able on the first day of January, eighteen hundred and seventy, and shall bear interest at the rate of six per cent. per annum, from the first day of January eighteen hundred and forty-nine, payable semiannally on the first day of July and January thereafter, until the maturity of said bonds or the redemption of the principal: Provided, That the legislature may at any time after the first day of January, eighteen hundred and fifty, determine by law that said bonds or any portion thereof, designating the same by their respective amounts, dates and numbers, shall be redeemable forthwith or at any definite period prior to the first day of January, eighteen hundred and seventy. pur treasurer to give notice, &c. for redemption of mon Sec. 3. Whenever there shall be in the state treasury any funds applicable to the redemption of said bonds, and set apart for that When state pose by the legislature, under the provisions of the preceding section, the State Treasurer shall cause a notice to be given in the State paper for eight weeks successively, that the bonds, (describing them particularly by amounts, dates and numbers,) designated by the act of the legislature last aforesaid, will be redeemed on presentation at the state treasury, in specie or its equivalent; and 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. treasurer & Sec. 4. Upon the surrender of any of said warrants under the provisions of the first section of this act, the State Treasurer shall cancel Duties of the same, and the fact of such cancelment, together with the amount of aud, generalthe new bonds to be issued for each parcel so canceled, shall be certified to the Governor by the State Treasurer and Auditor General, and for such fractional sums less than fifty dollars, as may be found due on any parcel of warrants so surrendered, the Auditor General shall draw a warrant on the internal improvement fund. Bonds recei ment for lands. oth Sec. 5. All the bonds issued under the preceding sections of this act, and the coupons of the same as they severally became due, shall be vable in pay. receivable for any of the following lands not reserved from sale or erwise appropriated, viz: internal improvement lands, state building lands, asset lands, salt spring lands, and for university lands, to the amount now authorized by law to be received in internal improvement warrants for the said university lands: Provided, That upon the reception and payment of any such bonds, the coupons not due shall remain attached thereto, or the amount of any coupon not due, which shall be detached therefrom shall be deducted from the principal of any such bond or bonds. Sec. 6. The State Treasurer is hereby authorized to pay up and cancel the coupons falling due in January and July annually upon pay up and the bonds, by the preceding sections of this act authorized to be issued, tain coupons from any moneys to the credit of the general fund, subject, however, Treasurer to cancel cer Duties of aud. general P.camble. to the same conditions and restrictions as those contained in the act to provide for the payment of interest on the liquidated portion of the five million loan, approved January twenty-ninth, eighteen hundred and forty-eight. Sec. 7. It shall be the duty of the Auditor General, at the time of estimating any deficiency in the appropriate funds to meet the interest falling due and payable under the provisions of the act to liquidate the public debt and to provide for the payment of the interest thereon, approved March eight, eighteen hundred and forty-three, to add to such deficiency the amount of coupons and interest then due and unpaid upon all the outstanding bonds authorized to be issued under the provision of this act, and also to add to such deficiency the amount of coupons and interest then due and unpaid upon all the outstanding stock or bonds authorized to be issued under the provisions of the acts as follows, to wit: "an act to provide for the relief of the Palmyra and Jacksonburg rail road company," approved June twenty-two, eighteen hundred and thirty-seven, and "an act to provide for the relief of the Detroit and Pontiac rail road 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; And whereas, Doubts are entertained as to the power of surrendering under said act, a part only of said bond, and as the legislature, by "an act to authorize the sale of the Central rail road and to incorporate the Michigan Central rail road company," approved March twenty-eight, eighteen hundred and forty-six, did reduce the rate of damages claimed from twenty-five 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, Sec. 8. Be it further enacted, That upon the surrender at the treasury of this State of any of the said part paid five million loan bonds still outstanding, the holder of the same 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-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. When bonds to be issued. Denominat'n when paya Sec. 9. The stock to be issued under the provision of the preceding section, may be issued in bonds of one thousand dollars, as far as prac- of bonds, ticable; said new bonds shall be drawn payable, principal and interest, ble, &c. at such place in the city of New York 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, and shall bear an interest of six per cent per annum from the first day of January next, after the surrender of the said part paid bond, and be payable semi-annually on the first Cancelment &c. days of July and January thereafter until the maturity of said bonds, or the redemption of the principal. Sec. 10. Upon the surrender of any such original part paid bond, under of old bonds, 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. Sec. 11. All bonds to be issued under the provisions 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. Form and requisites for bonds. Holders of Sec. 12. The holders of said bonds shall be entitled to demand and said bonds receive from the United States Bank, and Morris Canal and Banking to be entitled state on U. S. to claim of Company, in sums proportionate to the amounts of their respective Bank & Mor bonds whatever may be due from the said United States Bank and Banking Co. Morris Canal and Banking Company, or either of them, to this state, ris Canal growing out of the negotiation with said institutions or either of them, Sec. 13. This act shall take effect from and after its passage. No. 174. AN ACT to provide for the completion of the capitol buildings, and for the improvement of the capitol grounds, and making appropriations therefor, and for the erection of a bridge and improvement of streets on a portion of the town plat of Michigan. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the sum of three thousand six to be expen. gen'l. hundred and fifty dollars be and the same is hereby appropriated, to Appropriat'n be drawn from the state building fund, for the purpose of paying the ded by aud. excess of expenses already incurred over the previous appropriation therefor, and also for the completion and preservation of the capitol buildings, and the improvement and fencing of the capitol grounds, to be expended under the supervision of the Auditor General. urer to pur blocks, &c. Sec. 2. For the purpose of making a purchrse and procuring a State treasconveyance to the state of thirty acres of land for the use and benefit chase cert'in thereof, as selected by the acting commissioner to locate the capitol, and described upon the plat of the town of Michigan as blocks Nos, 91, 100, 101, 111, 112 and 249, the State Treasurer is hereby authorized, out of any moneys in the treasury belonging to the state building fund, not otherwise appropriated, to pay to the Commissioner of the State Land Office the sum of one dollar to the credit of the primary school principal fund, and the said commissioner is hereby required, upon the receipt of said sum to issue to the state in the name of the State Treasurer, a certificate of purchase of said lands, and upon the receipt of said certificate, the Governor shall make to the state a patent for said lands, and cause the same to be recorded by the county register, and thereafter filed in the office of the Secretary of State. Sec. 3. For the purpose of providing for, and promoting the erection Appropriat'n of school houses, churches and asylums for the insane, deaf, dumb and for school houses, &c. blind, and for setting apart suitable grounds for cemeteries, in the said town of Michigan, the Commissioner of the State Land Office is hereby authorized to make a selection from lots and blocks belonging to the school fund or to the state, of so much ground as may be necessary for the above purposes, to be located in such parts of the town of Michigan as will best promote the public convenience, enhance the value of the other school lands upon said plat, and increase the interest of the state therein; and thereupon the said commissioner is authorized to designate such selections upon the plat of Michigan, and withhold the same from sale until a law shall hereafter be passed directing specific donations thereof for the purposes of schools, churches, asylums and cemeteries, as aforesaid: Provided, The said commissioner may in his discretion lease any of the grounds so reserved at a nominal rent, to be occupied and used for any of the above purposes, and until a donation thereof shall be directed as above provided. |