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notes, in stocks or bonds of the United States, in stocks or bonds of the state of Ohio, or of any municipality or county thereof, or in mortgages on unincumbered real estate within the state of Ohio worth double the amount loaned thereon. If the amount loaned shall exceed one-half the value When strucof the land mortgaged, exclusive of structures thereon, gaged land such structures shall be insured in an authorized fire insur- sured and for ance company in any amount not less than the difference how much. between one-half the value of such land exclusive of structures, and the amount loaned, and the policy assigned to the mortgagee.
Sec. 3598. A company organized under the laws of How home comthis state may invest its accumulations as follows, and may vest accumusell, change, or reinvest the same, or any part thereof, at lations. pleasure:
1. In United States, state, county, or city bonds, if the market value of the bonds at the date of purchase, is at least eighty per cent of their par value.
2. In bonds and mortgages upon unincumbered real estate, the market value of which real estate is at least double the amount loaned thereon, at the date of invest- When strucment. If the amount loaned shall exceed one-half the value gaged land are of the land mortgaged, exclusive of structures thereon, such to be insured structures shall be insured in an authorized fire insurance much. company in an amount not less than the difference between one-half the value of such land, exclusive of structures, and the amount loaned, and the policy assigned to the mortgagee; and the value of such real estate shall be determined by a valuation, made under oath, by two real estate owners, residents of the county where the real estate is located.
3. In loans upon the pledge of such bonds or mortgages, if the current market value of the bonds or mortgages is at least twenty-five per cent more than the amount loaned thereon.
4. In loans upon its own policies, not exceeding the reserve or present value thereof computed according to the American experience table of mortality, with interest at four per cent, the same being the amount of debts of life insurance companies by reason of their outstanding policies in gross.
This section shall not prohibit any company from accepting any other assets than herein enumerated in payment of debts due the company, in order to protect its interests, or from acquiring real estate for its own use, or by foreclosure in accordance with the laws of the state. SECTION 2.
That section 3591 and section 3598 be and Repeals. the same are hereby repealed.
SECTION 3. This act shall take effect and be in force from and after its passage.
A. G. COMINGS,
CARL L. NIPPERT,
President of the Senate.
[House Bill No. 204.]
Appropriation for Louis H. Pike.
For the relief of Louis H. Pike, late a judge of the court of com
mon pleas of the first subdivision of the fourth judicial district
November 4, 1883, to March 20, 1881.
SECTION 1. That the sum of nine hundred and fortyfive dollars and twenty-two cents ($945.22) is hereby appropriated out of the general fund of the state, not otherwise appropriated, for the payment of the unpaid portion of the salary of Louis H. Pike, as a judge of the court of common pleas for the first subdivision of the fourth judicial district of Ohio, for the period of four (4) months and sixteen (16) days, beginning on the 4th day of November, 1883, the first day of his term, and ending March 20th, 1884.
SECTION 2. This act shall be in force from and after its passage. Speaker pro tem. of the House of Representatives.
CARL L. NIPPERT,
President of the Senate. Passed March 5, 1902.
City districts of first class : Cleveland.
[House Bill No. 28.)
of boards of education in city districts of the second grade of
the first class,” passed March 8, 1892 (87 v. 77). Be it enacted by the General Assembly of the State of Ohio:
SECTION I. That section 19 of an "act to provide for the reorganization of boards of education in city districts of the second grade of the first class" passed March 8, 1892 (Bates Revised Statutes section 3899-19) be and the same is hereby so amended as to read as follows:
(3899-19.) Sec. 19. No contract, agreement or other obligation involving the expenditure of money shall be entered into, nor shall any resolution or order for the appro priation or expenditure of money be passed by such school council, or by any officer of such board of education, unless the auditor of such board of education shall first certify that the money required for the contract, agreement or other obligation, or to pay the appropriation or expenditure, is in the treasury, to the credit of the fund from which it is to be drawn, and not appropriated for any other purpose, certificate shall be filed and immediately recorded; and the sum so certified shall not thereafter be considered unappro
When contract binding.
priated until such board of education is discharged from the contract, agreement or obligation, or so long as the resolution or order is in force; and all contracts, agreements or other obligations and all resolutions and orders, entered into or passed contrary to the provisions of this section, shall be void; provided that whenever any loan has been duly authorized by law for the use of such boards of education in city districts of the first class, second grade, the money to arise therefrom shall be deemed in the treasury for the purposes specified, within the meaning of this section. And provided further, that in such city districts of the second grade of the first class, contracts for improvements, extending for a period of one year, upon which payments are to be made from time to time as the work progresses, material is furnished or services performed, such boards of education are authorized to enter into such contracts if the estimated expenditure thereunder does not exceed the taxes levied for such purposes during the term of the contract, and in such cases the certificate of the auditor as herein provided shall not be required other than to state the amount of the levy and that the same is sufficient to pay such expenditures and has not been appropriated for any other purpose.
SECTION 2. That said original section 3899-19 of the Repeals. Revised Statutes of the state of Ohio be and the same is hereby repealed.
SECTION 3. This act shall take effect and be in force from and after its passage.
A. G. COMINGS,
CARL L. NIPPERT,
President of the Senate. Passed March 6, 1902.
(Senate Bill No. 2. ]
memorial building to commemorate the services of the soldiers,
state. Be it enacted by the General Assembly of the State of Ohio: SECTION 1. That whenever the commissioners of any County me
morial buildcounty by resolution passed by a majority vote of such com- ing. missioners shall certify to the governor that in their opinion it is desirable to erect, furnish and maintain a memorial building to commemorate the services of the soldiers, sailors, marines and pioneers of said county and to expend for such purpose an amount to be named by them not exceeding two hundred and fifty thousand dollars ($250,000) in any one Governor shall instance, the governor shall appoint a board of trustees of trustees. composed of five citizens of said county, not more than three
erection to be
of whom shall belong to the same political party, to be known as the “Memorial Association of
county, Ohio.” Compensation, SECTION 2. Said trustees shall receive no compensation ganization, etc.
but shall be entitled to be repaid their necessary expenses out of the fund hereinafter provided. All vacancies in the office of trustees sliall be filled in the same [manner) as the original appointment. Said trustees shall select from their number a chairman and secretary and shall hold regular meetings at such times and places as they may agree upon and special meetings under such regulations as they may prescribe; and cause to be kept a full record of their pro
ceedings. Question of
SECTION 3. Immediately upon the appointment and submitted to organization of said board of trustees, they shall certify to the
deputy supervisors of election of the county in which such board is organized the fact of their appointment and organization and direct the submission to popular vote at the next regular county election of the question of the issue of bonds in the amount specified by the county commissioners in their original resolution, and of the erection and maintenance of the memorial building contemplated. The deputy supervisors of election of said county shall submit said question to popular vote at the next regular county election with such forms of ballot as said deputy supervisors may prescribe and shall certify the result of said election to the board of trustees. If a majority of the votes cast at said election is in favor of said issuance of said bonds and the construction and maintenance of said memorial building, said board of trus
tees shall proceed as hereinafter authorized. Commissioners SECTION 4. Said board of trustees shall request the shall issue
commissioners of the county to issue and said commissioners shall thereupon issue the bonds of the county in such denominations for such period and bearing such rate of interest as the board of trustees shall specify, not exceeding the total sum determined upon in the original resolution of the commissioners Said bonds shall be sold for not less than par with accrued interest to the highest bidder after advertisement in two or more newspapers published or of general
circulation in said county for a period of thirty days., “Memorial
SECTION 5. The fund arising from the sale of said building tund."
- bonds shall be placed in the county treasury to the credit of
a fund to be known as “the memorial building fund."
Said fund shall be paid out upon the order of the board of Tax levy.
trustees, certified by its chairman and secretary. The commissioners of the county shall annually levy such amount of taxes in addition to all other levies authorized by law, as will pay the interest on such bonds and create a sinking fund sufficient to redeem the same at maturity. If upon the completion of the memorial building herein authorized an unexpended balance of the fund shall remain in the county treasury, such balance shall be placed and kept to the credit of the sinking fund provided by this act.
SECTION 6. The board of trustees shall have authority Board of trusto appoint an assistant secretary and employ such superin- assistant secretendents, architects, clerks, laborers and other employes as tary and em they may deem necessary and to fix their compensation; and tendents, etc. any of such persons may be removed by a majority of such trustees at any time. Such trustees shall, before making any expenditure of the fund herein authorized, give bond Shall givę bond. to the state of Ohio, in such sum as may be fixed by the county commissioners and to the approval of said commissioners. SECTION 7. The board of trustees shall have power to Board may ac
quire . acquire by purchase, appropriation or otherwise, any private or public lands which they may deem necessary for their use. and in case of condemnation the proceedings shall be the same as those governing the appropriation of lands by counties for other county purposes.
SECTION 8. The board of trustees shall have power to May prepare prepare or cause to be prepared plans and specifications and plans and specito make contracts for the construction of a memorial build- make contracts. ing for the purposes herein specified and within the amount authorizeri. In making such contract, the board of trustees How board shall be governed as follows:
making con First. Contracts for construction shall be based upon detailed plans, specifications, forms of bids and estimates of cost, to be adopted by the board of trustees.
Second. The contracts shall be made in writing upon concurrence of a majority of the board of trustees, signed by the president and secretary of the board and by the contractor, after an advertisement in two newspapers published or of general circulation in the county, for a period of thirty days.
Third. No contract shall be let except to the lowest and best bidder who shall give a preliminary and a final bond conditioned respectively, that he will enter into the contract if awarded to him and that he will faithfully perform the work and furnish the material agreed upon.
Fourth. When it becomes necessary in the opinion of the board of trustees in the prosecution of said work to make alterations or modifications in any contract, such alterations or modifications shall only be made by order of the board and such order shall be of no effect until the price to be paid for the work or materials under such altered or modified contract has been agreed upon in writing and signed by the contractor and the chairman and secreta of said board.
Fifth. No contract or alteration or modification thereof shall be valid or binding unless made in the manner herein specified.
SECTION 9. No member of the board of trustees or any No member or officer or employe thereof shall be interested in any contract board shall be entered into by said board: nor shall any trustee or officer interested in or employe of the board be individually liable to any con made by board. tractor upon any contract made in pursuance of this act, nor to any person on any claims occasioned by any act or de