14. AUDITOR TO ESTIMATE AND CERTIFY RATE REQUIRED, ETC.] § 4. When the bonds of any county, township, city or town shall be so registered, the state auditor shall annually ascertain the amount of interest for the current year due and accrued and to accrue upon such bonds, and from the amount so ascertained he shall deduct the amount in the state treasury placed to the credit of such county, township, city or town, as herein provided and directed; and from the basis of the certificate of valuation of property heretofore provided to be transmitted to him, or, in case no such certificate shall be filed in his office, then upon the basis of the total assessment of such county, township, city or town, for the year next preceding, he shall estimate and determine the rate per centum on the valuation of property within such county, township, city or town, requisite to meet and satisfy the amount of interest unprovided for, together with the ordinary cost to the state of collection and disbursement of the same, to be estimated by the auditor and treasurer, and shall make and transmit to the county clerk of such county, or to the proper officer or authority whose duty it is or shall be to prepare the estimates and books for the collection of state taxes in such county, township, city or town, a certificate stating such estimated requisite per centum for such purpose, to be filed in his office; and the same per centum shall thereupon be deemed added to and a part of the per centum which is or may be levied or provided by law for purposes of state revenue, and shall be so treated by such clerk, officer or authority, in making such estimates and books for the collection of taxes; and the said tax shall be collected with the state revenue, and all laws relating to the state revenue shall apply thereto, except as herein otherwise provided.

15. STATE CUSTODIAN-NOT LIABLE-COLLECTION — PAYMENT.] § 5. The state shall be deemed the custodian only of the several taxes so collected and credited to such county, township, city or town, and shall not be deemed in any manner liable on account of any such bonds; but the tax and funds so collected shall be deemed pledged and appropriated to the payment of the interest and principal of the registered bonds herein provided for, until fully satisfied. The state shall annually collect and apply all the said taxes and funds placed to the credit of such county, township, city or town, for and during the term of eight years, to the payment of the annual interest on such registered bonds of such county, township, city or town, in the same manner as interest on the bonds of the state is or may be collected and paid, but in like moneys as shall be receivable in payment of said taxes; and for and during the remainder of the term of years during which said registered bonds shall remain unpaid, the funds provided in section 1 of this act, accruing from taxes collected on the property of said railroad or railroads, and the surplus, if any, of the other funds in this act provided, remaining after the payment of the interest on the bonds, shall be applied to the payment of the principal of said registered bonds, on presentation at the state treasury, or the treasurer shall purchase the same in open market at not more than par; and upon such payment or purchase of the said bonds, the amount paid upon the principal of said bonds shall be indorsed thereon, and receipts therefor shall be taken and filed in the office of the state treas urer; and the interest coupons or bonds, when fully paid, shall be returned to the office of the state treasurer, and shall be canceled and destroyed in the same manner as those appertaining to the state debt. And the fund derived from the taxes collected on the increased assessment over the year 1868, and the tax levied to meet the interest on said registered bonds, shall continue to be annually applied to the interest of said bonds. And the said taxes and funds required in this act to be placed to the credit of counties, townships, cities and towns, shall be applied by the state treasurer to the payment of the registered railroad bonds of such county, township, cities or towns, equally and without discrimination.

16. DISBURSEMENT.] 86. The state may, out of such funds, first retain or satisfy the ordinary costs of the state of the collection and disbursement thereof; and in case of non-presentment of any such bonds or interest coupons for payment, at the time and place when and where the interest on the state debt is or may be paid, then, on the beginning of the next year, the money by reason

thereof undisbursed, together with any surplus for any cause remaining, shall be carried to the fund of such county, township, city or town, of the current or ensuing year, and be considered by the auditor in making his next estimate for taxation therein for such year under this act, and shall be applied accordingly during the first eight years of the operation of this act. All laws relating to the payment of interest on the state debt, or the cancellation of evidences thereof, not inconsistent with this act, shall apply to the receipt, custody and disbursement of the taxes and funds provided by this act.

17. ROAD CONSTRUCTED-ELECTION-COMPLIANCE.] 87. And it shall not be lawful to register any bonds under the provisions of this act, or to receive any of the benefits or advantages to be derived from this act, until after the railroad in aid of the construction of which the debt was incurred shall have been completed near to or in such county, township, city or town, and cars shall have run thereon; and none of the benefits, advantages or provisions of this act shall apply to any debt, unless the subscription or donation creating such debt was first submitted to an election of the legal voters of said county, township, city or town, under the provisions of the laws of this state, and a majority of the legal voters living in said county, township, city or town were in favor of such aid, subscription or donation; and any county, township, city or town shall have the right, upon making any subscription or donation to any railroad company, to prescribe the conditions upon which such bonds, subscrip tions or donations shall be made, and such bonds, subscriptions or donations shall not be valid and binding until such conditions precedent shall have been complied with. And the presiding judge of the county court, or the supervisor of the township, or the chief executive officer of the city or town, that shall have issued bonds to any railway or railways, immediately upon the completion of the same near to, into or through such county, township, city or town, as may have been agreed upon, and the running of the cars thereon, shall cer tify under oath that all the preliminary conditions in this act required to be done to authorize the registration of such bonds, and to entitle them to the benefits of this act, have been complied with, and shall transmit the same to the state auditor, with a statement of the date, amount, number, maturity and rate of in terest of such bonds, and to what company and under what law issued; and thereupon the said bonds shall be subject to registration by the state auditor, as is herein before provided.

18. REPRESENTATION IN BOARD OF DIRECTORS.] § 8. And each railway company in aid of which any bonds shall hereafter be issued by any county, township, incorporated city or town, to pay for any subscription to the capital stock of such company, or for any donation made to such company, shall give to such counties, townships, cities and towns, collectively, a representation in the board of directors of such company of one-fourth of the number of such board of directors, until after the said railway shall have been completed, and the cars shall have run thereon, and until all the conditions of the subscriptions and donations to such railway company, by such counties, townships, cities and towns, shall have been fully settled and complied with by such railway company; and thereafter the said counties, townships, cities and towns shall be represented in said boards of directors only in the manner and proportion that other stockhold ers are represented; and the governor of the state is hereby authorized and empowered to appoint the directors berein provided to represent the interests of said counties, townships, cities and towns in the boards of directors of such rail ways as shall receive bonds to be entitled to the benefits of this act.

19. INCREASED VALUATION DEDUCTED IN ASCERTAINING STATE RATES.] § 9. And the state auditor, from the total value of all the property in the state, after the same shall have been equalized in accordance with the provisions of "An act to amend the revenue laws, and to establish a state board of equaliza tion of assessments," approved March 8, 1867, shall deduct the amount of the said increased valuation of the taxable property above the valuation of the year 1868, in such counties, townships, incorporated cities and towns as may be enti

tled to the benefits of this act, and the taxes upon which are herein directed to be credited to counties, townships, cities and towns, and upon the amount remaining he shall cause to be collected such a per cent. as shall be sufficient to pay the appropriations and other demands upon the treasury due to the end of each fiscal year; and the same per cent. shall also be collected on the said increased valuation above the valuation of the year 1868, and applied as herein provided. [See "Revenue," ch. 120.

20. ENTRY OF PAYMENT.] § 10. Upon the payment of any such registered bond or interest coupons by the county, township, city or town issuing the same, and presentation thereof to the state auditor, he shall cause due entry thereof to be made in his office.

21. WHEN BONDS FULLY PAID WITHIN TEN YEARS.] § 11. And if the principal and interest of the bonds registered under the provisions of this act shall be fully paid and canceled at any time before the expiration of the full term of ten years, during which the funds provided in section 1 of this act are to be applied to the credit of such county, township, city or town, then the provisions of this act in respect thereto shall cease and determine, and no further money derived from said taxes shall be so applied.

22. COLLECTORS' BONDS INCREASED-FEES.] § 12. The collectors' bonds in counties, townships, cities and towns where collections shall be made under the provisions of this act, shall be increased fifty per centum, and collectors in counties not under township organization shall pay into the state treasury a sufficient amount of the taxes collected in such county to meet the interest to be annually paid on such registered bonds, on or before the twentieth day of June in each year. And there shall be allowed and paid to county, township, city or town collectors, for collecting and paying over the taxes levied by virtue of this act, the following rates of commissions, to be ascertained and computed in the same manner that commissions for collecting and paying over the state taxes are ascertained and computed, and paid from the taxes so collected, to wit: To township, city or town collectors, at the rate of two per centum on all sums collected, and to county collectors, at the rate of one per cent. on all sums received by them from township, city and town collectors, which shall be in full for receiving the same and paying it into the state treasury, and for adjusting the accounts of and settling with the township, city and town collectors for their collections of said tax; and a commission of three per cent. on all sums by themselves collected and paid over into the state treasury.

23. TAKES EFFECT.] § 13. And this act shall take effect from and after its passage.

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. [Approved March 7, 1872. In force July 1, 1872. L. 1871-2, p. 203.]

24. PAID BONDS AND COUPONS DELIVERED UP.] § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, 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. 25. 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 these duties, then they shall not be paid any other compensation whatsoever. 26. REPEAL.] §3. All laws in conflict with this act are hereby repealed.

AN ACT to enable counties, cities, townships, school districts, and other municipal corporations, to take up and cancel outstanding bonds and other evidences of indebtedness, and fund the same. [Approved and in force March 26, 1872. L. 1871-2, p. 202.]

27. NEW BONDS FOR OLD INDEBTEDNESS.] § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That in all cases where any county, city, township, school district, or other municipal corporation, have issued bonds or other evidences of indebtedness for money, on account of any subscription to the capital stock of any railroad company, or on account of or in aid of any public improvement, or for any 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 corporations 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 sun 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 corpora tion, voting either at some annual or special election of such municipal corpora

tion.

28. EMERGENCY.] § 2. Whereas some counties, cities, townships and other municipal corporations in this state, have outstanding bonds and other evidences of indebtedness that will soon fall due, and are without any remedy for renewing or funding the same, therefore this act shall be in force from and after its passage.

AN ACT to provide for the payment of the registered indebtedness of counties, townships, cities and towns. [Approved Marchi 27, 1874. In force July 1, 1874.

29. SURPLUS FUNDS USED TO PURCHASE BONDS.] § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, On the first day of July of 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.

30. PUBLICATION-HOW SURPLUS APPLIED.] § 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 of September following, such surplus will be used at the state treasury in the purchase from the lowest bidder, at not more than par, of the in

debtedness of 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.

31. BIDS RECEIVED-BONDS CANCELED AND RETURNED.] § 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 the 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.

32. WHEN AND HOW SURPLUS FUNDS INVESTED AND AID CEASE.] § 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 as 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 suffi cient to pay the interest on the registered bonds outstanding.

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 conform ity to the laws of this state. [Approved March 17, 1874. In force July 1, 1874.]

33. LIABILITY TO ISSUE AID BONDS LIMITED.] § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the liability of all counties, cities, township, towns or precincts, which have voted aid, donations or subscriptions to the capital stock of or to any railroad company, in conformity to the laws of this state, for the building of or in aid of the build. ing 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 expiration of the term of three years from and after the first day of July next; and no bonds shall be issued or stock subscribed to any such railroad company after such time, 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 aforesaid building beyond the time aforesaid: And it is further provided, that it shall not apply in any case where the aid voted shall have been or shall be already issued within the period aforesaid, and paid over to such railroad company or their legal representatives, or in any case where any railroad shall have been or shall be built within said period, in accordance with the conditions of the vote for aid to such railroad: And it is further provided, that it shall not apply to any case where such aid shall have been or shall be deposited within said period with any trustee or trustees, upon written or printed conditions, to be delivered to such 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 upon any condition or conditions which are not complied with within the time expressed in the notice of election, proceedings or vote authorizing such aid to be paid or given.