The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-03-17
AN ACT
To authorize the Commissioners Of
Fairfield Comfy 10 subscribe stock
i'm u Rail Road Company.
AN ACT

SEC. l. Be it enacted by the General
Assembly of the State of Ohio, That
the Commissioners of Fairfield County,
with tho consent OF a majority of the
legal voters of said County to be ex-
pressed as herein after provided. be
and they are hereby authorized and re-
quired to subscribe in the name and for
the benefit Of said county to the capital
stock of any company which is now or
may hereafter be incorporated to con-
struct rail road from Lancaster in said
county to Newark or Columbus or from
Lancaster to any point on any rail road
which shall connect Newark and Colum-
bus, the sum of one hundred thousand
dollars; Provided, nevertheless, that a
less sum may be by them subscribed ifthe
capital stock of such company be redu-
ced by private subscription so as to leave
less than one hundred thousand dollars
thereof subscribed.
Sec. Q. That the Commissioners of
said county for the purpose of paying the
stock subscribed under this act, are here.
by authorized to borrow the necessary
amount of money, for which they shall
issue bonds or obligations of the county
in amounts not less than one hundred
dollars; which bonds or obligations shall
be made negotiable bearing interest pay
able annually at such place aud at such
rate, not exceeding seven per centum per
aunum, as may be agreed upon; and such
bonds or obligations may be made re-
deemable at such time as may be deem
ed expedient by said Commissioners; or
such bonds or obligations or any part
thereof may be issued directly to said
company in payment of said stock as
SAID Commissioners and the officers of
said company may agree.
SEC. 8. That said Commissioners shall
keep an accurate register of all bonds or
obligations issued under the provisions of
this act, showing the dates, numbers and
amounts thereof, and to whom and where
payable and the rate of interest stipula-
ted therein; and they shall also cause 20
be kept in the office of the County Au-
di,or, such books and entries as will fully
show all liabilities, receipts, disburse-
ments, and the precise state of the in
debtedness of the county in any way a.
rising under this act. ..-
SEC. 4. That the faith of the county
and the net profits or dividends upon the
stock so subscribed by the county, shall
stand pledged for the payment of the in
debtedness and interest which may be.
come due from said county under this act
and it is, moreover, hereby made the du-
ty of the Commissioners and Auditor of
said county, from and after the contract
ing of any Indebtedness against said coun-
ty under this act, to add such per centum
upon the tax duplicate of said county
annually, over and above the ordinary
State and county taxes, as shall he suffi.
cent when added to the dividends or net
profits aforesaid to pay the accruing in
terest arising under this act and also to
provide sinking fund of such amount
as they may deem expedient; and the
money so levied when collected shall be
applied to the purpose aforesaid and to
none other. ...
Sec. S. That said Commissioners shall
by themselves or such agent or agents as
they may appoint have full power to vote
at all meetings of the Stockholders of
such rail road company in proportion to
the stock owned by the county, and in all
other respects to act in the business
such company as individual stockholders
in the same are authorized by law to do;
and the said Commissioners are hereby
authorized whenever they may deem the
same expedient to sell or transfer any or
all stock owned by the county IN such
company, in order 10 pay off the indebt.
edness which may arise under this act;
Provided, however, that no sale or trans
fer of any stock shall be valid unless it
produce its full par value; and the pro-
ceeds of such sale shall be applied to
the extinguishment of an equivalent a.
mount of the Indebtedness of the county,
created under this act. ~,
SEC. 6. That before any stock shall be
subscribed to such rail road company un-