The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-03-03

der the provisions OF this act: PrOcideu
hoyeuer, That the said trustees shall be
bound to make call for at least one hun
dred thousand dollars per quarter, for the
first year after their appointment.
SEC. IL. Whenever, and as often as the
said subscribers to the said loan shall make
a payment Of any portion of their subscrip-
tons. in pursuance Of call of the said
trustees, the said board Of trustees, By
their president and secretary, under the
seal of said board, shall execute certifi-
cate TO each of the said subscribers for the
amount paid by them on their respective
subscriptions. with one years interest at
the rate of six per cent. added to the
principal, STIMULATING for the payment of
the same within six years, with interest
at the rate Of six per cent per annum, to
be computed after one year from date OF
said certificate, and to be paid semiannu-
ally thereafter; the said principal and in.
terest to be paid by the said trustees out
of the first moneys to be realized by them
from the Illinois and Michigan canal, its
assets, revenues, tolls and lands granted
to the said trustees by this act which
said certificate shall also be countersigned
by the governor, and the impress of the
great seal of the state shall be affixed
thereon by the secretary Of state.
SEC. IS. The said board of trustees,
when appointed, are hereby authorized to
take possession Of the said canal, lands,
property and assets granted them by this
act, and proceed to complete the same.
They are hereby authorized 10 make such
changes and alterations of the original
plan of said canal as they may deem adj
vsable, without reducing its present ca
paci,y, or materially changing its present
location, having due regard to economy.
permanently Of the work, and aDsadequa,e
supply of water at all seasons. .HNone of
the lots, lands, or water powers so grant
ed to the said trustees, shall be sold until
three months after the comLplelipn Of tho.
said canal Mtho said lots, lands, and water
power s'rUil then be offered for sale by the
said trustees at public auction, in lots and
legal subdivisions, once or oltener in each
year, for the four succeeding years said
sales to be made for cash, or on credit in
the manner prescribed III nc act of the
ninth of January, eighteen hundred and
thirty-siy. The said lands, lots, and wa
ter power, before they are offered for sale
as aforesaid, shall be appraised by three
dlslniereslcd persons TO be appointed by
the Judge of the circuit court in which
said lands, lots, and water power are stu
a,cd, Who shall take an oath faithfully and
imparIally to discharge the duty of APP
praisers said lands, lots, and water pow
cr, when so appraised, shall not be sold
for less than the appraisment.i After the
expiration of the said four years, the said
trustees shall expose the residue of the
said. lands which may remain on hand,
to sale, at such times ard in such manner
as they may deem proper. The said
board Of trustees are authorized to convey
lands and water powers sold by them as
aforesaid, after the purchase for the same
he fully paid, but not before, and the said
lands and lots shall be exempt from taxa
ton OF every description, by and under the
authority of any law of this state, until after
the same shall have been sold and convey
ed by the said trustees, as aforesaid: Pro-
Uided, also, That, in the construction of
the said canal, no change shall be made in
its location so as to divert the water pow
er from canal lands Provided, That, in
all cases when Improvements were made
upon the said canal lands or lots previous
to the first day of February eighteen hun
dred and forty-three, the owner Of such
Improvements shall be entitled to purchase
the SAID lands or lois on which said i'm
provemcntS are situated, at an appraise-
ment TO be made as aforesaid without re-
ference 10 said improvements.
SEC. II. The said trustees shall pro.
coed 10 the completion Of the said canal in
good, substantial, and workman.lke
manner, so that the same shall, if practi-
cable, be ready for use and navigation
within two years and six months from The
time this act goes into operation. The
said trustees shall keepa just, full, and
accurate account of all the costs and cx-
pendllures of completing and superintcnd-
ing the said canal, and Of the rents, issues.
revenues. and profits received by them
from the said canal and from the property
granted them by this act, and Of the am
cunts received by them under the said
loan, and shall annually make report to
the governor in manner and form spcci-
fled in the forty-third section of the said