ciency the amount of coupons and interest then due and unpaid 319. 66. upon all the outstanding stock or bonds authorized to be issued under the provisions of the acts as follows, to wit: "An Laws of 1837, p. act to provide for the relief of the Palmyra and Jacksonburg Railroad Company," approved June twenty-two, eighteen hundred and thirty-seven, and "An act to provide for the relief laws of 1838, p. of the Detroit and Pontiac Railroad Company," approved March fifth, eighteen hundred and thirty-eight, without deducting therefrom any sums that may have been paid on account of said coupons and interest, as mentioned in the preceding section, out of the general fund ; And WHEREAS, the holders of the part paid five million loan bonds, being the outstanding portion of the three million eight hundred and thirteen thousand dollars of the five million loan, and other bonds delivered to the United States Bank, and Morris Canal and Banking Company, and referred to in the preamble to the sixth section of the act approved March eight, eighteen hundred and forty-three, above referred to, have not surrendered up the same for adjustment, under the said act of eighteen hundred and forty-three; 37. And WHEREAS, doubts are entertained as to the power of surrendering under said act, a part only of said bonds, and as the Legislature, by "An act to authorize the sale of the Central Railroad and to incorporate the Michigan Central Railroad Company," approved March twenty-eight, eighteen hundred and Laws of 1846, p. forty-six, did reduce the rate of damages claimed from twentyfive per cent. to three per cent. on the unpaid portion of said bonds, and did determine the precise amount recognized to be due upon said bonds respectively; Now, therefore, for the purpose of a full and final adjustment and funding of the same: be issued for million loan (253.) SEC. 8. Be it further enacted, That upon the surrender When bonds to at the Treasury of this State of any of the said part paid five part paid five million loan bonds still outstanding, the holder of the same bonds. shall be entitled to receive from the Governor of this State certificates of stock or bonds at the rate of four hundred and three dollars and eighty-eight cents on each one thousand dollars of said bonds, for principal and interest due thereon the first day of January, eighteen hundred and forty-six, and adding for subsequent interest at the rate of six per cent. per annum, on three hundred and two dollars and seventy-three cents for each thousand dollars of said bonds, to be computed up to the first day of January next after the surrender thereof: Provided, The coupons since July, eighteen hundred and forty Denomination of bonds; when payable, etc. Cancelment of old bonds. one, shall remain attached thereto: Provided further, that in case any of the coupons falling due on any of the said bonds between the first day of July, eighteen hundred and forty-one, and the maturity of the bond or bonds, shall not be delivered to the State Treasurer with the bonds to which they belonged, there shall be deducted from the amount authorized to be issued in new bonds under the preceding section, the sum of nine dollars and eighty cents for each coupon removed from a bond of one thousand dollars, and twenty-seven dollars and twenty-four cents for each coupon removed from a bond of three thousand dollars. (254.) SEC. 9. The stock to be issued under the provisions of the preceding section, may be issued in bonds of one thousand dollars, as far as practicable; said new bonds shall be drawn payable, principal and interest, at such place in New York City as the Governor shall designate; they shall be made redeemable respectively at the time fixed for the maturity of the original part paid bond, upon the surrender of which they are issued, or at any time previous, at the option of the State, when the Auditor General shall cause a notice to be given in a daily paper published in the city of Detroit, to be published for eight weeks in succession, that the said bonds or a portion of them (describing them by amounts, dates and numbers) will be redeemed where payable; and all interest on any such bonds, if not sooner presented, shall cease at the expiration of two months from the date of the first publication of said notice; said bonds shall bear an interest of six per cent. per annum, from the first day of January next after the surrender of said part paid bonds, and be payable semiannually, on the first days of July and January thereafter, until the maturity of said bonds, or the redemption of the principal. (p) (255.) SEC. 10. Upon the surrender of any such original part paid bond, under the provisions of the two last preceding sections of this act, the State Treasurer shall cancel the same, and the fact of such cancelment, together with the amount of new bonds to be issued therefor, shall be certified to the Governor by the said Treasurer and Auditor General. (p) As amended by "An Act to amend Section Nine of an act entitled, 'An Act to Provide for Funding the outstanding Internal Improvement Warrants of this State, and the Interest due thereon; and also for Liquidating and Funding the amount of Principal and Interest actually due upon the part paid Five Million Loan Bonds,' approved April first, eighteen hundred and forty-eight." Approved Feb. 14, 1853. Laws of 1853, p. 117, sites of bonds. (256.) SEC. 11. All bonds to be issued under the provisions Form and requi of this act shall be issued in the usual form, under the great seal of the State, signed by the Governor, and countersigned by the Secretary of the State, and a register of their numbers, dates, amounts, and the names of the persons to whom issued, shall be kept by the State Treasurer, distinct from all other class of State indebtedness, in a book to be provided for that purpose. bonds to be enti State on United Morris Canal (257.) SEC. 12. The holders of said bonds shall be entitled Holders of said to demand and receive from the United States Bank, and tied to claim of Morris Canal and Banking Company, in sums proportionate to States Bank and the amounts of their respective bonds, whatever may be due Banking Co. from the said United States Bank, and Morris Canal and Banking Company, or either of them, to this State, growing out of the negotiation with said institutions, or either of them, of the five million loan bonds aforesaid: Provided, That nothing herein contained shall be construed as any recognition on the part of this State of its indebtedness upon the said five million loan bonds beyond the amount heretofore acknowledged by this State to have been received upon said bonds. A clause embodying the substance of this section shall be inserted in the bonds to be issued under the provisions of section eight of this act. SEC. 13. This act shall take effect from and after its passage. An Act Supplemental to and Amendatory of an Act to Provide for Funding the Outstanding In- amended. (258.) SECTION 1. Be it enacted by the Senate and House of Certain section Representatives of the State of Michigan, That section five of said law be amended by inserting in the third line thereof, after the words "State lands," the words "Primary School lands." (q) SEC. 2. This act shall take effect from and after its passage. (q) The words "State lands" do not occur in the third line of the fifth Section, and the word "State" may perhaps be a mistake for "asset," which is found in the fifth line of that Section as originally printed. Who to constitute Board of sioners. When surplus in same in State An Act to Create a Board of Fund Commissioners, and to define their Powers and Duties. [Approved April 3, 1848. Laws of 1848, p. 293.] (259.) SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the State Treasurer, Auditor General and Secretary of State be, and are hereby constituted a Board of Fund Commissioners. (260.) SEC. 2. Whenever, after paying or reserving a sum shall invest the sufficient to meet all liabilities payable from the general liabilities. fund, for the current expenses of the State Government, and for the payment of interest on State indebtedness provided for by law, there shall be in the State Treasury a surplus over and above such liabilities, the board aforesaid shall have power, and it shall be their duty to invest the same as they may find for the best interest of the State, in the purchase of stock, bonds and other liabilities of this State. Board shall advertise before shall not purchase at than par value. (261.) SEC. 3. Said board, before purchasing any such stocks, purchasing, and or other evidences of debt, shall cause a notice to be published more by three insertions in one or more daily papers of the largest circulation in each of the cities of Detroit and New York, that proposals for the sale of stock or other evidence of debt of this State, not then past due, will be received by the Fund Commissioners at the Seat of Government, at any time prior to a day specified in said notice, and which shall be at least two weeks subsequent to the first publication of said notice in either of the cities aforesaid. No such stocks or evidences of State indebtedness shall be purchased at more than par value, and the Commissoners shall in all cases accept of the lowest bids; but preference shall be given, at the same prices, for the State indebtedness first to become due. Treasurer with purchases. Accounts of (262.) SEC. 4. The State Treasurer shall be charged on the respect to such books of the Auditor General with the amount of discount allowed on the purchase of the stocks, bonds, or other liabilities above mentioned; and upon cancelment of the same, shall be credited with the payment thereof at their par value. Record of Board and Report of proceedings. (263.) SEC. 5. The said board shall keep a record of all their proceedings, and submit a report thereof to the Legislature each year at the commencement of their annual session. An Act to Provide for the Payment of the Bonds of this State. [Approved April 3, 1848. Laws of 1848, p. 347.] est on New (264.) SECTION 1. Be it enacted by the Senate and House of Payment of InterRepresentatives of the State of Michigan, That all existing pro- Bonds. visions of law in regard to the payment of interest on the full paid five million loan bonds, or bonds issued for the payment of interest on the same, shall be, and are hereby made applicable to all such bonds as shall be issued on the surrender of any of the part paid five million loan bonds of the State, under an act entitled, "An act to provide for funding the outstanding Internal Improvement Warrants of this State, and the interest due thereon, and also for liquidating and funding the amount of principal and interest actually due upon the part paid five million loan bonds," approved April 1, 1848. Joint Resolution Relative to the Surrender of certain Internal Improvement Warrants. [Approved March 30, 1849. Laws of 1849, p. 382.] computed on in. (265.) Resolved, by the Senate and House of Representatives How Interest of the State of Michigan, That upon the surrender of any Warrants called Internal Improvement Warrants at the State Treasury, for the purpose of being funded under act number one hundred and See Sec. 246. seventy-three, eighteen hundred and forty-eight, if said warrants shall have been drawn subsequent to the first day of January, eighteen hundred and forty-nine, and not bearing interest prior to that date, the Auditor General and State Treasurer shall compute the interest back to the said first day of January, and upon deducting said interest from the principal of said warrant or warrants, may fund the balance of said. warrants, as is, provided in regard to outstanding Internal Improvement Warrants drawn and bearing interest prior to said first of January. This joint resolution shall take effect and be in force from and after its passage. |