year, under the name of the Bay City and East Saginaw railroad company, the object of said company being the construction of a railroad on the east side of Saginaw river, between Bay City and East Saginaw; and said board shall provide, by taxation upon the real and personal property within said county of Bay, for the payment of interest and principal, when the same shall become due, said board being hereby authorized to levy and collect whatever may be necessarily assessed for said purpose, in the same manner provided for the levying and collecting of other taxes.

SEC. 4. When said board shall have issued said bonds, before the delivery thereof, it shall receive such security for their payment at maturity by said company, as shall be deemed satisfactory to said board; and after said road shall have been operated for the term of three years, the said company shall pay all the interest, as it shall accrue upon said bonds, out of the net proceeds of said road.

SEC. 5. When said company shall have ditched and graded, or have made the bed thereof ready for the ties of the track of said road, for the distance of seven miles commencing at Bay City, then, and not before, shall said board of supervisors issue half of the total amount of the bonds so voted, and the balance of said bonds not before the remainder of the entire length of said road, between said points, shall have been ditched and graded, or the bed of said track made ready for the ties.

SEC. 6. This act shall take immediate effect.

Approved February 3, 1864.

Constantine and Three Rivers Act.

AN ACT to authorize certain townships in St. Joseph County to aid any corporation now in existence, or to be hereafter organized, to reconstruct the railroad from Constantine to Three Rivers, by loans or donations.

SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for the townships of Constantine, Florence, Lockport and Fabius, in the.county of St. Soseph, or any of them, to aid, by loans or donations, any corporation now in existence, or hereafter to be organized, to reconstruct the railroad from Constantine to Three Rivers, in said county, to an amount not exceeding five per centum of the assessed valuation, for the time being, of the real and personal property in such townships respectively: Provided, The electors in any such townships, at a meeting called for that purpose, shall so determine.

SEC. 2. It shall be the duty of the supervisors of each or any of said townships, upon the request of thirty of the electors of such township, to call a meeting of the electors thereof, for the purpose of submitting the question of making such loan or donation, notice thereof to be given by posting of handbills in any such township ten days prior to such meeting in at least six public places, and the advertisement of the same in a newspaper published in said county of St. Joseph for three weeks next prior to such meeiting.

SEC. 3. If the electors of any such township shall, at such meeting, determine to make loans or donations, and the amount thereof, it shall be the duty of the township board of said townships voting to make said loans or donations, and they shall have power, to pledge the credit of the township to raise money to make such loans or donations, at an interest not exceeding seven per

centum per annum, and for a period not exceeding twenty years, and may issue the bonds of the township therfor: 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 township at the time of issuing the same.

SEC. 4. In case any such township shall so decide to aid in the reconstruction of said railroad, either by loan or donation, 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, No bonds, or other evidences of debts, issued under the provisions of this act, or the moneys arising from the sale of the same, or money raised by loan or tax, shall be paid over to or for any railroad company until the ties are delivered on the line of said road, and the road-bed thereof, including all bridges, culverts, cattle guards and road crossings, is fully completed, ready for the iron. Provided, further, That no such bonds, or other evidences of debt, shall be sold for less than then par value by the represenatives of the municipality issuing the same.

SEC. 5. This act shall take immediate effect.
Approved February 5th, 1864.

Grand Haven to New Buffalo Enabling Act.

AN ACT to authorize the several townships of the counties of Ottawa, Allegan, Van Buren and Berrien, to pledge their credit in aid of the construction of a railroad from Grand Haven to New Buffalo.

SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for the several townships of the counties of Ottawa, Allegan, Van Buren and Berrien, or for any township within said counties, to loan money to any railroad company organized, or to be organized, for the construction of a railroad

from Grand Haven, in the county of Ottawa, to New Buffalo, in the county of Berrien ; but the outstanding indebtedness and liability to be incurred for such purpose shall not, at any time, exceed five per cent. of the assessed valuation, for the time being, of any township.

SEC. 2. The taxable inhabitants of any of the said townships may, at any annual or special meeting called for that purpose, determine the terms, conditions and particulars in regard to said loan, and may issue bonds, or other securities, in such sums and upon such terms as a majority of the said taxable inhabitants, voting at the time, by ballot, shall direct; and such bonds as shall be issued by any such township shall be signed and executed by the supervisor and clerk thereof.

SEC. 3. Whenever the township board of any township shall deem it advisable to do so, it may call a meeting of the taxable inhabitants of such township to consider the propriety of pledging the credit of the township to aid in the construction of any such railroad, and shall give public notice thereof by posting handbills in at least five public places in said township, and by the publication of the same not less than two weeks, in some newspaper (if any shall be published) in the county in which such township lies, stating the time, place and object of holding the meeting; and such meeting shall determine the amounts, terms and conditions of any loan of moneys which it may authorize, and may determine any and all other particulars in relation thereto, not determined by this act or inconsistent therewith.

SEC. 4. It shall be the duty of the supervisor of every township which shall avail itself of the provisions of this act to procure affidavits of the publishing and posting of notices, and such affidavits shall be preserved in the office of the township clerk of said township.

SEC. 5. The supervisor of any township which shall have decided to accept the provisions of this act shall

have the power, and it shall be their several and respective duties, from time to time, to raise by tax, or otherwise, such sum or sums as shall be sufficient to pay the interest and principal of said bonds or loan, so fast as they shall become due; but in no case shall there be assessed in any one year more than ten per cent. of the amount so loaned, or of bonds issued, or of credits pledged Provided, In no township shall it be lawful to pay interest at a rate exceeding seven per cent., nor shall any such bonds, or evidences of debt, be sold at less than their par value.

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SEC. 6. Any townships which shall accept the provisions of this act shall have the power, and they are hereby authorized, to issue bonds, or other evidences of indebtedness, as provided in this act; and if bonds are issued, coupons may be attached thereto, payable at such time or times as the taxable inhabitants, or the constituted authorities thereof, shall direct: Provided, That no loan, or evidence of debt, be issued by any such township for a longer period than twenty years.

SEC. 7. No bond, or other evidences of debt, issued under the provisions of this act, shall be sold or negotiated, or said bonds, or other evidences of debt, or the moneys arising from the sale of the same, be delivered to any railroad company until the ties shall be delivered on the line of said road, and the road bed thereof, including all the bridges, culverts, cattle-guards and road crossings, shall be fully completed within the limits of the townships rendering such aid.

Approved February 5, 1864.