in such denominations and payable at such times and in such installments not exceeding thirty years and at a rate of interest not exceeding four per cent. per annum as the common council shall determine: Provided. That none of said bonds shall be sold or disposed of for less than par value. SEC. 4. After the sale and disposition of the said bonds or any part thereof the common council shall have power and authority and it shall be the duty of the common council to include in each annual tax bill or budget a sum of money sufficient to pay and discharge any sum either of interest or principal which shall be due or become due on account of the said bonds during the year in which any such tax is raised and all such sums of money so to be levied and assessed shall be in addition to and in excess of the money authorized by law to be levied and raised for all other city purposes. This act is ordered to take immediate effect. LOCAL ACTS, 1901.-No. 294. AN ACT to authorize the city of Ann Arbor to purchase the water-works plant, property, rights and franchises of the Ann Arbor Water Company and issue the bonds of the said city in payment therefor. The People of the State of Michigan enact: SECTION 1. The City of Ann Arbor may borrow money and issue the bonds of the said city therefor in any sum not exceeding four hundred and fifty thousand dollars for the purpose of purchasing the waterworks plant, property, rights, business and franchises, and all appurtenances thereto, of the Ann Arbor Water Company. The common council of the said city shall have power to fix the time and place of the payment of the principal and interest of the debt authorized by this act, and may authorize the issue of the bonds of the said city therefor in any sum not exceeding four hundred and fifty thousand dollars, and in such denominations as the said common council shall determine: Provided, That the bonds authorized by this act shall not be sold for less than the par value thereof and the rate of interest thereon shall not exceed four per cent. per annum. SEC. 2. Before any money shall be borrowed, appropriated, raised or expended for the purchase of the said water-works plant, property, business, rights and franchises, the common council of the said city shall determine and agree with the Ann Arbor Water Company upon the sum to be paid the said Water Company by the said city, for the said water-works plant, property, business, rights and franchises, and all appurtenances thereto, as the fair value thereof, and the question of purchasing the said water-works plant at the sum so determined and agreed upon as the fair value thereof shall be submitted to the electors of the said city at the next annual city election, or at a special election called for that purpose, and if a majority of the electors voting upon the said question shall vote to purchase the said water-works plant at the sum determined and agreed upon, then it shall be the duty of the said common council to authorize the issue of the bonds of the said city in the sum so determined, as the same shall be necessary, and to do all things necessary to consummate the purchase and transfer of the water-works plant, property, business, rights and franchises, and all appurtenances thereto, of the Ann Arbor Water Company to the said city of Ann Arbor: Provided, That should the said question be submitted to the electors of the said city at a special election, such election shall be conducted under the provisions of the charter of the city of Ann Arbor relating to elections, except that nothing therein contained shall prevent the common council of the said city from authorizing the votes cast upon the said question, whether at an annual or special election, to be voted, registered and counted upon the Abbott voting machine, and in the event of the use of the Abbott voting machine no "no choice" votes shall be counted, but shall be regarded as not cast. SEC. 3. The common council of the said city shall have the power, and it shall be their duty, to raise by tax upon the taxable property of the said city, such sum or sums as shall be sufficient, together with the surplus revenues from the operation of the said water-works, to pay the principal and interest upon the said bonds as the same shall become due and payable; and all taxes levied for this purpose shall be in excess and in addition to any sum or sums authorized to be levied under and by virtue of the charter of the said city for general purposes. This act is ordered to take immediate effect. LOCAL ACTS, 1905.-No. 539. AN ACT to authorize and enable the City of Ann Arbor to build, construct and install a garbage crematory or plant, to purchase land, machinery and appurtenances therefor and to raise the money for such purpose by tax or loan. The People of the State of Michigan enact: SEC. 1. The City of Ann Arbor is hereby authorized and empowered to build, construct and install a garbage crematory or plant, to purchase land, machinery and appurtenances therefor and to raise by tax or loan on the taxable property of the said city a sum of money not exceeding ten thousand dollars for such purpose. SEC. 2. Whenever the common council shall propose to cause any such garbage crematory or plant to be built, constructed and installed they shall so declare by resolution, specifying the sum of money proposed to be expended for that purpose, to be passed by at least a two-thirds vote of all the aldermen elect and shall cause such resolution to be entered in the record of their proceedings, whereupon the common council may, at the then or the next regular meeting, have power and authority to call a special meeting of the qualified electors of the city pursuant to the provisions of the charter, and shall submit to the said electors the question of raising the money for such purpose by loan or otherwise; and the common council may submit said question to said electors at any annual city or general election. The vote of said electors on such question shall be by ballot. The ballot shall be printed on white paper of equal length and width. The affirmative ballott shall have printed thereon the words, "For the garbage crematory or plant loan-Yes.” The negative ballots shall have printed thereon the words, "For the garbage crematory or plant loan-No." The canvass of the vote and the determination of the result of such election shall be in accordance with the provisions of the city charter: Provided, however, That nothing in this act contained, or in the city charter, shall be construed to prevent the common council, in its discretion, to order the vote at such election, and the question submitted to be voted on and determined by the use of the Abbott voting machine. In the event of the use of the Abbott voting machine all "no choice" votes shall be disregarded and not counted. SEC. 3. If the electors at the said election shall vote to authorize the building, construction and in stallation of such garbage crematory or plant, then the common council shall have power and authority to issue and dispose of the bonds of the City of Ann Arbor in a sum not exceeding ten thousand dollars for such purpose; the said bonds to be issued in such denominations and payable at such times and in such installments, not exceeding thirty years, and at a rate of interest not exceeding four per cent. per annum, as the common council shall determine: Provided, That none of the said bonds shall be sold or disposed of for less than par value. SEC. 4. After the sale and disposition of said bonds, or any part thereof, the common council shall have power and authority, and it shall be the duty of the common council to include in each annual tax bill or budget a sum of money sufficient to pay and discharge any sum either of interest or principal, which shall be due or become due on account of the said bonds during the year in which any such tax is raised; and all such sums of money so to be levied and assessed shall be in addition to and in excess of the money authorized by law to be levied and raised for all other city purposes. This act is ordered to take immediate effect. |