M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1857-05-21

if the market price OF the stock of scuh rail
road company be less than seyenty-iive per
cent on its par value. levy, or cause to be
levied, annually OH the taxable property OF
such county, city, or township, such tax not
exceeding one mill on the dollar, as will be
sufficient 10 balance the discount on the rail
road stock held by such county, city, OF
township by the time such bonds may be-
come due; and the proceeds Of all such taxes
shall form, with such stock, a sinking fund
and shall be invested in the purchase Of the
bonds issued by such county, city, or town
ship, or in other safe and productive securi-
ties, end shall be applied to the payment oi
the bonds so issued and 10 no other use OF
purpose whatever.
Sic. 3. The operation of the fil.y-eight
and lfty.ninth sections Of The act entitled
"an act to provide for the reorganization
supervision and maintenance of common
Schools" passed March II, 1858, are hereby
suspended for one year.
SEC. 4. The several county auditors shall
not be required TO assess on the taxable
property OF their counties, or OF any town.
ship, city, incorporated village, or school
district therein for any purpose, nor Tor all
purposes added together, any raie Of taxa
tion containing or resulting in any fraction
other than decimal fraction, nor in any
decimal fraction less than one twentieth OF
q mill; but if the sum required to be raised
for any, Orior all purposes, results in a
fraction less than one lOrtieth of mill, such
fraction shall be dropped, and il more than
one fortieth u( mill, the difference between
such fraction and one twentieth of mill
shall be added to such resulting fraction.
Sec. 5. 1t shall be unlawful for the cor
porate authorities ofany county, township,
city, or village, unless specially and express
ly authorized by some act of the general as.
sen bly,. to contract any debt, nor incur any
pecmary liability for the payment Of either
the principal or interest of which during the
then current year or any subsequent year it
will be necessary to levy on the taxable
property Of such county, township, city, or
village, a higher rate Of tax than the maxi
mum rate prescribed by this act
SEC. g. Every contract made in contra
vention of the provisions OF the foregoing
sections shall be utterly null and void in re-
gard to any obligation thereby imposed on
the corporation on behalf of which such con-
tract purports to have been made; but every
commissioner, officer agent. trustee or mem
ber of any municipal corporation that shall
have made, or participated in making, or au
thoriZed the muking Of any such contract,
shall be held to be Individually liable for its
performance, and every commissioner, trus-
tee, director, member of any city or village
council, or other officer or agent Of any such
corporation who shall have been
present when any such unlawful contract
was made, or authorized TO be made, shall
be deemed to have made, or to have partici-
pated in making, or to have authorized the
making the SANE, as the case may be, unless
he shall, il pre-: ent, have dissented there
from, and shall have entered, or caused to be
such dissen; on the records of such
corporation, or of its councils,
trustees or other officers or agents.
SEC. Z. The "act prescribing and limit
ing the rates of taxation," passed April IL,
1856, is hereby repealed. This act shall
take effect Immediately after its passage.
N. II. VAN WORRIES,
Speaker of the House of Representatives,
THOMAS II. FORD,
President of the Senate.
April II, 1857.