The Owosso times. (Owosso, Mich.) 1897-1926, 1898-04-29

Tbarefro,,, and for "a War Loan Sinking
Fund for the Purpose of Liquidating the
Loan.
Whereas. The United States has
reached a crisis making it likely that
the president may call on the state of
Michigan for troops and for navai
contingent; and
Whereas, It has become necessary for
the several states to be prepared for all
calls of a military nature made by the
general government; therefore:
The people Of the state of Michigan
enact:
Section 1. That the governor and
state treasurer be and they are herepy
authorized and directed, in the name
and on behalf Of the people, and upon
the faith and credit of this state, for
the purpose of organizing a nationai
guard, naval militia and the Volun-
teer militia for the purpose OF repeiiing
invasion or defending the state and ma
ton in time of war against all enemies
and opposers whatever, to purchase ana
contract for loan or loans TOT sucn
sum or sums of money. as may be nee
essary for the purposes herein speclneo'
not exceeding 100000 in all, on the
most favorable terms that, In their
Judgment. can be obtained, redeema-
BILE at the pleasure OF the state at any
time not less than five, nor more than
ten years from the first day or May,
1908 at a. rate of interest not to ex-
coed 4 per cent. O per annum, paya-
BILE semi annually on the first days Oh
May and November in each year. Such
loans shall be known as the Michigan
n
bonds shall be credited to the war fund
| and shall be paid out In no other man
| ner and for no other purpose than III
| this act specified. The principal as
| we'll as the interest accruing upon the
bonds issued under this act shall De
| PAYABLE from the war loan sinking runo
hereinafter provided for
Section 2. For the purpose OF effect
| ing the loan or loans by this act au-
thorized, the governor and state treas
urer arc hereby empowered and direct
ed to cause to be issued bonds or the
state of Michigan from time to time al
they may deem necessary in sums no
less than one hundred dollars C$1OO
each to be signed by the governor ant
countersigned by the secretary of stat
and state treasurer, with the seal o
| state affixed thereto, and the coupons
for interest thereto attached. Botl
principal and interest of all bonds un
| der Ave hundred dollars $50O) shall D.
nayable in the city of Detroit, and 10
principal and interest of amounts owe
FIVE hundred dollars ($5Q0) In the cit
of New York. The bonds shall b
drawn in favor Of the auditor genera
and when Endorsed by him, become ne
,. potiable in such manner as the gov
ernor and state treasurer may deer
, expedient.
, Section 8, The moneys arising froI
: the sale of the bonds, by this act au
thorized to be issued, shall be paid int
, tho treasury of the state to the cred
. of the war fund, and shall be draw
therefrom upon the warrants OF IN
auditor general, which warrants, pay
able to the quartermaster general, sha
he issued upon proper acquisitions
= the ouartermaster general Of the stat
. after the governor shall have certifie
that the amount stated in the requis
!, | tion Is needed for the purposes spec
:, fied in this act. The moneys provide
" NV this act may be used for the pu
. nose of recruiting, enlisting, organi
- ing. arming and equipping the milital
forces herein mentioned, and for u
!. purchase and distribution of all nece
:, sary military and naval stores, whet
err of subsistence, clothing. pay, med
). cines. field, camp and vessel equipae
20 arms, munitions, and equipments I
such organizations of the nation
guard, naval militia and volunte
militia of this state as may be mu
tered into the service of this state,
"a of the United States, under the prov
I'd ions of any law Of this state. or und
1t, anv call from the president Of the I'm
co ed states: Provided. That no none
of authorized by this act shall In any W
ms be construed as applicable for the
lie binary expenses of the naval militia
national guard, as contemplated by
an laws of the state making direct app
priations for the general expenses
ct these organizations. Warrants paya'
H. TO the quartermaster general may
IL issued by the auditor general w
~ bHSvo