The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-05-07


The proceeds OF such bonds shall be cred
tied to the war fund and shall be paid out
In no other manner and for no other pur-
pose than In this act specified. The prin-
cipal. as we'll as the interest accruing upon
the bonds Issued under this act. shall be
payable from the war loan sinking fund
hereinafter provided for.
Section 2 For the purpose of effecting
the loan or loans by this act authorized. the
governor and state treasurer are hereby
empowered and directed to cause to be Is
sued bonds OF the state OF Michigan from
time to time as they may deem necessary
In sums not less than one hundred dollars
(s10O each to be signed by the governor and
countersigned by the secretary OF state and
state treasurer, with the seal of state af-
fixed thereto, and the coupons for interest
thereto attached. Both principal and in
terest Of all bonds under five hundred dol
lars $500 shall be payable in the city OF
Detroit, and for principal and interest OF
amounts over five hundred dollars (S50O In
the city of New York. The bonds shall be
drawn in favor of the auditor general. and
when Endorsed by him. become negotiable
In such manner as the governor and state
treasurer may deem expedient.
Section g. The moneys arising from the
sale Of the bonds, by this act authorized to
be issued. shall be paid into the treasury OF
the state to the credit of the war fund. and
shall be drawn therefrom upon the war
rants of the auditor general, which war
rants, payable to the quartermaster gen.
eral, shall be issued upon proper requisi-
lions of the quartermaster general of the
state. after the governor shall have certi-
fled that the amount stated in the requisi-
ton is needed for the purposes specified in
this act. The moneys provided by this act
may be used for the purpose OF recruiting.
enlisting, organizing, arming and equip
ping the military forces herein mentioned,
and for the purchase and distribution of all
necessary military and naval stores. wheth-
er of subsistence. clothing. pay. medicines.
field. camp and vessel equipage, arms,
munitions, and equipments for such or
ganizations OF the National guard, naval
militia and volunteer militia of this state
as may be mustered into the service of this
state, or of the United States, under the
provisions of any law OF this state. or under
any call from the president of the United
States: Provided, That no moneys author
ized by this act shall in any, way be con-
strued as applicable for the ordinary ex-
penses of the naval militia or National
guard, as contemplated by the laws of the
state making direct appropriations for the
general expenses OF these organizations.
Warrants payable to the quartermaster
general may be issued by the auditor gen.
eral upon proper acquisitions of the quar-
termaster general. certified by the gov
ernor as hereinbefore provided, for such
amounts as they shall deem necessary from
time to time, and the expenditures OF the
money thus drawn by the quartermaster
general, shall be accounted for under the
provisions of the general accounting laws
applicable to such cases. Provided further,
Warrants may be issued by the auditor
general upon proper vouchers certified by
the governor for advances made by the
quartermaster general of the state for ex-
penditures already incurred for the pur-
noses herein specified.
Section A. All claims and accounts &C
cruing against this state for expenses ana
disbursements authorized by this act. shall
be audited and allowed by the state mill
tary board, in the same manner that other
military accounts are now audited and al
lowed, but they shall be kept In the &C
counts of the quartermaster general, as a
distinct fund, separate and apart from the
other accounts kept by him.
Section s. The bonds issued under this
act shall be numbered consecutively and
registered in a book provided for this pur-
pose, which shall be kept In the auditor
generals office. This register shall con-
tain the date of the bonds, the number. to
whom issued, and the amount of each bond ;
also the date of redemption, number or
bond, Of whom received and amount or
each bond. There shall also be kept In the
auditor generals office register showing
the date OF the bond, the number, amount,
date each coupon is due andthe cancella-
ton of such coupons as are paid, with ref
erence to the number of the voucher pay
ing the same. Whenever any such bonds
shall be paid, the same shall be immedi-
ately cancelled by the treasurer and the
auditor general shall also keep full rec
ord of all bonds taken up and paid, as pro-
vided above. And Immediately after the
record shall have been made as aforesaid.
the bonds so paid shall also be cancelled
by writing across the face of each bond,
which cancellation shall be signed by the
auditor general and state treasurer, and
such bonds thus cancelled shall be filed
with the voucher as the basis of the audi
tor generals warrant for their payment
Section g. For the purpose of providing
for the payment of the bonds issued under
this act and the interest thereon, there
shall be assessed on the taxable property
of the state as fixed by the state board Of
equalization in the year 1896. and in each
year thereafter until the several amounts
levied under this act shall become suf-
ficient to extinguish the debt created here
In, the sum of II OF a mill on each dollar
of said taxable property to be assessed and
paid into the treasury of the state In like
manner as other state taxes are by law
levied. assessed and paid. which amount
thus levied shall be credited each year to
the war loan sinking fund as herein d.
rected: Provided, That sh ou.d the last levy
necessary under this act produce a credit
to the said war loan sinking fund In ex-
cess Of the amount required to pay all
bonds and interest thereon, such excessive
credit IL any shall when all bonds issued
under this act and all interest accrued
thereon have been paid, be transferred to
the general fund upon the books Of the
state.
Section T. The faith OF the state Is here
by pledged for the payment OF principal
and interest Of the bonds which may be
assessed under the provisions Of this act.
Section g. 1t shall be the duty of the gov
ernor. by and with the advice and rec
concentrations OF the state military board,
to expend such part Of the above fund as
may be necessary to recruit. enlist, disci-
pine, organize, instruct and thoroughly
arm and equip the military bodies in this
act mentioned for such active service as
may be required of them.
Section 9. Not less than three months be-
fore the maturity OF the option OF the state
to redeem any or all Of the bonds issued
hereunder. the treasurer shall give notice
by advertisement for one week In two daily
papers and for four weeks in the weekly
edition OF the same paper published In the
city OF Detroit designating the time when
and the number OF said bonds which will
be redeemed aud the interest on such bonds
as are described In such advertisement
shall cease from the date specified for the
redemption of such bonds: Provided, That
should the condition of the war loan sink
ing fund at the date aforesaid be such as
to permit the redemption of only q portion
of the loan, the bonds to be redeemed shall
be determined by the state treasurer in the
following manner, viz: The treasurer shall