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notes, in stocks or bonds of the United States, in stocks or bonds of the state of Ohio, or of any municipality or county thereof, or in mortgages on unincumbered real estate within the state of Ohio worth double the amount loaned thereon. If the amount loaned shall exceed one-half the value of the land mortgaged, exclusive of structures thereon, such structures shall be insured in an authorized fire insurance company in any amount not less than the difference between one-half the value of such land exclusive of structures, and the amount loaned, and the policy assigned to the mortgagee.

Sec. 3598. A company organized under the laws of this state may invest its accumulations as follows, and may sell, change, or reinvest the same, or any part thereof, at pleasure:

1. In United States, state, county, or city bonds, if the market value of the bonds at the date of purchase, is at least eighty per cent of their par value.

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When strucgaged land are

tures on mort

and for how

2. In bonds and mortgages upon unincumbered real estate, the market value of which real estate is at least double the amount loaned thereon, at the date of investment. If the amount loaned shall exceed one-half the value of the land mortgaged, exclusive of structures thereon, such structures shall be insured in an authorized fire insurance much. company in an amount not less than the difference between one-half the value of such land, exclusive of structures, and the amount loaned, and the policy assigned to the mortgagee; and the value of such real estate shall be determined by a valuation, made under oath, by two real estate owners, residents of the county where the real estate is located.

3. In loans upon the pledge of such bonds or mortgages, if the current market value of the bonds or mortgages is at least twenty-five per cent more than the amount loaned thereon.

4. In loans upon its own policies, not exceeding the reserve or present value thereof computed according to the American experience table of mortality, with interest at four per cent, the same being the amount of debts of life insurance companies by reason of their outstanding policies in gross.

This section shall not prohibit any company from accepting any other assets than herein enumerated in payment of debts due the company, in order to protect its interests, or from acquiring real estate for its own use, or by foreclosure in accordance with the laws of the state.

SECTION 2. That section 3591 and section 3598 be and Repeals. the same are hereby repealed.

SECTION 3.

This act shall take effect and be in force

from and after its passage.

A. G. COMINGS,

Speaker pro tem. of the House of Representatives.

Passed March 5, 1902.

CARL L. NIPPERT,

President of the Senate.
32G

Appropriation for Louis H. Pike.

[House Bill No. 204.]

AN ACT

For the relief of Louis H. Pike, late a judge of the court of common pleas of the first subdivision of the fourth judicial district of Ohio, in the sum of ($945.22) nine hundred and forty-five dollars and twenty-two cents, being the amount of salary unpaid and due him as judge of said common pleas court from November 4, 1883, to March 20, 1884.

Be it enacted by the General Assembly of the State of Ohio: SECTION I. That the sum of nine hundred and fortyfive dollars and twenty-two cents ($945.22) is hereby appropriated out of the general fund of the state, not otherwise appropriated, for the payment of the unpaid portion of the salary of Louis H. Pike, as a judge of the court of common pleas for the first subdivision of the fourth judicial district of Ohio, for the period of four (4) months and sixteen (16) days, beginning on the 4th day of November, 1883, the first day of his term, and ending March 20th, 1884.

SECTION 2. This act shall be in force from and after its passage.

A. G. COMINGS,

Speaker pro tem. of the House of Representatives.
CARL L. NIPPERT,

Passed March 5, 1902.

President of the Senate.

33G

City districts of first class: Cleveland.

When contract binding.

[House Bill No. 28.]

AN ACT

To amend section 19 of an "act to provide for the reorganization of boards of education in city districts of the second grade of the first class," passed March 8, 1892 (87 v. 77).

Be it enacted by the General Assembly of the State of Ohio: SECTION I. That section 19 of an "act to provide for the reorganization of boards of education in city districts of the second grade of the first class" passed March 8, 1892 (Bates Revised Statutes section 3899-19) be and the same is hereby so amended as to read as follows:

(3899-19.) Sec. 19. No contract, agreement or other obligation involving the expenditure of money shall be entered into, nor shall any resolution or order for the appropriation or expenditure of money be passed by such school council, or by any officer of such board of education, unless the auditor of such board of education shall first certify that the money required for the contract, agreement or other obligation, or to pay the appropriation or expenditure, is in the treasury, to the credit of the fund from which it is to be drawn, and not appropriated for any other purpose, which certificate shall be filed and immediately recorded; and the sum so certified shall not thereafter be considered unappro

priated until such board of education is discharged from the contract, agreement or obligation, or so long as the resolution or order is in force; and all contracts, agreements or other obligations and all resolutions. and orders, entered into or passed contrary to the provisions of this section, shall be void; provided that whenever any loan has been duly authorized by law for the use of such boards of education in city districts of the first class, second grade, the money to arise. therefrom shall be deemed in the treasury for the purposes specified, within the meaning of this section. And provided further, that in such city districts of the second grade of the first class, contracts for improvements, extending for a period of one year, upon which payments are to be made from time to time as the work progresses, material is furnished or services performed, such boards of education are authorized to enter into such contracts if the estimated expenditure thereunder does not exceed the taxes levied for such purposes during the term of the contract, and in such cases the certificate of the auditor as herein provided shall not be required other than to state the amount of the levy and that the same is sufficient to pay such expenditures and has not been appropriated for any other purpose.

SECTION 2. That said original section 3899-19 of the Repeals. Revised Statutes of the state of Ohio be and the same is hereby repealed.

SECTION 3. This act shall take effect and be in force from and after its passage.

Speaker pro tem. of the House of Representatives.

Passed March 6, 1902.

A. G. COMINGS,

CARL L. NIPPERT,

President of the Senate.
34 G

[Senate Bill No. 2.]

AN ACT

To provide for the construction and maintenance of a county memorial building to commemorate the services of the soldiers, sailors, marines and pioneers of the several counties of the

state.

Be it enacted by the General Assembly of the State of Ohio: SECTION 1. That whenever the commissioners of any county by resolution passed by a majority vote of such commissioners shall certify to the governor that in their opinion it is desirable to erect, furnish and maintain a memorial building to commemorate the services of the soldiers, sailors, marines and pioneers of said county and to expend for such purpose an amount to be named by them not exceeding two hundred and fifty thousand dollars ($250,000) in any one instance, the governor shall appoint a board of trustees composed of five citizens of said county, not more than three

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Compensation, vacancies, organization, etc.

Question of erection to be submitted to vote.

Commissioners shall issue bonds.

"Memorial building tund."

Tax levy.

of whom shall belong to the same political party, to be
known as the "Memorial Association of
Ohio."

county,

SECTION 2. Said trustees shall receive no compensation but shall be entitled to be repaid their necessary expenses out of the fund hereinafter provided. All vacancies in the office of trustees shall be filled in the same [manner] as the original appointment. Said trustees shall select from their number a chairman and secretary and shall hold regular meetings at such times and places as they may agree upon and special meetings under such regulations as they may prescribe, and cause to be kept a full record of their proceedings.

SECTION 3. Immediately upon the appointment and organization of said board of trustees, they shall certify to the deputy supervisors of election of the county in which such board is organized the fact of their appointment and organization and direct the submission to popular vote at the next regular county election of the question of the issue of bonds in the amount specified by the county commissioners in their original resolution, and of the erection and maintenance of the memorial building contemplated. The deputy supervisors of election of said county shall submit said question to popular vote at the next regular county election with such forms of ballot as said deputy supervisors may prescribe and shall certify the result of said election to the board of trustees. If a majority of the votes cast at said election is in favor of said issuance of said bonds and the construction and maintenance of said memorial building, said board of trustees shall proceed as hereinafter authorized.

SECTION 4. Said board of trustees shall request the commissioners of the county to issue and said commissioners shall thereupon issue the bonds of the county in such denominations for such period and bearing such rate of interest as the board of trustees shall specify, not exceeding the total sum determined upon in the original resolution of the commissioners. Said bonds shall be sold for not less than par with accrued interest to the highest bidder after advertisement in two or more newspapers published or of general circulation in said county for a period of thirty days.

SECTION 5. The fund arising from the sale of said bonds shall be placed in the county treasury to the credit of a fund to be known as "the memorial building fund." Said fund shall be paid out upon the order of the board of trustees, certified by its chairman and secretary. The commissioners of the county shall annually levy such amount of taxes in addition to all other levies authorized by law, as will pay the interest on such bonds and create a sinking fund sufficient to redeem the same at maturity. If upon the completion of the memorial building herein authorized an unexpended balance of the fund shall remain in the county treasury, such balance shall be placed and kept to the credit of the sinking fund provided by this act.

Board of trusassistant secretary and em tendents, etc.

tees to appoint

ploy superin

SECTION 6. The board of trustees shall have authority to appoint an assistant secretary and employ such superintendents, architects, clerks, laborers and other employes as they may deem necessary and to fix their compensation; and any of such persons may be removed by a majority of such trustees at any time. Such trustees shall, before making any expenditure of the fund herein authorized, give bond Shall give bond. to the state of Ohio, in such sum as may be fixed by the county commissioners and to the approval of said commis

sioners.

quire lands.

SECTION 7. The board of trustees shall have power to Board may ac acquire by purchase, appropriation or otherwise, any private or public lands which they may deem necessary for their use. and in case of condemnation the proceedings shall be the same as those governing the appropriation of lands by counties for other county purposes.

May prepare plans and specimake contracts.

fications and

SECTION 8. The board of trustees shall have power to prepare or cause to be prepared plans and specifications and to make contracts for the construction of a memorial building for the purposes herein specified and within the amount authorized. In making such contract, the board of trustees How board shall be governed as follows:

First. Contracts for construction shall be based upon detailed plans, specifications, forms of bids and estimates of cost, to be adopted by the board of trustees.

Second. The contracts shall be made in writing upon concurrence of a majority of the board of trustees, signed by the president and secretary of the board and by the contractor, after an advertisement in two newspapers published or of general circulation in the county, for a period of thirty days.

Third. No contract shall be let except to the lowest and best bidder who shall give a preliminary and a final bond conditioned respectively, that he will enter into the contract if awarded to him and that he will faithfully perform the work and furnish the material agreed upon.

Fourth. When it becomes necessary in the opinion of the board of trustees in the prosecution of said work to make alterations or modifications in any contract, such alterations or modifications shall only be made by order of the board and such order shall be of no effect until the price to be paid for the work or materials under such altered or modified contract has been agreed upon in writing and signed by the contractor and the chairman and secretary of said board.

Fifth. No contract or alteration or modification thereof shall be valid or binding unless made in the manner herein specified.

SECTION 9. No member of the board of trustees or any officer or employe thereof shall be interested in any contract entered into by said board; nor shall any trustee or officer or employe of the board be individually liable to any contractor upon any contract made in pursuance of this act, nor to any person on any claims occasioned by any act or de

governed in making con.

tract.

No member or board shall be employe of interested in made by board.

any contract

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