The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-06-11


have subscribed to the capital stock of
any railroad company, and shall have is
sued It's bonds or other securities for the |,
payment of such subscription, may at any
time within I've years next before the
principal Of such bonds, or other securi-
ties shall be payable, il the market price
of the stock of such railroad cor pany be
less than seventy five per cent.son its par /
value, levy, or cause to be levied, an
nually on the taxable property of such
county, city or township. such tax notex. |
ceeding one mill on the dol ar, as will be
sufficient to balance the discount on the
railroad stock held by such county. city, |
or township by the time such bonds may
become due; and the proceeds of all such
taxes shall form. with such stock, sink
ING fund, and shall be invested in the
purchase of the bonds issued by such
county, city, or township, or in other safe
and productive securities. and shall be
applied to the payment of the bonds SO
issued and to no other use or purpose
! whatever.
Sec 8. The operation of the fifiy-eight
and fifty- eight and fifty ninth sections Of
the act entitled can act to provide for the
reorganization, supervision and mainten-
ance Of common Schools" passed March
ia, 1858, are hereby suspended for one
year.
SEC. 4. The several county auditors
shall not be required to assess on the tax
able property of their counties, or OF any
township, city, Incorporated village or
school districs therein for any purpose,
nor for all purposes added together, any
rate of taxation containing or result
ing in any fraction other than decimal
fraction, nor in any decimal fraction
less than one twentieth of mill; but if
the sum required to be raised for any, or
for all purposes, results in a fraction less
than one fortieth Of mill, such fraction
shall be dropped, and if more than one
fortieth Of a mill. the difference between
such fraction and one twentieth of a mill
shall be added to such resulting fraction.
SEC. 5. 1t shall be unlawful for the
corporate authorities ofany county, town
ship, city, or village, unless specially and
texpressly authorized 6g some act of the
general assembly. to contract any debt,
nor incur any pecuniary liability for the
payment of either the principal or inter
: est of which during the then current year
or any subsequent year it will be neces-
sary to levy on the taxable property OF
such county. township, city or village,
higher rate of tax than the maximum
!; rate prescribed by this act.
Sec. 6. Every contract made in con-
travention of the provisions of the forego-
ing sections shall be utterly null and void
in regard to any obligation thereby i'm
posed on the corporation on behalf oi
5. which such contracts purports to have
, fbeen made: but every commissioner, Off
Ger, agent, trustee or member of any mu
) nicipal corporation that shall have made
or participated in making, or authorized
the making of any such contract, shall be
: held to be individually liable for its per
formance, and every commissioner, trus-
> tee, director, member of any city or vii
lage council, or other officer or agent o.
! any such municipal corporation who shall
!; have been present when any such unlaw
: full contract was made, or authorized to
, be made, shall be deemed to have made
= or to have participated in making, Or tc
{ have authorized the making the same, as
d the case may be. unless he shall. If pres.
d ent, have dissented therefrom, and shall
S have entered, or cause to be entered
o such dissent on the records of such mum
i cipal corporation, or of its councils, trus
d tees or other officers or agents.
o SEc..7. The "act prescribing and lin
: iting the rates Of taxation" passed Aspri
t II, 1856. is hereby repealed. This ac
shall take effect Immediately after its pas
sage.
n. III VAN WORRIES,
Speaker of the House of Representatives
THOMAS II. FORD,