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create a debt under the provisions of any law of this state, to aid in the construction of any railway or railways that shall be completed within ten years from and after the passage of this act, whose line shall run near to, into or through said county, township, city or town, it shall be lawful for the state treasurer, and he is hereby required, immediately upon receiving the revenue each year, to place to the credit of such county, township, city or town so having incurred such indebtedness, in the state treasury, annually, for and during the term of ten years, all the state taxes collected and paid into the state treasury on the increased valuation of the taxable property of said county, township, city or town, as shown by the annual assessment rolls, over and above the amount of the assessment roll of the year 1868, excepting the state school tax and the two mill tax provided for by the constitution of this state for the payment of the state debt. And whenever any county, township, city or town shall have created a debt, as aforesaid, it shall also be lawful for the collector of taxes, and he is hereby required, annually, for and during the term of ten years, to pay into the state treasury all the taxes collected for any purpose whatever, on the assessment of the railroad or railroads for whose aid the said debt was incurred, including the road-bed and superstructure, and all fixtures and appurtenances thereof, the locomotives, cars, machinery and machine shops, depots and all other property, real and personal, of said railway company, within such county, township, city or town; and immediately upon receiving the same, the state treasurer shall place to the credit of such county, township, city or town, in the state treasury, the whole amount so received, except the state school tax and the two mill tax provided by the constitution of this state for the payment of the state debt; and it shall be the duty of said collector of taxes to furnish the state auditor a separate and detailed account of the amount of taxes collected from said railway or railways, at the time of his annual settlement with the state auditor. And the state treasurer shall give to said collector separate receipts for the respective amounts paid into the state treasury to the credit of said county; and said receipts shall be taken and received by the county court, or other legal authorities, as vouchers for the amount collected on account of the county and local assessments on said railroad property, in the annual settlement with such collector; and the several amounts of money in this section provided and ordered to be placed to the credit of such county, township, city or town, shall be applied by the state treasurer to the payment of the bonded railroad debt of such county, township, city or town, as hereinafter provided. [R. S. 1874, ch. 113, § 11. p. 791.

122. [REGISTRATION.] S 2. And the county clerk, or other proper officer, upon the issuing of the bonds in payment of said railroad debt, shall make a registration thereof in a book to be kept for that purpose in his office, showing the date, amount, number, maturity and rate of interest of such bonds, and upon the subscription or donation to what railroad the same was given. And the said bonds, and bonds heretofore issued and still unpaid, in order to receive the benefits of this act, shall be registered by the hoider thereof at the office of the auditor of public accounts, who shall cause the same to be registered in a book kept for that purpose. Such registration shall show the date, amount, number, maturity aud rate of interest of such bond, nn

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der what act and by what county, township, city or town issued; and the auditor shall, under his seal of office, certify upon such bond the fact of such registration, for which registration and certificate the auditor shall be entitled to a fee of one dollar from the holder of each bond. [R. S. 1874, ch. 113, S 12, p. 792.

123. (VALUE CERTIFIED TO AUDITOR.] $ 3. In all cases, when any county, township, incorporated city or town shall issue bonds under the provisions of law, and to be entitled to the benefits of this act, it shall be the duty of the county clerk of such county, or of the officer to whom or to whose office the assessment rolls for state taxation are or shall be returnable, within five days after such returns to make out and transmit to the state auditor, to be filed in his office, a certificate stating the total value of all property, real and personal, within such county, township, city or town, as exhibited by such assessment. [R. S. 1874, ch. 113, § 13, p. 792.

124. [AUDITOR ESTIMATE RATE.] $ 4. When the bonds of any county, township, city or town shall be so registered, the state auditor shall annually ascertain the amount of interest for the current year due and accrued and to accrue upon such bonds, and from the amount so ascertained he shall deduct the amount in the state treasury placed to the credit of said county, township, city or town, as herein provided and directed; and from the basis of the certificate of valuation of property heretofore provided to be transmitted to him, or, in case no such certificate shall be filed in his office, then upon the basis of the total assessment of such county, township, city or town, for the year next preceding, he shall estimate and determine the rate per centum on the valuation of property within such county, township, city or town, requisite to meet and satisfy the amount of interest unprovided for, together with the ordinary cost to the state of collection and disbursement of the same, to be estimated by the auditor and treasurer, and shall make and transmit to the county clerk of such county, or to the proper officer or authority whose duty it is or shall be to prepare

the estimates and books for the collection of state taxes in such county, township, city or town, a certificate stating such estimated requisite per centum for such purpose, to be filed in his office; and the same per centum shall thereupon be deemed added to and a part of the per centum which is or may be levied or provided by law for purposes of state revenue, and shall be so treated by such clerk, officer or authority, in making such estimates and books for the collection of taxes; and the said tax shall be collected with the state revenue, and all laws relating to the state revenue shall apply thereto, except as herein othei wise provided. [R. S. 1874, ch. 113, § 14, p, 793.

125. [CUSTODIAN-Not LIABLE-COLLECTION, ETC.] $ 5. The state shall be deemed the custodian only of the several taxes so collected and credited to such county, township, city or town, and shall not be deemed in any manner liable on account of any such bonds ; but the tax and funds so collected shall be deemed pledged and appropriated to the payment of the interest and principal of the registered bonds herein provided for, until fully satisfied. The state shall annually collect and apply all the said taxes and funds placed to the credit of such county, township, city or town, for and during the term of

on

any, of

eight years, to the payment of the annual interest on such registered bonds of such county, township, city or town, in the same manner as interest on the bonds of the state is or may be collected and paid, but in like moneys as shall be receivable in payment of said taxes; and for and during the remainder of the term of years during which said registered bonds shall remain unpaid, the funds provided in Section 1 of this act, accruing from taxes collected

the property of said

railroad or railroads, and the surplus, if the other funds in this act provided, remaining after the payment of the interest on the bonds, shall be applied to the payment of the principal of said registered bonds, on presentation at the state treasury, or the treasurer shall purchase the same in open market at not more than par; and upon such payment or purchase of the said bonds, the amount paid upon the principal of said bonds shall be indorsed thereon, and receipts therefor shall be taken and filed in the office of the state treasurer; and the interest coupons or bonds, when fully paid, shall be returned to the office of the state treasurer, and shall be canceled and destroyed in the same manner as those appertaining to the state debt. And the fund derived from the taxes collected on the increased assessment over the year 1868, and the tax levied to meet the interest on said registered bonds, shall continue to be annually applied to the interest of said bonds. the said taxes and funds required in this act to be placed to the credit of counties, townships, cities and towns, shall be applied by the state treasurer to the payment of there gistered railroad bonds of such county, township, cities or towns, equally and without discrimination. [R. S. 1874, ch. 113, § 15, p. 793.

126. [DISBURSEMENT.] § 6. The state may, out of such funds, first retain or satisfy the ordinary costs of the state of the collection and disbursement thereof; and in case of non-presentment of any such bonds or interest coupons for payment, at the time and place when and where the interest on the state debt is or may be paid, then, on the beginning of the next year, the money by reason thereof undisbursed, together with any surplus for any cause remaining, shall be carried to the fund of such county, township, city or town, of the current or ensuing year, and be considered by the auditor in making his next estimate for taxation therein for such year under this act, and shall be applied accordingly during the first eight years of the operation of this act. All laws relating to the payment of interest on the state debt, or the cancelation of evidences thereof, not inconsistent with this act, shall apply to the receipt, custody and disbursement of the taxes and funds provided by this act. [R. S. 1874, ch. 113, $ 16, p. 793. | 127. [ROAD CONSTRUCTED-COMPLIANCE.] § 7. And it shall not be lawful to register any bonds under the provisions of this act, or to receive any of the benefits or advantages to be derived from this act, until after the railroad in aid of the construction of which the debt was incurred shall have been completed near to or in such county, township, city or town, and cars shall have been run thereon; and none of the benefits, advantages or provisions of this act shall apply to any debt, unless the subscription or donation creating such debt was first submitted to an election of the legal voters of said county,

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township, city or town, under the provisions of the laws of this state, and a majority of the legal voters living in said county, township, city or town were in favor of such aid, subscription or donation ; and any county, township, city or town shall have the right, upon making any subscription or donation to any railroad company, to prescribe the conditions upon which such bonds, subscriptions or donations shall be made, and such bonds, subscriptions or donations shall not be valid and binding until such conditions precedent shall have been complied with. And the presiding judge of the county court, or the supervisor of the township, or the chief executive officer of the city or town, that shall have issued bonds to any railway or railways, immediately upon the completion of the same near to, into or through such county, township, city or town, as may have been agreed upon, and the running of the cars thereon, shall certify under oath that all the preliminary conditions in this act required to be done to authorize the registration of such bonds, and to entitle them to the benefits of this act, have been complied with, and shall transmit the same to the state auditor, with a statement of the date, amount, number, maturity and rate of interest of such bonds, and to what company and under what law issued; and thereupon the said bonds shall be subject to registration by the state auditor, as is herein before provided. [R. S. 1874, ch. 113, § 17, p. 794.

128. [REPRESENTATION IN BOARD OF DIRECTORS.] S 8. And each railway company in aid of which any bonds shall hereafter be issued by any county, township, incorporated city or town, to pay for any subscription to the capital stock of such company, or for any

donation made to such company, shall give to such counties, townships, cities and towns, collectively, a representation in the board of directors of such company of one fourth of the number of such board of directors, until after the said railway shall have been completed, and the cars shall have run thereon, and until all the conditions of the subscriptions and donations to such railway company; by such counties, townships, cities and towns, shall have been fully settled and complied with by such railway company; and thereafter the said counties, townships, cities and towns shall be represented in said boards of directors only in the manner and proportion that other stockholders are represented; and the governor of the state is hereby authorized and empowered to appoint the directors herein provided to represent the interests of said counties, townships, cities and towns in the boards of directors of such railways as shall receive bonds to be entitled to the benefits of this act. [R. S. 1874, ch. 113, § 18, p. 794.

129 .[INCREASED VALUATION DEDUCTED IN ASCERTAINING STATE RATES.] § 9. And the state auditor, from the total value of all the property in the state, after the same shall have been equalized in accordance with the provisions of "An act to amend the revenue laws, and to establish a state board of equalization of assessments," approved March 8, 1867, shall deduct the amount of the said increased valuation of the taxable property above the valuation of the year 1868, in such counties, townships, incorporated cities and towns as may be entitled to the benefits of this act, and the taxes upon which are herein directed to be credited to counties, townships, cities and towns, and

upon the amount remaining he shall cause to be collected such a per cent. as shall be sufficient to pay the appropriations and other demands upon the treasury due to the end of each fiscal year; and the same per cent. shall also be collected on the said increased valuation above the valuation of the year 1868, and applied as herein provided. [R. S. 1874, ch. 113, $ 19, p. 794.

130. [ENTRY OF PAYMENT.] § 10. Upon the payment of any such registered bond or interest coupons by the county, township, city or town issuing the same, and presentation thereof to the state auditor, he shall cause due entry thereof to be made in his office. [R. S. 1874, ch. 113, § 20, p. 795.

131. [Bonds FULLY PAID IN TEN YEARS.] § 11. And if the principal and interest of the bonds registered under the provisions of this act shall be fully paid and canceled at any time before the expiration of the full term of ten years, during which the funds provided in section one of this act are to be applied to the credit of such county, township, city or town, then the provisions of this act in respect thereto shall cease and determine, and no further money derived from said taxes shall be so applied. [R. S. 1874, ch. 113, § 21, p. 795.

132. [COLLECTOR'S BOND-FEES.] S 12. The collectors' bonds in counties, townships, cities and towns where collections shall be made under the provisians of this act, shall be increased fifty per centum, and collectors in counties not under township organization shall pay into the state treasury a sufficient amount of the taxes collected in such county to meet the interest to be annually paid on such registered bonds, on or before the 20th day of June in each year. And there shall be allowed and paid to county, township, city or town collectors, for collecting and paying over the taxes levied by virtue of this act, the following rates of commissions, to be ascertained and computed in the same manner that commissions for collecting and paying over the state taxes are ascertained and computed, and paid from the taxes s0 collected, to-wit: To township, city or town collectors, at the rate of two per centum on all sums collected, and to county collectors at the rate of one per cent. on all sums received by them from township, city and town collectors, which shall be in full for receiving the same and paying it into the state treasury, and for adjusting the accounts of and settling with the township, city and town collectors for their collections of said tax; and a commission of three per cent. on all sums by themselves collected and paid over into the state treasury. [R. S. 1874, ch. 113, § 22, p. 795.

AN ACT to enable counties, cities, townships, school districts, and other municipal corpo

rations, to take up and cancel outstanding bonds and other evidences of indebtedness, and fund the same. In force March 26, 1872. 133. [NEW BONDS FOR OLD.] Ş 1.

That in all cases where any county, city, township, school district, or other municipal corporation, have issued bonds or other evidences of indebtedness for money, on account of any subscription to the capital stock of any railroad compuny, or on account of or in aid of any public improvement, or for any

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