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thousand and be less than one hundred thousand, shall have power and authority to borrow money and issue bonds to an amount not greater in any one year than five per cent of the Amount of total assessed valuation of said district, nor to a total amount, including all outstanding bonded indebtedness of said district, exceeding eight per cent of the assessed valuation of said district, and at a rate of interest not to exceed that which may be paid on school bonds issued under the provisions of the general school laws, subject, however, to all provisions of law now or hereafter in force relative to the submission to the electors of such district of any or all questions relative to such borrowing of money and issuing of bonds therefor.

Am. 1919, Act 113; 1921, Act 45. The issuance of bonds for school purposes by a city after the enactment of Act No. 150, P. A. 1915, transferring said authority, from the city to the school authorities, was ultra vires, and a decree restraining such contemplated action was entered in the appellate court.—MacQueen v. City Com. of Port Huron, Sec. 2. Repealing clause.

An Act to authorize school districts in cities having a population of

more than two hundred fifty thousand and comprising a single school district to borrow money to make permanent improvements by the issue and sale of bonds.

[Act 226, P. A. 1919.)

purposes.

The People of the State of Michigan enact: (656) SECTION 1. Whenever the board of education of when may any school district in any city having a population of more issue bonds; than two hundred fifty thousand and comprising a single school district by resolution determines to purchase any buildings, or sites for buildings, playgrounds, athletic fields, or other lands which it is authorized to purchase; or to institute condemnation proceedings to acquire any buildings or sites for buildings, playgrounds, athletic fields, or other lands which it is authorized to acquire; or to erect or equip buildings which it is authorized to erect or equip; or to make any other permanent improvement which it is authorized to make, and the common council, city commission or other legislative body of the city in which said district is situated shall by resolution consent to and approve of the resolution by which said board of education so determines, said school district may, to purchase said buildings, sites or other lands, or to pay awards made in said condemnation proceedings, or to erect or equip said buildings, or to make any other said permanent improvement, borrow money by the issue and sale of bonds.

(657) SEC. 2. Definition. The words “a single school “Single school district” as herein used shall signify the principal or domi- district" de nating district in any city in which there is a principal or dominating district and but parts of other districts in outlying sections, and shall signify also the school district in

etc.

Resolution to

any city wherein the territorial limits of said district and the jurisdiction of its board of education are coterminous and

coextensive with the territorial limits of said city. Bonds, desig- (658) SEC. 3. Bonds issued and sold hereunder shall be nation of.

designated General Public Improvement Bonds, School District of

(here is to be inserted the name of How issued, the city in which said district is situated); they may be is

sued and sold on the faith and credit of said district for a fixed term of years, not exceeding thirty, payable at the end thereof or in serial form with pro rata apportionment of sums payable annually; to bear interest, payable semi-annually, at a rate not to exceed six per centum per annum; to be payable, both principal and interest, in gold coin of the United States of the standard of weight and fineness as of their date, or in lawful money of the United States; and in amounts, manner and form determined as herein provided.

(659) SEC. 4. The board of education of said district may issue.

from time to time by resolution determine to issue and sell bonds hereunder on the faith and credit of the district; in its said resolution said board shall determine the sum of the bonds to be then issued and sold, the term of years for or over

which they shall run, and a maximum rate of interest, payWhere trans- able semi-annually, thereon. Said resolution shall be transmitted.

mitted to the legislative body of the city in which the district is situated and said legislative body may consent to and approve of the contemplated issue and sale of said bonds if upon the issue and sale thereof the gross debt of said district will not be in excess of two per centum of the assessed value of all the real and personal property in said district; or may, at its option, submit the same to the electors of said district at any election, general or special; or may refuse to consent to and approve thereof, which refusal shall not preclude re

newal of the project to issue and sell said bonds. If said approved

legislative body consents to and approves of the contemplated issue and sale of said bonds or if a majority of said electors voting thereon approve the same and by the issue and sale thereof the gross debt of said district will not be in excess

of two per centum of the assessed value of all the real and Sale of bonds. personal property in said district; or if three-fifths of the

electors voting thereon approve the contemplated issue and sale of said bonds and by the issue and sale thereof the gross debt of said district will not be in excess of five per centum of the assessed value of all the real and personal property in said district, said legislative body shall by resolution determine the amounts of the several bonds which are to make up the sum of those to be issued and sold, the medium in which principal and interest will be payable, and where the same will be payable, and direct the controller or other like ministerial officer of said city to advertise, in manner and form and for a time by said legislative body prescribed, for sealed proposals to be by said ministerial officer received to a day and hour in said resolution fixed, or for open proposals to be

When

by electors.

sals accepted.

received at an auction of said bonds to be conducted by said ministerial officer in the meeting place of said legislative body on a day and at an hour in said resolution fixed, proposals to be for said bonds at the greatest premium above par and the rate of interest in said resolution named, not greater than the maximum determined upon by said board of education, or at par and the lowest rate of interest named in the proposals, all proposals to indicate whether bonds are desired to be payable at the end of the term of years for or over which they are to run or in serial form with pro rata apportionment of amounts payable annually. Said legislative body May reject, may accept proposals or may reject them, and may direct said etc.

, pro

posals. ministerial officer to further advertise for proposals.

(660) Sec. 5. Whenever said legislative body shall accept when propoproposals for bonds it shall by resolution determine its acceptance thereof, authorize the sale of said bonds, determine the form of the bonds to be issued and sold, consistent with said acceptance, and direct said ministerial officer to prepare the same as coupon bonds or, if the purchaser thereof shall have so elected, as registered bonds. This resolution shall be transmitted to said board of education and if it be ratified by resolution of said board said ministerial officer shall so prepare said bonds. (661) Sec. 6.

SEC. 6. Said bonds shall be signed by the presi- Who to sign, dent of said board of education and bear the seal of said school district; be dated, numbered and recorded as may be by law directed as to bonds of the city in which said district is situated; be countersigned by the mayor or other like executive officer of said city and by said ministerial officer thereof and be attested by the city clerk of said city; and be delivered to the treasurer of said school district who shall, upon the outside fold thereof, certify over his signature and official title that

etc., bonds.

“This bond has been issued and sold in compliance with law; has been duly entered in the books of this office; and the par value of same, and all premiums on sale, and interest accruing before delivery, have been paid into this office.

Upon payment to him of the moneys payable under the ac- Delivery. cepted proposals therefor, with interest accrued to date of delivery, said treasurer shall deliver said bonds to those entitled thereto. Premiums and accrued interest shall be credited to the interest fund. Principal shall be used only Premiums, for purposes for which said bonds were issued and sold, and credited. shall be controlled and disbursed as is by law directed with reference to other funds of said district. Principal and interest shall be paid, and exchange of coupon bonds for registered bonds shall be made, as is by law directed with reference to like matters related to other bonds. No bonds shall be issued No bonds at and sold hereunder at less than par, nor if disapproved on a

less than par.

referendum, but disapproval shall not preclude re-submission

or renewal of project to issue and sell said bonds. Annual budget, what (662) Sec. 7. In the annual budget of said board of to include.

education there shall be included and appropriated sums to be raised by taxation sufficient to pay interest on bonds issued

and sold hereunder and to pay principal due on serial bonds Sinking fund. at maturity; in said budget, to provide a sinking fund for

the payment of bonds payable at the end of a fixed term of years, there shall be included and appropriated each year prior to the fiscal year in which said bonds mature at least a pro rata part of seventy-five per centum of the principal thereof, to be raised by taxation, and in the budget of the fiscal year in which said bonds mature there shall be included and appropriated amounts to be raised by taxation sufficient, with the amounts previously provided and the increment

thereof, to pay said bonds at maturity. Provisions. (663) Sec. 8. The provisions hereof are supplemental to, construed.

and are not to repeal, other provisions of law under which bonds of said district are authorized to be issued and sold, but no bonds shall be issued and sold hereunder by authority of said board of education and legislative body, even though approved by a majority vote of the electors, which, with other bonds of the district, will make the gross debt of said district

in excess of two per centum of the assessed value of all the Maximum real and personal property in the district. Bonds may, howgross debt.

ever, be issued and sold hereunder which, with other bonds of said district, will make said gross debt in excess of said two per centum, if approved by a three-fifths vote of the electors voting thereon at any election, general or special, but in no case shall bonds be issued and sold hereunder which with other bonds of the district will make said gross debt in excess

of five per centum of said assessed value. Laws

(664) Sec. 9. All provisions of law which require that applicable.

the proceedings of said board of education or legislative body be submitted to the executive officer of said city and which regulate the procedure of said board or body on a veto of said proceedings shall apply concerning the issue and sale of bonds

bereunder. Participating (665) SEC. 10. All officers of the city in which said disofficers exofficio officers, trict is situated, herein given participation in matters relat

ing to the issue and sale of bonds hereunder, and those upon whom participation therein would devolve under revision or amendment of any special or local act, are for the purposes hereof made ex-officio officers of said district.

An Act to provide for a sinking fund in certain school districts and the investment thereof and to authorize the levy of taxes to pay principal and interest of bonds issued under the provisions of act number one hundred fifty of the public acts of nineteen hundred fifteen, entitled "An act to prescribe and limit the power of school districts having a population of more than fifteen thousand and less than one hundred thousand to borrow money and issue bonds of such district therefor, and to repeal all acts and parts of acts inconsistent herewith," approved May seven, nineteen hundred fifteen, and to repeal all acts and parts of acts inconsistent herewith. (a)

[Act 266, P. A. 1917.] The People of the State of Michigan enact: (666) SECTION 1. The board of education or other legis- Bond issue. lative body of any school district which shall have heretofore issued or shall hereafter issue bonds under the provisions of act number one hundred fifty of the public acts of nineteen hundred fifteen, entitled "An act to prescribe and limit the power of school districts having a population of more than fifteen thousand and less than one hundred thousand to borrow money and issue bonds of such district therefor, and to repeal all acts and parts of acts inconsistent herewith," approved May seven, nineteen hundred fifteen, shall provide Tax to pay annually for the levy and collection of a direct tax upon all interest and

. the taxable property in such school district sufficient to pay the interest on such bonds as it falls due, and also to pay and discharge the principal thereof at maturity. Sec. ? repeals all acts or parts of acts, whether local or general, in anywise conflicting with the provisions of this act.

(667) SEC. 3. All sums of money raised by tax or other. Sinking fund. wise received by any school district for the purpose of paying and discharging the principal of the bonded indebtedness of said school district, or any part thereof, shall be placed and kept in a separate fund known as the “sinking fund.” Added 1921, Act 20.

(668) Sec. 4. The treasurer of said board or district Moneys, etc., shall have the custody of all moneys, securities and other custody of. evidences of value belonging or pertaining to the sinking fund and shall pay out the moneys of said fund, or transfer the securities or evidences of value therein, only upon the order of a majority of the school board or board of education, and upon a written order of the president and secretary of said board.

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Added Id.

(669) Sec. 5. The school board or board of education of Debts, payany school district having funds in its sinking fund may from time to time, upon the best terms it can make, purchase or pay the outstanding debt of said school district, or such part thereof as it may be able to purchase or pay, until the same be fully purchased or paid. All bonds and evidences of Bonds, etc.,

ment of.

credited, (a) Title am. 1921, Act 20.

etc.

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