2. Additional appropriation for legislature; personal services, etc.

3. Amending motor vehicle law; lamps, etc.

4. Authorizing counties, etc., to appropriate money for state-owned parks, etc. 5. Amending city home rule act; charter provisions.

Amendments to the constitution.

Certificate of adjournment.

State Treasurer's report.

Index.

PUBLIC ACTS.

(Second Extra Session.)

[No. 1.]

AN ACT to amend the title and sections five, six and seven of act number one of the Public Acts of the first extra session of nineteen hundred twenty-one, entitled "An act to provide for the payment of a bonus to persons who served in the army, navy or marine forces of the United States during the late war with Germany and Austria; to authorize and provide for the borrowing of thirty millions of dollars to meet such payments, and the issuance of bonds for such indebtedness, and to provide for the payment of principal and interest on such bonds," and to add a new section thereto to stand as section seven-a of said act.

The People of the State of Michigan enact:

sections

SECTION 1. The title and sections five, six and seven of act Title and number one of the Public Acts of the first extra session of amended. nineteen hundred twenty-one, entitled "An act to provide for the payment of a bonus to persons who served in the army, navy or marine forces of the United States during the late war with Germany and Austria; to authorize and provide for the borrowing of thirty millions of dollars to meet such payments, and the issuance of bonds for such indebtedness, and to provide for the payment of principal and interest on such bonds," are hereby amended and a new section to stani as section seven-a is hereby added to said act, said amended title and sections and new section to read as follows:

TITLE.

An Act to provide for the payment of a bonus to persons who served in the army, navy or marine forces of the United States during the late war with Germany and Austria; to authorize and provide for the borrowing of thirty millions of dollars to meet such payments, and the issuance of bonds, temporary bonds, notes and interim certificates for such indebtedness, and to provide for the payment of principal and interest on such obligations, and to make such obligations exempt from taxation.

SEC. 5. For the purpose of creating a fund to meet the May contract for loan, payments authorized by this act, the State Administrative amount, etc.

When payable, interest, etc.

What fund known as.

May issue onds.

vn.

Board is hereby authorized and directed, as soon after the passage of this act as may be, in the name and on behalf of the people and upon the faith and credit of this state, to purchase and contract for a loan or loans of money in the sum of thirty millions of dollars, upon the most favorable terms that in the judgment of said board can be obtained; payable by the state at such time or times, not exceeding thirty years from date of purchase or contract, as may be determined by said board, at a rate of interest not to exceed five and three-fourths per centum per annum, payable semiannually. The proceeds of such loan shall be deposited in the state treasury, and shall constitute a fund to be known as "The Soldiers' Bonus Fund," and shall be paid out in no other manner nor for any other purpose than in this act provided for and specified in the foregoing sections, except that the temporary bonds, notes or interim certificates, hereinafter provided for, if issued by the State Administrative Board, shall be payable out of such fund.

SEC. 6. For the purpose of effecting the loan or loaus herein authorized, the State Treasurer and the Secretary of State, of Michigan, are hereby empowered and directed to cause to be issued the bonds of the state of Michigan from time to time as they shall be directed by the State Administrative Board, in sums of not more than one thousand dollars each, except that registered bonds of larger denomination. may be issued, such bonds to be signed by the State Treasurer and the Secretary of State and to have the seal of the state affixed thereto, and with interest coupons thereto attached. issue, The State Administrative Board is hereby authorized to determine and by resolution prescribe the date of issue and the time of payment, not exceeding thirty years from date of issuance, of such bonds. Such bonds shall be drawn in favor of bearer, and shall bear interest at a rate not exceeding five and three-fourths per centum per annum, payable semi-anon nually. Such interest coupons shall bear the fac-simile signatures of the State Treasurer; shall be serially numbered with respect to the date of maturity, and shall be payable, to bearer on and after maturity at the rate provided for in the bond. Such coupon bonds, when presented to the State Treasurer shall be exchangeable for registered bonds which may be issued under authority of this act in the same manner as are other bonds hereunder. All bonds and coupons issued under this act shall be numbered consecutively and registered in a book provided for this purpose which shall be kept in the Auditor General's office. Such register shall contain the date of each bond and coupons attached thereto, their number, the person to whom issued, and the dates of their respective maturities and cancellations.

SEC. 7. The faith and credit of the state of Michigan are hereby pledged for the payment of principal and interest of each and every bond which may be made or issued under the

how created.

provisions of this act. For the purpose of providing for the sinking fund, payment of the principal and interest of such bonds, it shall be the duty of the Auditor General to add to and incorporate in the state tax for the years nineteen hundred twenty-one and nineteen hundred twenty-two, a sufficient sum as estimated by him to pay the interest on said bonds, and for the year nineteen hundred twenty-three, and each year thereafter a sufficient sum as estimated by him to pay the interest on said bonds, and a sufficient sum as estimated by him but not less than five hundred thousand dollars each year to pay the principal thereon at maturity, which sums when collected shall be deposited in the state treasury in a special fund to be known and designated as "The Soldiers' Bonus Sinking Fund," and all claims for such principal and interest shall be paid out of such fund in accordance with the accounting laws of the state: Provided, That the State Adminis- Proviso. trative Board shall use the money in the said "sinking fund" from time to time as available to purchase any of the bonds issued under the provisions of this act or such other federal, state, county or municipal bonds as may be available and place the same in said fund for the purposes herein specified: · Provided further, That the Auditor General shall add to Further and incorporate in the state tax for the years nineteen hundred twenty-one and nineteen hundred twenty-two, a sufficient sum as estimated by him to pay the interest on the temporary bonds, notes or interim certificates that may be issued under the provisions of this act, which sum when collected shall be credited to the general fund in the state treasury to reimburse the same for all sums paid therefrom under this act.

proviso.

bonds, etc.,

SEC. 7a. The State Administrative Board is hereby author- Temporary ized and empowered, on behalf of the state of Michigan, to may issue. borrow such sums of money, not exceeding thirty million dollars, as may be necessary to provide immediate funds for the payment of such claims under this act as may be allowed and become payable before the loan or loans provided for in section five may be available for that purpose, and as evidence of money so borrowed the State Administrative Board may direct and cause to be issued the temporary bonds, notes or interim certificates of the state of Michigan, and to renew the same, but all such temporary obligations shall mature not more than thirty months after this act takes effect. Such When temporary bonds or obligations and any renewals thereof shall be made payable at any time not more than one year from the date of their issue and may be made redeemable at the option of the State Administrative Board upon any interest payment date. They shall bear interest at an annual rate of not exceeding six per centum payable semi-annually, as may be prescribed by the State Administrative Board. Such obligations shall pledge the faith and credit of the state of Michigan for the payment thereof and shall be in the form pre

payable.