Be it enacted by the people of the state of Illinois represented in the general assembly that the capital stock of the State Bank of Illinois shall be increased in the sum of one million of dollars to be subscribed as hereinafter directed which shall provided that the consent of the said Bank shall be thereunto first given by an entry on its books under the direction of the directors of the board of directors and certified under the seal of the corporation to the secretary of state which certificate shall be filed by him in his office

sec[section] 2 The board of fund commissioners are hereby authorised and empowered to negotiate a loan on the faith and credit of the state for the sole and exclusive purpose herein after provided for a sum not exceeding one Million of dollars as the same may be required for the purposes herein after set forth which shall be paid at such times & in such enstalments as the same may be needed to carry into effect the objects of this act

sec 3 said fund commissioners shall make out certificates of Stock for the said loan to be called the Illinois Bank stock which shall be signed by the governor and countersigned by the Auditor & Treasurer with the great seal of state affixed thereto bearing interest not exceeding six per centum per annum payable semiannually at either of the Banks hereinafter named or either of their branches the State Bank of Illinois or the Bank of the state of Illinois or either of their branches or at some Bank in the City of Newyork [, ] Philadelphia [, ] Boston [,] or Baltimore as may be agreed upon & reimbursable at the pleasure of the state at any time after the year of our Lord one thousand eight hundred and ninety; and the faith of the state is hereby irrevocably pledged for the payment & redemption of the Stock hereby created and the interest accruing thereon; said board of fund commissioners shall take and use all proper means for the transfering of said Stock

sec 4 It shall be deemed a good & valid execution of the power to borrow herein confered for the said fund commissioners to cause the said certificates of stock when created to be sold; Provided that the said stock shall not in any case be sold for less than its par value

Sec 5 It shall be the duty of the said board of fund commissioners to subscribe on behalf of the state the one Million of dollars of Stock as provided in the first section of this act to the state Bank of Illinois and pay such per centum on every one hundred dollars so subscribed at the time of subscribing as shall have been paid by each stockholder on each & every share owned by him and thereafter pay such enstalments as may be due on each one hundred dollars at the same times & in the same proportions & under such regulations as now are or hereafter may be required of & adopted in relation to the individual stockholders on each share held by them respectively: provided nothing herein contained shall authorise a forfeiture of any interest of the state in said bank in any wise whatever to the said bank: provided further nothing in this act shall be so construed as to compel the said fund commissioners to sell and dispose of the certificates of stock authorised to be issued by the second & third sections of this act only as the money may be needed from time to time to carry out fully the intention & object of this act

sec 6 The dividends and profits declared and accruing upon & from the stock by the provisions of this act authorised to be subscribed on behalf of the state in said Bank shall first be applied to the payment of the interest upon the loan or loans authorised by this act as the same becomes due & the ballance together with the premiums that shall be realised by the sales of certificates of stock herein authorised to be made shall constitute a fund for & be applied to the payment of the interest which may become due and owing upon the loans effected under the authority of the an act entitled an act to establish and maintain a general system of internal improvement & shall be held inviolably & applied solely to that purpose & none other. And the said fund commissioners shall adopt such measures as may be expedient & proper for the payment of the said loans when due

sec 7 The amount of the capital ^stock^ hereby increased shall be loaned on bond and mortgage of unencumbered real estate within the state of Illinois but no loan on such real estate shall be made in any case for more than one half of the appraised value thereof for a term of time not exceeding five years & at no higher rate

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of interest than ten per centum per annum Said loans shall be distributed in the several counties of this state in proportion to their respective population to be ascertained by the state census taken next preceeding said loans provided that if the whole amount to which any county shall be entitled shall not be applied for within two months after public notice [st?] given by said Bank that loans will be made as aforesaid stating the amount then the said Bank may loan the same to any other person or persons residing in any other county in this state upon bond and mortgage as aforesaid

sec 8 The said Bank shall pay into the state treasury annually on the first day of January one half of one per centum on the amount of said capital Stock actually paid in in lieu of all taxes and impositions whatever