[ No. 121. ]

AN ACT to amend sections eleven and one hundred and twentyseven, of chapter one hundred and seventeen of the compiled laws, relative to security of costs in justices courts.

amended.

Tequire se

costs of

SECTION 1. The People of the State of Michigan enact, 'That sections eleven and one hundred and twenty-seven, of chapter Section one hundred and seventeen, of the compiled laws, be and the same are hereby amended so that they shall read as follows: Sec. 11. Any justice of the peace may, either before or after Justice may the issuing of any process, in his discretion, require security of curity for the plaintiff for any costs which may be adjudged against him plaintiff, in any action, and the person becoming such security shall sign an undertaking in writing to that effect, which the said justice shall preserve and shall enter the same in his docket at full length; and in all cases plaintiffs who are not residents of the Non-resid'nt plaintiffs to county in which the suit is brought shall give such security give securi before process shall issue; and if any plaintiff, after commenc-ue of proing an action in the county in which he resides, shall remove Also, plainfrom said county, the justice shall require such plaintiff to give ing from the security for all costs which have accrued and may accrue in the action, and if a judgment be rendered against the plaintiff in Execution such case for costs, an execution may issue against said plain-against tiff and said security for said costs; and in case the defendant security. recover against said plaintiff any sum beside costs, a separate ecution for execution may issue for the collection of the same.

Approved March 11, 1861.

ty before is.

tiff remov.

county.

may issue

plaintiff and

Separate ex.

costs.

[ No. 122 |

AN ACT to provide means for the redemption of the bonds of the State maturing January first, eighteen hundred and sixtythree

SECTION 1. The People of the State of Michigan enact, That the Governor and State Treasurer be and they are hereby au- Loan authothorized and directed, in the name and behalf of the people of the State, to negotiate and contract for a loan of two millions

rized.

of dollars, or such portion of the same as may be deemed necessary, at a rate of interest not to exceed six per cent. per anInterest on, num, payable semi-annually, on the first days of July and Janble, uary, in the city of New York, except two hundred and fifty

when paya

thousand dollars thereof, which shall bear seven per cent. interest, payable at the time and place above stated; and the proceeds of said loan shall be applied solely to the payment of the indebtedness of the State, falling due January first, eighteen hundred and sixty-three.

Bonds to be Sec. 2. For the purpose of effecting the loan or loans afore

issued.

ted.

said, the Governor and State Treasurer shall be and they are hereby authorized and directed to cause to be made and issue certificates of stocks and bonds in the name of and in behalf of the people of the State, in sums of not less than one thousand How execu dollars each, and to be signed by the Governor and paya¡ le to the order of the Auditor General, and to become negotiable when endorsed by him and countersigned by the Secretary of State, with the great seal of State impressed thereon, and with coupons for the interest attached, to be signed by the State Treasurer, and both principal and interest payable in the city of New York, as provided in the preceding section; and the faith of the State shall be and is hereby solemnly pledged for the punctual payment of the principal and interest of the loan er loans hereby authorized to be made, according to the terms of the said bonds and coupons.

When bonds to be re

deemable.

Sec. 3. Seven hundred and fifty thousand dollars of such certificates of stock or bonds, bearing interest at the rate of six per cent., shall be redeemable at the pleasure of the State after twenty years from the first day of January, eighteen hundred and sixty-three; five hundred thousand dollars, bearing like interest, shall be redeemable at the pleasure of the State, after fifteen years from the first day of January, eighteen hundred and sixty-three; five hundred thousand dollars, bearing like interest, shall be redeemable at the pleasure of the State, after ten years from the same time; and two hundred and fifty thousand dollars, bearing interest at the rate of seven per cent.,

shall be redeemable at the pleasure of the State, after five

years from the same period.

created.

Sec. 4. There shall be assessed and levied upon the taxable Sinking fund property of this State, real and personal, in each year, commencing with the year eighteen hundred and sixty-two, a tax of one-eighth of one mill upon the dollar of all such property, in addition to all the other taxes of this State; and the proceeds thereof, whether included in the general estimates and levied with the general taxes, or otherwise, shall be by the State Treasurer set apart as a sinking fund, and credited to said fund, to be called the "two million loan sinking fund."

received

the credit of

purchase

Sec. 5. The amount of money so received and set apart shall Money so be placed to the credit of said fuud, on or before the first day placed to of July in each year; and between the said day and the first the fund. day of January next thereafter, it shall be the duty of the Treasurer to State Treasurer to use the whole amount thereof, together with bonds. such other funds as are appropriated for that purpose in this act, in purchasing, at market rates, the bon ls hereby authorized to be issued: Provided, That the said moneys shall not be Proviso. used in the purchase of any of said bonds, except those which may be first maturing, after any of said fund, or any part thereof, shall come into the treasury; and if said bonds then next maturing cannot be purchased, the said fund shall be used, 80 far as necessary, in redeeming the temporary loan of fifty thousand dollars, issued in the year eighteen hundred and fiftyeight.

applied to

bonds

Sec. 6. All moneys which may be paid into the treasury after School funds January, eighteen hundred and sixty-three, to the credit of the purchase of primary school, normal school, and the university funds, shall in like manner be set apart, and in like manner applied to the purchase of bonds issued under this act; and in case the said amounts, both of the sinking fund and other funds herein mentioned, cannot be used in the purchase of said bonds as herein provided, then it shall be the duty of the treasurer to deposit them in safe institutions, upon satisfactory surety, upon interest, to await the maturing of the bonds falling due.

Bids for

bonds.

Notice of.

Proviso

Bonds to be numbered

ed.

Record of

Sec. 7. It shall be competent and lawful for the Governor and State Treasurer, if in their judgment it shall be deemed expedient, to invite sealed proposals or bids for the purchase of such bonds, payable in cash or in the bonds of this State, to be redeemed by the loan provided for herein, in the city of New York, at such place as they may designate, on or before the . first day of December, eighteen hundred and sixty-two, at which place, also, the new bonds, for which said bids shall be made, shall be deliverable on such payment, which said invitation shall be by notices published in one or more of the principal papers in the city of New York, and at their discretion elsewhere: Provided, That no proposal or bid for the purchase of said bonds at less than par value shall be accepted.

Sec. & The bonds authorized to be issued under this act, and register shall be numbered and registered in a book provided for that purpose by the Auditor General, and kept in his office. The Auditor General shall also keep a full record of all the bonds taken up under the provisions of this act, and said record shall be filed in the office of the Treasurer and Secretary of State, and all said bonds shall be immediately canceled.

bonds taken

up.

Exchange of Sec. 9. If at any time before the final sale of said bonds, it bonds au thorized. shall become practicable, in their judgment, the Governor and treasurer shall be and they are hereby authorized to make and enter into arrangements or agreements with any party or parties holding any of the bonds of the State, maturing in eighteen hundred and sixty-three, to exchange the said outstanding bonds for those herein provided for, upon such terms as they may deem best; and in that case they shall have the power, and they are hereby authorized, to the extent of such exchange, to prepare and cause to be executed, in the manner herein provided, the bonds of the State, and deliver them in exchange for such outstanding bonds as parties may desire to exchange therefor; and in that case the said bonds may bear date at the time when issued, but with interest payable at the times herein stated, and the principal sums to fall due at the several periods above stated.

tion for ex

Sec. 10. There shall be and is hereby appropriated out of Appropria the general fund, such an amount as may be necessary to pay penses. the expenses of preparing such bonds and of the said negotiations.

Approved March 11, 1861.

[ No. 123. ]

AN ACT to provide for selecting and locating the unselected deficiency existing in the quantity of lands due to the State of Michigan under the act of Congress, approved May twentieth, eighteen hundred and twenty-six, and for any other land grant made by act of Congress to this State.

hereby Commision

er of State land office

supply authorized

lands.

SECTION 1. The People of the State of Michigan enact, That the Commissioner of the State Land Office be and he is authorized and directed to cause lands, sufficient to the existing deficiency in the quantity accruing to this to select State, by virtue of the act of Congress, approved May twentieth, eighteen hundred and twenty-six, the ordinance of admission, July twenty-fifth, eighteen hundred and thirty-six, and any other land grant since made to this State by act of Congress, to be selected and located in parcels in conformity with the provisions of the several acts making the same.

Sec. 2. This act shall take immediate effect.

Approved March 11, 1861.

[ No. 124. ]

AN ACT to amend an act entitled "an act for the benefit of fractional school district number one, of Vassar, and number two, of Tuscola."

ed.

SECTION 1. The People of the State of Michigan enact, That act number forty four of the session laws of eighteen hundred and Aet amend fifty-nine, entitled "an act for the benefit of fractional school district number one, of Vassar, and number two, of Tuscola," be and the same is hereby amended by adding, to stand as section ten of said act, the following: