appoint one or more agents to negotiate the same, requiring such bonds for the faithful performance of their duty, as to such board may seem proper, and the moneys so obtained shall be paid over township to the treasurer of the township, to be known as the "Black Duties of Lake Harbor Fund," who shall give such bonds for the treasurer. faithful performanoe of his duty in this behalf, as the township board may require. harbor. Their pow ,ers and duties. Condition of and dis of the fund. Sec. 4. Said township board shall appoint (7) seven free- Persons apholders of the township, to hold their office for such length improve the pointed to of time as said board shall determine, and to appoint their successors, and fill all vacancies as necessities may require, whose duty it shall be to build, widen, excavate, improve and keep in repair the harbor at the mouth of North Black River aforesaid, in such manner as they shall deem best, and to such end shall use and disburse all moneys raised the drawing for suchpurpose, and the same shall be drawn out of the bursement fund aforesaid, only upon the order of the supervisor, signed by himself and countersigned by the clerk thereof: Provided, That the letting of the work of improvement Proviso herein contemplated, shall first be advertised for (4) four successive weeks in a newspaper published in the city of Detroit, and in the village of Holland at least (6) six weeks before the letting of said work; and said letting shall be given to the given to the lowest bidder therefor, who shall give sufficient security for the faithful performance of said work. Sec. 5. The supervisor of said township, shall, from time Duties of suto time, as shall be necessary, levy and assess a tax upon relation to a the taxable property of said township, sufficient to meet the bonds issued by the township as aforesaid, and interest Contracts lowest bidder. Security required, pervisor in tax. is to be col applied. thereon, as they shall from time to time become due, and How the tax all necessary expenses and said tax shall be assessed and lected and collected in the same manner as other taxes are by provisions of law assessed and collected, and the tax thus collected shall be exclusively applied and appropriated to the payment of the loans, bonds, expenses and interests aforesaid. Voluntary grants of land may be received by the town. ship. May Sec. 6. For the purposes herein provided for, it shall be lawful for said township to take, receive and hold such voluntary grant, or donation of land or other property, as shall be made in aid of said improvement, and to purchase, take and hold such real estate or other property, as may be thase and necessary for such purpose, and for the acquiring of such title, said township board shall proceed in all respects as near as may be applicable, in accordance with the provis ions of an act entitled "an act to provide for the incorporation of railroad companies, approved February 12th, twelfth, (1855,) eighteen hundred and fifty-five, and all other acts amendatory thereto. hold real es tate. The provisions of this Sec. 7. The provisions of this act shall apply to any act extend other township in the counties of Ottawa and Allegan, townships. for the object aforesaid, and said townships shall, in the ed to other same manner act jointly with the township of Holland This act is ordered to take immediate effect. |