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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.] $ 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. 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.] § 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 so 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 corporations, 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.] § 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 company, or on account of or in aid of any public improvement, or for any
other purposes, which are now binding or subsisting legal obligations against any such county, city, township, school district or other municipal corporations, and remaining outstanding, and which were properly authorized by law, the proper authorities of any such county, city, township, school district or other municipal corporation may, upon the surrender of any such bonds, or other evidences of indebtedness, or any number thereof, issue in place or in lieu thereof, to the holders or owners of the same, new bonds or other evidences of indebtedness, in such form, for such amount, upon such time, not exceeding the term of twenty years, and drawing such rate of interest as may be agreed upon with such holders or owners: Provided, such new bonds or other evidences of indebtedness, shall not be for a greater sum than the principal sum or sums named in such original bonds or other evidences of indebtedness, nor bear a greater rate of interest than the rate represented in the original bonds or other evidences of indebtedness; and such bonds or other evidences of indebtedness, so issued, shall show on their face that they are issued under this act: And, be it further provided, that the issue of such new bonds in lieu of such indebtedness, shall be authorized by a vote of a majority of the legal voters of such county, city, township, school district or other municipal corporation, voting either at some annual or special election of such municipal corporation. [R. S. 1874, ch. 113, § 27, p. 796.
AN ACT to require state and county treasurers to deliver up bonds and coupons issued in aid of railroad or other corporations, which have been paid, to any person or persons who may be authorized by any county, town or city to receive the same. In force July 1, 1872.
134. [PAID BONDS DELIVERED UP.] § 1. That the treasurer of state, and all county treasurers in the state, at whose office any county, town or city bonds or coupons are made payable by law, which have been issued in aid of any railroad or other corporation or in. payment of the stock of any such railroad or other corporation in this state, shall, at least once in each year, after this act shall be in force, if so requested by the proper authorities of any such county, town or city, account to and with any person designated by any such county, town or city, for any and all money that may have come to his or their hands for the payment of any bonds or coupons, so issued as aforesaid, and shall, upon such accounting, deliver up to such person. so designated by any of the counties, towns or cities aforesaid, any and all bonds or coupons that he or they may have fully paid off and discharged out of the money coming into their hands for such purpose, and to take a voucher for all such bonds or coupons so delivered. [R. S. 1874, ch. 113, § 24, p. 795.
135. [FEES-SALARY.] 2. There shall be allowed and paid out § to the county treasurers, and to the county, town and city collectors for collecting, receiving and paying out any and all taxes levied for the payment of any such bonds or coupons or interest on the same, the amount of one-half per centum, as fees for such service, and no more, for such amount so paid out: Provided, if any of the above officers are now or may be hereafter paid a salary for the performance of of these duties, then they shall not be paid any other compensation whatsoever. [R. S. 1874, ch. 113, § 25, p. 795.
AN ACT to provide for the payment of the registered indebtedness of counties, townships, cities and towns. In force July 1, 1874.
136. [SURPLUS FUNDS.] § 1. On the first day of July each year, the treasurer and auditor shall estimate the amount of surplus funds which will remain in the state treasury to the credit of each of the local bond funds, after deducting the amount necessary for the payment of all interest on the registered railroad bonds which will fall due before the receipt of taxes by the next levy; and on the third Monday of September of each year such surplus shall be applied to the purchase of such registered bonds, at not more than par, on their presentation at the state treasury, in the manner hereinafter provided. [R. S. 1874, ch. 113, § 29, p. 796.
137. [PUBLICATION.] § 2. The treasurer shall, during the month of July of each year, publish such detailed estimate, showing the surplus, if any, to the credit of the bond fund of each county, township, city or town having a registered railroad debt, with the announcement that on the third Monday in September following, such surplus shall be used at the state treasury in the purchase from the lowest bidder, at not more than par, of the indebtedness of the counties, townships, cities and towns registered in pursuance of law. The surplus to the credit of each county, township, city or town shall only be applied to the purchase of the registered bonds of such county, township,city, or town. The publication required to be made by the treasurer shall be made for five days during the month of July in some daily paper of general circulation in the cities of Springfield and Chicago. [R. S. 1874, ch. 113, § 30, p. 796.
138. [BIDS RECEIVED BONDS CANCELED.] § 3. Bids shall be received until noon of such third Monday of September, when the treasurer and auditor shall open them and make awards to the lowest bidders; and upon any such payment or purchase of such bonds, the amount paid upon the principal thereof shall be indorsed on said bonds, and receipts therefor shall be taken and filed in the office of state treasurer; and the bonds, when fully paid, shall be canceled by the state treasurer and returned to the proper officers of the locality issuing the same. [R. S. 1874, ch. 113, § 31, p. 797.
139. [How SURPLUS FUNDS INVESTED.] § 4. If there shall be no proposals to sell the bonds of any county, township, city or town, at not more than par, sufficient to absorb such surplus funds, it shall be the duty of the treasurer to invest such surplus not expended in the payment or purchase of such bonds, in United States bonds at their market value; and thereafter the interest on such United States bonds shall be added to the fund to which such bonds belong, and on the first of July of each year the value of such United States bonds belonging to the several funds shall be considered in the estimate made by the auditor and treasurer aforesaid. The United States bonds shall be sold and the proceeds applied to the purchase of 'registered bonds offered, at not more than par, on the third Monday in September. And whenever the invested surplus of any local bond fund shall be equal to the amount outstanding of the registered indebtedness of the county, township, city or town to which such funds belong, such
county, township, city or town shall cease to receive the benefits of the act of April 16, 1869; and the auditor shall only levy for interest, in case the interest earned by such invested surplus shall not be sufficient to pay the interest on the registered bonds outstanding. [R. S. 1874, ch. 113, § 32, p. 797.
AN ACT to amend an act entitled "An act to limit and determine the time for which counties, cities, townships, towns and precincts in this state, shall be liable and holden to issue aid for the building of any railroad in pursuance of any vote taken in conformity to the laws of this state," approved March 17, 1874. In force July 1, 1877.
140. [LIMITS TIME OF ISSUING BONDS.] § 1. That the liability of all counties, cities, townships, towns or precincts, which have voted aid or donations to or subscriptions to the capital stock of any railroad company in conformity to the laws of this State for the building, or in aid of the building, of any railroad to, into, through or near such county, city, township, town or precinct, to issue such voted aid, shall cease and determine upon and after the first day of July, A. D. 1880 : and no bonds shall be issued, or stock subscribed, to any such railroad company after that date upon account of or upon the authority of such vote: Provided, This act shall not apply in any case where the express conditions of the vote for such aid shall extend the time for the building of such railroad beyond the said date; And it is further provi ded, That this act shall not apply in any case where any railroad shall have been built or shall before said date be built, in accordance with the conditions of the vote for aid to such railroad; and it is further provided, That this act shall not apply to any case where such aid shall have been deposited, or shall before said date be deposited with any trustee or trustees, upon written or printed conditions to be delivered to said railroad company at some future time: Provided further, That this act shall not be construed so as to require any county, city, township, town or precinct to issue, pay or deliver any such aid or bonds where the same may have been voted and subscribed upon any condition or conditions which shall not be complied with within the time expressed in the notice of election, proceedings or vote authorizing such aid to be paid or given. [Laws 1877, § 1, p. 157.
AN ACT to amend an act entitled "An act relating to county and city debts, and to provide for the payment thereof by taxation in such counties and cities," approved February 13, 1865; and to amend the title thereof. Approved and in force April 27, 1877.
141. [TITLE OF ACT.] § 1. That an act entitled "An act relating to county and city debts, and to provide for the payment thereof by taxation in such counties and cities," approved February 13, 1865, and the title of the said act be, and the same are hereby, so amended as to be and read as follows: The title of the said act shall be; An act to enable counties, cities, towns, townships, school districts and other municipal corporations to fund, retire and purchase their outstanding bonds and other evidences of indebtedness, and to provide for the registration of new bonds or other evidences of indebtedness in the office of the Auditor of Public Accounts.