Imágenes de páginas
PDF
EPUB

[No. 42.]

AN ACT to provide for the creation of a county sinking fund

commission, to prescribe the powers and duties thereof, and to repeal all acts and parts of acts contravening the provisions of this act.

bonded debt.

The People of the State of Michigan enact: SECTION 1. The county treasurer, the register of deeds, Members the county clerk, the chairman of the board of supervisors and designated. the chairman of the finance committee of the board of supervisors of the several counties of this State, shall constitute and be a board of county sinking fund commissioners.

Sec. 2. The said board of sinking fund commissioners Outstanding shall from time to time upon the best terms it can make, purchase or pay the outstanding bonded debt of the county, or such part thereof as it may be able to purchase or pay, until the full amount thereof be fully purchased or paid. When - Temporary ever it cannot arrange for the purchasing or paying of said investment. debt, or any part thereof, it shall temporarily and until it can so arrange, invest the moneys belonging to the sinking fund in such interest bearing securities as it may deem advisable; and all matured bonds or evidences of debt so purchased shall be delivered to the county treasurer and shall become and be the property of the county, held and controlled by said board of sinking fund commissioners, and the interest thereon as it thereafter becomes due shall be credited and belong to the sinking fund.

Sec. 3. Said board of sinking fund commissioners shall Control of have exclusive control of the money of the sinking fund, and shall faithfully apply the same whenever possible, or it may appear to the county's interests, to the payment of the principal and interest of the bonded indebtedness of the county, and to no other purpose whatever, excepting as herein other

Sec. 4. The annual meeting of said board of sinking fund Annual commissioners shall be held on the first Tuesday in September meeting. of each year. Said board of sinking fund commissioners may meet from time to time for the transaction of business, and may adopt rules of proceeding for its meeting. A majority Majority, etc. of the whole board shall constitute a quorum

for the transaction of business, but they shall not purchase or pay the outstanding debt of said county or invest any of the money belonging to the sinking fund as above provided, except under a resolution for such purpose passed and approved by a twothirds vote of the whole board by “Ayes" and "Nays” to be entered on record at a regular meeting or a special meeting

money.

wise provided.

[ocr errors]

Clerk.

Bond.

Chairman. called for such purpose. The chairman of the board of super

visors, or in case of his absence, some member to be designated
by those present, shall preside at the meeting of said board.
The county clerk shall be the clerk of the board of sinking
fund commissioners, and it shall be his duty to keep a true
record of all meetings of said board, which record shall be
kept on file in and be a part of the records of the office of

the county clerk.
Custody of Sec. 5. The county treasurer shall have custody of all
moneys, etc.

moneys, securities and evidences of debt belonging to or per-
taining to said sinking fund, and he shall pay out the moneys
of said fund only by order of the board of sinking fund com-
missioners by a two-thirds vote of the members thereof as
aforesaid, and upon the warrant of the chairman of the board
of supervisors, countersigned by the clerk. The official bond
of the county treasurer shall cover any and all funds in his

hands belonging to the sinking fund.
Reports. Sec. 6. Said board of sinking fund commissioners shall

from time to time, but at least annually, and whenever re-
quested by the board of supervisors, make report of the con-
dition of the sinking fund, which report shall be made to the
bodrd of supervisors and then referred to and filed with the
county clerk and be recorded by him. It shall recommend
to the board of supervisors the sum of money that in its
judgment should be raised by direct taxation for the benefit

of the sinking fund.
Tax levy. Sec. 7. The board of supervisors shall in each year levy

and collect a tax for the benefit of the sinking fund. When

ever any bonds of the county shall be sold for more than par Premiums. value all of the premium or amount received on such sale

more than the par face value of the bonds sold, not including
interest accrued upon said bonds that may be paid by the pur-
chaser, shall be credited and belong to the sinking fund. All
of the interest paid to the county on the securities held by

the county shall belong to and be placed in the sinking fund. Expenses, how Sec. 8. The necessary expenses of the board of sinking paid.

fund commissioners incurred in the performing of any of
their duties imposed upon them by this act shall be a proper

charge against said county to be paid from the general fund. Per diem of The chairman of the board of supervisors and the chairman chairmen.

of the finance committee shall receive as compensation the
sum of three dollars per day for each and every day they
shall actually attend any regular or special meeting of said
board of sinking fund commissioners, and they shall also
receive their traveling expenses at the rate of ten cents a mile
one way figuring over the usual traveled route from their

residence to the place of meetings of said board. Adoption of

Sec. 9. Said board of sinking fund commissioners is authorized to adopt rules not in conflict herewith for the government of its actions, and shall be authorized for the purpose of enforcing the collection of any bonds or securities

Interest.

rules.

taken by it to bring suit in the name of the county board of sinking fund commissioners.

Sec. 10. Before this act shall be operative in any county Referendum. in this State it shall be adopted by a two-thirds vote of the board of supervisors regularly convened at any regular, adjourned or special meeting of said board of supervisors for that particular county.

Sec. 11. All acts or parts.of acts in any wise contravening the provisions of this act are hereby repealed.

Approved April 8, 1913.

[No. 43.]

AN ACT to amend section thirty-eight of act number two

hundred five of the Public Acts of eighteen hundred eightyseven, entitled "An act to revise the laws authorizing the business of banking, and to establish a Banking Department for the supervision of such business," being compiler's section six thousand one hundred twenty-seven of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number one hundred three of the Public Acts of nineteen hundred nine.

amnended.

etc.

The People of the State of Michigan enact: SECTION 1. Section thirty-eight of act number two hun- Section dred five of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking, and to establish a Banking Department for the supervision of such business," being compiler's section six thousand one hundred twenty-seven of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number one hundred three of the Public Acts of nineteen hundred nine, is hereby amended to read as follows:

Sec. 38. Every bank existing or hereafter incorporated Inspection, under the laws of this state shall be subject to the inspection

supervision of the Commissioner of the Banking Department, as provided in this act. He may also employ from time Examiners. to time such examiners to assist him and his deputy in the discharge of the several duties imposed upon them by this act, as he shall find necessary. Salaries of the examiners shall Salaries, be the sum of seventeen hundred dollars per annum during boy the first year of their employment as such, and shall be increased not to exceed two hundred dollars each year of such employment until the full sum of two thousand two hundred dollars is reached, which sum shall be their annual salary

The salaries of the examiners shall be paid monthly by the State Treasurer, upon a voucher countersigued

and

how increased,

thereafter.

Expenses.

by the Auditor General. Vouchers for the examiners' salaries must be first approved by the commissioner. All traveling expenses of examiners shall be paid as is indicated in this act and provided for in the payment of expenses of commissioner, deputy, and clerks. Bank examiners shall file with the Commissioner of Banking a bond for ten thousand dollars for the faithful discharge of their duties.

Approved April 9, 1913.

Bond.

[No. 44.]

AN ACT to amend section twenty-seven of act number two

hundred five of the Public Acts of eighteen hundred eightyseven, entitled "An act to revise the laws authorizing the business of banking and to establish a Banking Depart. ment for the supervision of such business," being compiler's section six thousand one hundred sixteen of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number two hundred sixty-two of the Public Acts of nineteen hundred five and act number three hundred twenty-two of the Public Acts of nineteen hundred seven.

The People of the State of Michigan enact: Section

SECTION 1. Section twenty-seven of act number two hun. amended.

dred five of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking and to establish a Banking Department for the supervision of such business," being compiler's section six thousand one hundred sixteen of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number two hundred sixty-two of the Public Acts of nineteen hundred five and act number three hundred twenty-two of the Public Acts of nineteen hundred seven, is hereby amended to

read as follows: Savings banks Sec. 27. A savings bank shall keep on hand at least fifteen serve required. per cent of its total deposits, one-third of which reserve shall

be in lawful money in its own vaults and the balance on deposit, payable on demand, with banks, national or State, in cities approved by the commissioners as reserve cities, or invested in United States bonds; three-fifths of the remainder of the savings deposits shall be invested by the board of

directors as follows: In U.S. bonds. (a) In bonds of the United States, of any state or terriProviso. tory of the United States: Provided, That such state or ter

ritory has not, in the ten years preceding the time of such investment repudiated its debt and failed to pay the same, or the interest due thereon, or upon any part of such debt; or

Investments.

Steam railroad
bonds.

by it; or

(b) In the public debt or bonds of any city, county, town. City, etc., ship, village, or school district of any state or territory in bords, etc. the United States, which shall have been authorized by the legislature of such state or territory: Provided, The total Proviso. indebtedness of such municipality does not exceed five per cent of its assessed valuation; except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation; or

(c) In the legally authorized first mortgage bonds of any steam railroad corporation organized under the laws of any state of the United States: Provided, That such company Proviso. has for five years prior to the time of making such investment by said bank, paid annually, dividends equal to not less than four per cent on its entire capital stock and has not during said period defaulted in the payment of the matured principal or interest of any debts incurred by it and secured by mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest of any bonds guaranteed and assumed

(a) In the first mortgage bonds of railroad companies Leased lines. whose lines are leased or operated or controlled by any raill'oad company specified in paragraph (c) of this section, if said bonds be guaranteed both as to principal and interest by the railroad company to which said lines are leased or by which they are operated or controlled;

(e) In the legally authorized mortgage bonds of any Bonds retiring steam railroad incorporated under the laws of any state of debtedness. the United States, which shall have been issued for the purpose of retiring all prior mortgage indebtedness on so much

property of such company as is covered by the mortSage securing such issue of bonds, and further providing for additions, extensions or improvements: Provided, That such Proviso. company has, for three years prior to the time of making such investment by said bank, paid annually, dividends equal to not less than four per cent on its entire capital stock, which capital stock shall equal or exceed in amount one-third

par value of all its bonded indebtedness, and has not, during the same period, defaulted in the payment of the ma. tured principal or interest of any debts incurred by it and secured by mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest upon a bond guaranteed or assumed by it: Prorided, Said issues of bonds shall have been ap. Proviso, proved by the ecurities commission hereinafter provided approval.

(f) In the legally authorized first mortgage bonds of any electric railroad, street railway, gas or electric light or power company, organized under the laws of the State of

of the

of the

for;

Street railway
etc.

[ocr errors]
« AnteriorContinuar »