The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1849-09-21

AN ACT 10 Authorize the COmmIsslOners rs
of Fairfield county to subscribe stock In
n Railroad Company.
SEC. l. Be IL enacted By The General Assem
Of tie State Of Ohio That the Commissioners o
Fairfield county, with the consent of majority
Of the legal voters of said county to be expressed
as hereinafter provided, be and they are hereby
Authorized and required to subscribe, in the name
and for the benefit of said county, to tue capital
stock ofany company which is now. or may here.
after be Incorporated to construct railroad from
Lancaster, in said county, TO Newark or Column
bus, or from Lancaster to any point on any rail
road which shall connect Newark and Columbus
the sum of one hundred thousand dollars: Provi
ded, nevertheless, that less sum may be by them
subscribed. il the capital stock of such company
he reduced by private subscription so as TO leave
less than one hundred thousand dollars thereof
unsubscribed.
SIC. 9 That the commissioners orsaid county
for the purpose OF paying the stock subscribed ul-
der this act, are hereby authorized to borrow the
necessary amount of money, for which they shall
issue bonds or obligations of the county, in IL
mounts not less than one hundred dollars; which
bonds or obligations shall be made negotiable,
bearing interest, payable annually at such place
and at such rate, not exceeding seven per centum
per annum as may be agreed upon; and such
bonds or obligations may be made redeemable at
such time us may be deemed 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 COM
missiouers aud the officers OF said company may
SIC. g. That said commissioners shall keep an
accurate register ofa bonds or obligations issued
uHder the provisions oI this act, showing the
dates, Numbers and amounts thereof, aud TO whom
aud when payable, aud the rate OF interest stipu-
lated therein and they shall also cause to be kept,
in the office of the county auditor, such books and
entries as will fully show all liabilities, receipts,
disbursements and the precise state olthe indebt-
edness OF the county in any way arising under
this act.
Src. 4. That the faith of the county and the
nett profits or dividends upon the stock so sub
scribed by the county, shall stand pledged for the
payment of the indebtedness and interest which
may become due from said county under this act;
and il is moreover, hereby made the duty Ot the
commissioners and the auditor OF said county, from
and after the contracting of any Indebtedness a.
gainst said county under this act, 20 add such per
centum upon the tax duplicate Of said county, an.
nually, over and above the ordinary State and
county taxes, as shall be sufficient, when added
to the dividends or net profits aforesaid, to pay
the accruing Interests arising under this act, and
also to provide sinking fund ofsuch amount as
they may deem expedenti and the money so lev
led, when collected, shall be applied to the pur
pose aforesaid and TO none other.
SIC. 5. That said commissioners shall, by
themselves orsuch agent or agents as they may
appoint, havo full power to vote at all meetings
ofthe stockholders Of such railroad company, il
proportion to stock owned by the county, and in
all other respects to nct in the business Of such
company as individual stockholders in the same
are authorized by law to dol and the said commits
soners are hereby authorized, whenever they may
deem the same expedient to sell and transfer any