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stitute board

sioners.

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Sec. 2. The judge of probate, the county treasurer and who to con: the three members of the board of auditors of Wayne county, of sinking and their respective successors in office shall constitute a fund commisboard of commissioners of the Wayne county sinking fund. The persons holding such offices at the time this act takes effect When to shall meet at the office of the board of auditors of Wayne county at ten o'clock on the second Monday after this act takes effect, and notice of such meeting shall be given to each of the members of said board of commissioners by the clerk of the board of auditors. Thereafter they shall meet from time to time upon the call of the chairman, or of any two members of said board of commissioners for the transaction of business and they may adopt rules of procedure at their meetings. The judge of probate shall be chairman of such board Officers of. of commissioners and shall preside at all meetings. In his absence the chairman of the board of auditors shall preside. The clerk of the board of auditors shall act as the clerk of said board of commissioners, and shall keep a record of all the proceedings of said board of commissioners. A majority Quorum. of the whole board shall constitute a quorum for the transaction of business, but they shall not purchase any of the bonds of the county, or invest any of the moneys belonging to the sinking fund, or change the depository of the moneys belonging to the sinking fund, except under a resolution for that purpose passed and approved by the affirmative vote of a majority of the whole board at a meeting regularly called, and by yeas and nays to be entered of record.

Sec. 3. Immediately upon the first meeting of said board Money in of commissioners as provided in section two of this act, all controlled by the moneys, accounts in banks and trust companies, and all securities and property of every kind belonging to the sinking fund of the county of Wayne, shall, by virtue of this act, be transferred to, and become the property of the said board of commissioners, and all sums included for sinking fund purposes in any tax levy heretofore made, whether the same shall have been transferred to the sinking fund when this act takes effect or not, shall, when collected, become a part of said sinking fund and be paid over to said board of commissioners, and all future additions to the sinking fund, whether arising under the provisions of section one of this act, or under the provisions of any law heretofore or hereafter enacted, or from income upon investments of such fund, shall be the property of said board, all to be held for the payment and retirement of the principal of the funded indebtedness of the county of Wayne and for no other purpose.

Sec. 4. The county treasurer shall act as the treasurer of who to be said board of commissioners and shall pay out the moneys duties, etc. of said sinking fund only under a resolution of said board adopted by a majority of all the members of said board by a yea and nay vote to be entered in its record, and upon a warrant signed by the chairman of said board of commissioners and the chairman of the board of auditors; and all the bonds and other evidence of value belonging to said board of com

sinking fund

board.

When board may sell securities.

missioner's shall at all times be kept in some safety deposit vault in a suitable receptacle so constructed that it cannot be opened without the use of three dissimilar keys, and one of such keys shall at all times be in the custody of the chairman of said board of commissioners, one of them in the custody of the county treasurer, and one of them in the custody of the chairman of the board of auditors, and said receptacle shall only be opened in the presence of at least three of said com

missioners. When board Sec. 5. From time to time as they shall have funds availmay purchase outstanding

able therefor, and shall be able to do so to advantage, said board bonds.

of commissioners shall purchase the outstanding bonds of the county of Wayne upon the best terms obtainable, and such bonds so purchased shall not be deemed to be paid or cancelled by such purchase but shall become the property of said board of commissioners, and unless said board of commissioners shall re-sell such bonds under the provisions of section six of this act the interest thereon shall be regularly paid to said board and added to said sinking fund until the maturity of said bonds, or until the amount in said sinking fund shall equal all the outstanding funded indebtedness of said county of Wayne. Immediately upon the purchase of any such bonds said board of commissioners shall make and file with the board of auditors a certificate describing the bonds so purchased and the date of such purchase.

Sec. 6. If, in order to pay at maturity any of the bonds of said county of Wayne, it shall be necessary to convert into cash any of the bonds, investments or securities held by said board of commissioners, said board shall have power to re-sell any of the bonds of said county of Wayne owned and held by said board which mature at a later date than those for the payment of which funds are to be provided by such re-sale, provided that such re-sale shall only be made by the unanimous consent of all the members of said board of commissioners to be entered upon its records and signed by all its members, and shall not be made more than six months before the maturity of the bonds for the payment of which funds are so to be provided. When any of the bonds of the county of Wayne have been so re-sold the said board of commissioners shall file with the board of auditors a certificate describing the bonds sold with the date of such sale.

Sec. 7. Said board of commissioners shall have power, when. ever it is not possible to purchase outstanding bonds of said county of Wayne op terms by them deemed to be advantageous, to invest the moneys in said sinking fund in the bonds of the United States, or of the State of Michigan, or in the public debt or bonds of any city, county, township, village or school district of the State of Michigan which shall have been authorized by the Legislature of said State, provided the total indebtedness of such city, county, township. village or school district does not exceed five per cent of its assessed valuation. All income derived from such investments shall become a part of said sinking fund. Said board shall have power to re-sell

How board may invest moneys.

showing ma

any of the bonds purchased under the authority of this section upon the unanimous consent of all the members of said board of commissioners to be entered upon its records and signed by all the members of said board of commissioners to be entered upon its record and signed by all its members. Every bond or Bonds, how evidence of value purchased by said board of commissioners shall immediately, upon its purchase, be stamped or 'indorsed by the county treasurer with the following words: “This bond is the property of the board of commissioners of the Wayne county sinking fund, and is not transferable without the writ. ten consent of the board of commissioners; attested by the chairman of the commission, the chairman of the board of auditors and the county treasurer indorsed thereon. Sec. 8. Said board of commissioners shall have power to Depositing

by deposit money belonging to said sinking fund in one or more board. banks or trust companies pending investment thereof, and to contract with such banks or trust companies for the payment of interest upon such deposits. And they shall require of any bank or trust company receiving such deposits a bond in appropriate amount with sufficient sureties to be approved by said board of commissioners conditioned for the repayment on demand of such deposits. All interest received from such deposits shall become a part of said sinking fund.

Sec. 9. Not less than three months before the maturity of Certificate any of the bonds of the county of Wayne, it shall be the duty of turity of the board of auditors to prepare and file with said board of commissioners a certificate showing the number and amount of with whom such bonds not belonging to said board of commissioners, and the time when the same become due, and showing also the amount necessary to be provided out of the sinking fund for the payment of the principal of such maturing bonds not the property of said board of commissioners; and thereupon it shall be the duty of said board of commissioners to provide out of said sinking fund, and before the maturity of said bonds to pay over to the county treasurer the sum so specified in said certificate, or so much thereof as can be provided by the conversion of all the bonds, investments and securities in said sinking fund other than the bonds of the county of Wayne maturing at the time mentioned in the said certificate. And upon payment to the said board of commissioners of the interest to maturity upon any of the bonds of said county of Wayne held by said board, it shall be the duty of said board to surrender up to be cancelled said bonds, with the coupons for interest so paid.

Sec. 10. At any time when the sinking fund shall equal the when board amount of the funded indebtedness of the county of Wayne, it shall be the duty of the board of commissioners to acquire bonds. by purchase the outstanding bonds of said county of Wayne as rapidly as the same can be acquired upon such terms as shall not reduce the amount of such sinking fund below the amount of such funded debts, and when all the outstanding indebted. ness of the county of Wayne shall have been acquired by said

bonds, bv whom and

.

to pichase outstanding

Board to serve without compensation.

Penalty for wrongful use of funds.

board of commissioners the same shall be surrendered to and cancelled by said board of commissioners.

Sec, 11. Neither the clerk of the board of auditors, nor any member of said board of commissioners, shall, for the performance of any of the duties prescribed in this act, receive any compensation other than that which they severally receive as judge of probate, county treasurer, member of the board of auditors and clerk of the board of auditors of Wayne county.

Sec. 12. No member of said board, or other person, shall direct, or shall permit any part of the said sinking fund to be used for any purpose or in any manner other than those specified in this act, and any person who shall knowingly violate any of the provisions of this act, shall be deemed guilty of a misdemeanor and shall be punished by a fine not exceeding ten thousand dollars, or by imprisonment for a period not exceeding ten years, or both, in the discretion of the court.

SEC. 13. Said board of commissioners shall during the month of January in each year submit to the board of supervisors of Wayne county a complete detailed report of their doings for the previous year.

Sec. 14. The treasurer of said board of commissioners shall before receiving any funds under the provisions of this act furnish a surety company bond to said board in a penal sum to be determined by the judges of the circuit court for the said county of Wayne, the expenses of said bond to be paid for by the county of Wayne.

SEC. 15. Act number three hundred eighty-four of the Local Acts of the year one thousand nine hundred and one, entitled “An act to provide a sinking fund to pay the bonded indebt. edness of Wayne county,” is hereby repealed.

This act is ordered to take immediate effect.
Approved April 9, 1903.

Board to make report.

Treasurer to give bonds.

Act repealed.

[No. 410.]

AN ACT to authorize the city of Onaway, in the county of

Presque Isle, to raise by bonding said city of Onaway sum not exceeding twenty thousand dollars, for the purpose of extending and completing the system of water-works in said city.

Bond issue by city.

The People of the State of Michigan enact: SECTION 1. The city of Onaway, in the county of Presque Isle, is hereby authorized and empowered to borrow money, on the faith and credit of said city, and issue bonds therefor, to any amount, not exceeding twenty thousand dollars, to be expended in extending and completing the system of waterworks in said city, and erecting all necessary buildings. laying all necessary pipes, and purchasing all necessary machinery

Money, how expended.

be submitted

ballot.

Election, how conducted.

and such other labor and materials as shall be necessary for
the extension and completion of said water-works: Provided, Previso.
That a majority of the electors of said city voting on such
proposition at a regular or special election held in accordance
with the provisions of this act, shall vote in favor of said
loan and not otherwise.

SEC. 2. The question of raising said money shall be sub- Question to mitted by the city council to the electors of said city at any to electors. election specified in this act, and the vote shall be taken as near as may be in accordance with the provisions of act number two hundred fifteen of the Public Acts of eighteen hundred ninety-five, entitled "An act to provide for the incorporation of cities of the fourth class," approved May twentyseventh, eighteen hundred ninety-five. The city council shall have the power to order a special election or submit said question at any regular election hereafter to be held, when it may, by the city council, be deemed necessary to carry out the provisions of this act.

SEC. 3. The vote upon such proposition shall be by printed Form of ballot in the following words:

“For bonding the city of Onaway for the extension and completion of the system of water-works-Yes. []”

"For bonding the city of Onaway for the extension and completion of the system of water-works-No. []”

Said election shall be conducted and the votes thereat canvassed in all respects as in other city elections and immediately upon the conclusion of such canvass the inspectors shall make and sign a certificate showing the whole number of votes cast upon such proposition and the number for and against it. Said inspectors shall endorse upon such certificate a declaration of the result of such election, which certificate and declaration shall then be filed with the clerk of said city.

Sec. 4. If such loan shall be authorized by a majority of When bonds the electors voting on such proposition at such election, bonds may be issued in such sums, not exceeding in all the sum of twenty thousand dollars and payable at such times and at Rate of such rate of interest, not exceeding six per cent per annum, as the city council may by resolution direct, and such bonds shall be signed by the mayor of said city and countersigned by the clerk of said city, and negotiated by and under the direction of the city council for a sum not less [than) the par value thereof, and the money arising therefrom, shall, under the direction of the city council, be applied for the purpose for which said money was raised and for no other purpose, and said city council shall have the power, and it shall be their duty to raise by tax upon the taxable property of said city such sum or sums as shall be sufficient to pay said bonds and the interest thereon when the same shall become due.

This act is ordered to take immediate effect.
Approved April 9, 1903.

may be issued.

.

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