Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That so much of the act entitled “An act for the construction of the Illinois and Michigan canal,” approved on the ninth of January, one thousand eight hundred and thirty-six, as declares lands and lots sold, to be forfeited to the state in default of the purchasers, making payments as required by said act, is hereby repealed in respect to purchasers who comply with the following conditions, viz: That they will on the first day of October next, pay all the interest then due upon said debts, according to the terms of sale; and on the first day of October, 1838, and first day of October, 1839, pay the interest and ten per cent. of the principal, which may be due; and on the first day of October, in each and every year thereafter, pay the interest and twenty per cent. upon the principal in advance, until the whole sum

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due shall be paid.2 And payments made at the times and in the manner herein provided, shall be accepted by the canal commissioners, as a compliance on the part of the purchasers with the conditions of sale, as prescribed by the above recited act, but nothing herein contained shall be construed to impair or in any wise affect the lien of the state upon the property sold for the payment of the purchase money or any part thereof, or any interest due or which may become due upon the same. And it is hereby declared that a failure on the part of any purchaser to comply with the conditions herein contained, shall work a forfeiture of the lot or land purchased, together with all previous payments; and the provisions of the thirty fifth section of the above recited act, shall be deemed and considered applicable to such lot or land, and purchaser, and shall be enforced by the canal commissioners.

Sec. 2. The canal commissioners are authorized and required to receive in payment for canal lots and lands sold, the bills and notes of the State Bank of Illinois, and Bank of Illinois, and bills and notes of any other banks which the bank in which the canal funds are or may be deposited, will receive and credit as cash to the canal fund.

Sec. 3. The contractors upon the canal, with whom contracts were made previous to the year one thousand eight hundred and thirty seven, shall be entitled to monthly payments, upon the terms and in the manner provided for making payments upon contracts made subsequent to the first day of January, one thousand eight hundred and thirty seven.

Sec. 4. That all relief extended to purchasers of canal property under the provisions of this act, is to be claimed under the express understanding and condition, that the legislature reserves the right to amend, modify, or repeal this act at any time after the first Monday in December, eighteen hundred and thirty eight; and said right to amend, modify, or repeal the same, after the time aforesaid, is hereby reserved.3

Approved, 21st July, 1837.