other purposes, which are now binding or subsisting legal obligations. against any such county, city, township, school district or other municipal corporations, and remaining outstanding, and which were properly authorized by law, the proper authorities of any such county, city, township, school district or other municipal corporation may, upon the surrender of any such bonds, or other evidences of indebtedness, or any number thereof, issue in place or in lieu thereof, to the holders or owners of the same, new bonds or other evidences of indebtedness, in such form, for such amount, upon such time, not exceeding the term of twenty years, and drawing such rate of interest as may be agreed upon with such holders or owners: Provided, such new bonds or other evidences of indebtedness, shall not be for a greater sum than the principal sum or sums named in such original bonds or other evidences of indebtedness, nor bear a greater rate of interest than the rate represented in the original bonds or other evidences of indebtedness; and such bonds or other evidences of indebtedness, so issued, shall show on their face that they are issued under this act: And, be it further provided, that the issue of such new bonds in lieu of such indebtedness, shall be authorized by a vote of a majority of the legal voters of such county, city, township, school district or other municipal corporation, voting either at some annual or special election of such municipal corporation. [R. S. 1874, ch. 113, § 27, p. 796.

AN ACT to require state and county treasurers to deliver up bonds and coupons issued in aid of railroad or other corporations, which have been paid, to any person or persons who may be authorized by any county, town or city to receive the same. force July 1, 1872.

In

134. [PAID BONDS DELIVERED UP.] § 1. That the treasurer of state, and all county treasurers in the state, at whose office any county, town or city bonds or coupons are made payable by law, which have been issued in aid of any railroad or other corporation or in. payment of the stock of any such railroad or other corporation in this state, shall, at least once in each year, after this act shall be in force, if so requested by the proper authorities of any such county, town or city, account to and with any person designated by any such county, town or city, for any and all money that may have come to his or their hands for the payment of any bonds or coupons, so issued as aforesaid, and shall, upon such accounting, deliver up to such person so designated by any of the counties, towns or cities aforesaid, any and all bonds or coupons that he or they may have fully paid off and discharged out of the money coming into their hands for such purpose, and to take a voucher for all such bonds or coupons so delivered. [R. S. 1874, ch. 113, § 24, p. 795.

135. [FEES-SALARY.] § 2. There shall be allowed and paid out to the county treasurers, and to the county, town and city collectors for collecting, receiving and paying out any and all taxes levied for the payment of any such bonds or coupons or interest on the same, the amount of one-half per centum, as fees for such service, and no more, for such amount so paid out: Provided, if any of the above officers are now or may be hereafter paid a salary for the performance of of these duties, then they shall not be paid any other compensation whatsoever. [R. S. 1874, ch. 113, § 25, p. 795.

AN ACT to provide for the payment of the registered indebtedness of counties, townships, cities and towns. In force July 1, 1874.

136. [SURPLUS FUNDS.] § 1. On the first day of July each year, the treasurer and auditor shall estimate the amount of surplus funds which will remain in the state treasury to the credit of each of the local bond funds, after deducting the amount necessary for the payment of all interest on the registered railroad bonds which will fall due before the receipt of taxes by the next levy; and on the third Monday of September of each year such surplus shall be applied to the purchase of such registered bonds, at not more than par, on their presentation at the state treasury, in the manner hereinafter provided. [R. S. 1874, ch. 113, § 29, p. 796.

137. [PUBLICATION.] § 2. The treasurer shall, during the month of July of each year, publish such detailed estimate, showing the surplus, if any, to the credit of the bond fund of each county, township, city or town having a registered railroad debt, with the announcement that on the third Monday in September following, such surplus shall be used at the state treasury in the purchase from the lowest bidder, at not more than par, of the indebtedness of the counties, townships, cities and towns registered in pursuance of law. The surplus to the credit of each county, township, city or town shall only be applied to the purchase of the registered bonds of such county, township,city, or town. The publication required to be made by the treasurer shall be made for five days during the month of July in some daily paper of general circulation in the cities of Springfield and Chicago. [R. S. 1874, ch. 113, § 30, p. 796.

138. [BIDS RECEIVED BONDS CANCELED.] § 3. Bids shall be received until noon of such third Monday of September, when the treasurer and auditor shall open them and make awards to the lowest bidders; and upon any such payment or purchase of such bonds, the amount paid upon the principal thereof shall be indorsed on said bonds, and receipts therefor shall be taken and filed in the office of state treasurer; and the bonds, when fully paid, shall be canceled by the state treasurer and returned to the proper officers of the locality issuing the same. [R. S. 1874, ch. 113, § 31, p. 797.

139. [How SURPLUS FUNDS INVESTED.] § 4. If there shall be no proposals to sell the bonds of any county, township, city or town, at not more than par, sufficient to absorb such surplus funds, it shall be the duty of the treasurer to invest such surplus not expended in the payment or purchase of such bonds, in United States bonds at their market value; and thereafter the interest on such United States bonds shall be added to the fund to which such bonds belong, and on the first of July of each year the value of such United States bonds belonging to the several funds shall be considered in the estimate made by the auditor and treasurer aforesaid. The United States bonds shall be sold and the proceeds applied to the purchase of registered bonds offered, at not more than par, on the third Monday in September. And whenever the invested surplus of any local bond fund shall be equal to the amount outstanding of the registered indebtedness of the county, township, city or town to which such funds belong, such

county, township, city or town shall cease to receive the benefits of the act of April 16, 1869; and the auditor shall only levy for interest, in case the interest earned by such invested surplus shall not be sufficient to pay the interest on the registered bonds outstanding. [R. S. 1874, ch. 113, § 32, p. 797.

AN ACT to amend an act entitled "An act to limit and determine the time for which counties, cities, townships, towns and precincts in this state, shall be liable and holden to issue aid for the building of any railroad in pursuance of any vote taken in conformity to the laws of this state," approved March 17, 1874. In force July 1, 1877.

140. [LIMITS TIME OF ISSUING BONDS.] § 1. That the liability of all counties, cities, townships, towns or precincts, which have voted aid or donations to or subscriptions to the capital stock of any railroad company in conformity to the laws of this State for the building, or in aid of the building, of any railroad to, into, through or near such county, city, township, town or precinct, to issue such voted aid, shall cease and determine upon and after the first day of July, A. D. 1880: and no bonds shall be issued, or stock subscribed, to any such railroad company after that date upon account of or upon the authority of such vote: Provided, This act shall not apply in any case where the express conditions of the vote for such aid shall extend the time for the building of such railroad beyond the said date; And it is further provided, That this act shall not apply in any case where any railroad shall have been built or shall before said date be built, in accordance with the conditions of the vote for aid to such railroad; and it is further provided, That this act shall not apply to any case where such aid shall have been deposited, or shall before said date be deposited with any trustee or trustees, upon written or printed conditions to be delivered to said railroad company at some future time: Provided further, That this act shall not be construed so as to require any county, city, township, town or precinct to issue, pay or deliver any such aid or bonds where the same may have been voted and subscribed upon any condition or conditions which shall not be complied with within the time expressed in the notice of election, proceedings or vote authorizing such aid to be paid or given. [Laws 1877, § 1, p. 157.

AN ACT to amend an act entitled "An act relating to county and city debts, and to provide for the payment thereof by taxation in such counties and cities," approved February 13, 1865; and to amend the title thereof. Approved and in force April 27, 1877.

141. [TITLE OF ACT.] 1. That an act entitled "An act relating to county and city debts, and to provide for the payment thereof by taxation in such counties and cities," approved February 13, 1865, and the title of the said act be, and the same are hereby, so amended as to be and read as follows: The title of the said act shall be; An act to enable counties, cities, towns, townships, school districts and other municipal corporations to fund, retire and purchase their outstanding bonds and other evidences of indebtedness, and to provide for the registration of new bonds or other evidences of indebtedness in the office of the Auditor of Public Accounts.

The first and subsequent sections of the said act shall be as follows: 142. [NEW BONDS MAY BE ISSUED FOR OLD ONES.] § 1. That in all cases where any county, city, town, township, school district or other municipal corporation has issued bonds or other evidences of indebtedness for money, or has contracted debts, which are the binding, subsisting, legal obligations of such county, city, town, township, school district or other municipal corporation, and the same, or any portion thereof, remain outstanding and unpaid, it shall be lawful for the proper corporate authorities of any such county, city, town, township, school district, or other municipal corporation, upon the surrender of any such bonds or other evidences of indebtedness, or any number or portion thereof, to issue in lieu or place thereof, to the owners or holders of the same, new bonds or other evidences of indebtedness, in such form, for such amount, upon such time, not exceeding twenty years, payable at such place, and bearing such rate of interest, not exceeding the rate of interest specified in the bonds or evidences of indebtedness, in lieu of which they are issued, as may be agreed upon with the owners or holders of such outstanding bonds or other evidences of indebtedness. And it shall also be lawful for the proper corporate authorities of any such county, city, town, township, school district or other municipal corporation to issue the bonds or other evidences of indebtedness of such county, city, town, township, school district or other municipal corporation, and sell the same to raise money to purchase or retire any or all of such outstanding bonds or other evidences of indebtedness; such bonds or evidences of indebtedness to be in such sums, bear such rate of interest, not exceeding eight per centum per annum, and be payable at such time and place, as may be specified in the vote of the people authorizing their issue; the proceeds of the sales of such bonds to be expended under the direction of the corporate authorities aforesaid in the purchase or retiring of the outstanding bonds or other evidences of indebtedness of such county, city, town, township, school district or other municipal corporation, and for no other purpose whatever. All bonds or other evidences of indebtedness issued under the provisions of this act shall show upon their face that they are issued under this act, and the purpose for which they are issued, and may provide for the payment of a portion of the principal, annually, until fully paid. The new bonds or other evidences of indebtedness authorized to be issued by this act, shall not be for a greater sum in the aggregate than the principal and accrued or earned interest unpaid, of such outstanding bonds or other evidences of indebtedness: Provided, That no new bonds or other evidences of indebtedness shall be issued under this act, unless the same shall be first authorized by a vote of a majority of the legal voters of such county, city, town, township, school district or other municipal corporation voting at some general election or special election held for that purpose. [Laws 1877, § 1, p 159.

143. [OLD BONDS CANCELED-NEW ONES TO BE REGISTERED.] § 2. Upon the surrender of any such bond or other evidence of indebtedness under this act, the same shall be endorsed canceled, and shall from time to time be destroyed under the direction of the authority issuing the same. Upon the issuing of any new bond or evidence of indebtedness, the clerk or other officer having custody of the records

of the fiscal matters of such county, city, town, township, school district or other municipal corporation, as the case may be, shall make registration thereof in a book to be kept in his office for that purpose, showing the date, amount, number, date of maturity, rate of interest and place of payment of such new bond or other evidence of indebtedness, and the description of the bond or evidence of indebtedness for which, or for the purchasing or retiring of which the same was given, as nearly as practicable. On presentation of any such new bond or other evidence of indebtedness issued under this act at the office of the Auditor of Public Accounts for registration, the said auditor shall cause the same to be registered in his office in a book to be kept for that purpose, such registration shall show the date, amount, number, date of maturity, rate of interest, time when such interest is payable, and place of payment of the principal and interest of such bond or other evidence of indebtedness, under what act, by what authority, for what purpose, and by what county, city, town, township, school district or other municipal corporation issued, and the name of the person or persons presenting the same for registration; and for such registration the auditor shall be entitled to a fee of twenty-five cents, and the auditor shall under his seal of office certify upon such bond the fact of such registration, for which the auditor shall be entitled to a fee of twenty-five cents, such fees to be paid by the person or persons desiring such registration and certificate. [Laws 1877, § 2, p 159.

144. [VALUE TAXABLE PROPERTY CERTIFIED.] § 3. In all cases where any county, city, town, township, school district or other municipal corporation shall issue any bonds or evidences of indebtedness under this act, it shall be the duty of the county clerk of such county, or other officer to whom or whose office the assessment rolls for state taxation of the property within such county, city, town, township, school district or other municipal corporation are or shall be returnable within five days after the total value of the property subject to taxation therein shall be returned to him, to make out and transmit to the auditor of public accounts, to be filed in his office, a certificate setting forth the total value of all taxable property of every nature and description within such county, city, town, township, school district or other municipal corporation as exhibited by such assessment. [Laws 1877, § 3, p. 160.

145. [AUDITOR TO CERTIFY RATE.] § 4. When the bonds or other evidences of indebtedness of any county, city, town, township, school district or other municipal corporation to the amount of five thousand dollars, shall be so registered, the auditor of public accounts, shall annually ascertain the amount of interest for the current year due and accrued, and to accrue, on all such bonds and evidences of indebtedness, so registered in his office on the first day of January, then next preceding, to which amount, where such bonds or evidences of indebtedness provide for the payment of a portion of the principal thereof, annually, he shall add such an amount as shall be equal to the portion of the principal specified in such bonds or evidences of indebtedness to be so paid, and shall upon the basis of the certificate of the valuation of property so to be transmitted to him as aforesaid, or in case no such certificate shall be transmitted to him, or filed in his office, then