The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1850-03-16
BILL.

Paly approved, February the LIST, lS4l,
and passed February 7th ls4s.
Sec. l. Be 1t enacted 5y the LegisZa.
tire Of the State Of Mississippi, That
the Board Of Police Of the County Of
Madison be, and they are hereby au
thorized and required to subscribe for
capital stock in the Canton and jack
Q Rail Road Company, to the amount
of n hundred thousand dollars, for
and on account Of the county of Mad
ison, and for the payment thereof, they
will issue one hundred bonds Of one
thousand dollars each, payable to the
President, Directors. and Company, Of
the Canton and Jackson Rail Road, or
bearer, redeemable in twenty years or
sooner, at the option Of the obligors,
bearing interest at the rate of six per
cent per annum payable annually, and
to deliver the same to the commission
ers appointed for the taking of stock at
Canton.
Sec. 2. Be 1t further enacted, That
he said Board Of Police shall levy a
special tax OF said county, for the pay
ment of the annual interest on said
bonds, which shall yield the nett sum of
six thousand dollars per annum, to be
collected in the same amer that 9th.
err taxes are now collected in said coun.
ty.
Sec. 8. Be 1t further enacted, That
the dividends accruing on said stock so
subscribed, shall be appropriated to the
payment of the annual interest accru.
ing on and the redemption 0 fsaid bonds,
and that after said bonds shall have
been.all redeemed, the said dividends
shall be paid into the County Treasury
and form a part of the venue Of
said county.
Sec. 4. Be further enacted, That the
Bonds to be assigned under the first
section of this act, shall be to the fol.
lowing form and effect. Know all men
by these presents, hat the county of
Madison in the State of Mississippi is
justly indebted to the President, direc-
tors and company of the Canton and
Jackson Rail Road or bearer, in the
sum of one thousand dollars rayable
twenty years after the date hereof, or
sooner, at the option Of said county
bearing interest from the date, at the
rate of six per cent per annum payable
annually, for the payment of which
debt and interest, the venue of said
comfy is hereby pledged in witness
whereof, &c, which said bond shall be
signed and sealed by the President of
the Board of Police of said county, and
countersigned by the Clerk Of said
Board with the seal Of the county at
tached.
Sec. s. Be 1t further enacted, that
said President, directors and Company,
may sell said Bonds or any part of them,
provided they can be sold at par. and
invest the proceeds thereof in the con-
struction Of said road.
Sec. 6. Be at further enacted, That
the county of Madison shall be e%ntitIei
to three members of the Board of Di
rectors of said corporation, who shall
be appointed by the Board of Police Of
said county.
Sec. 7. Be 1t further enacted, That
the question of subscription of stock
by the county of Madison in said Rail
Road, be submitted to the people Of
said county at an election to be held on
the-second Monday of April 1850, when
if it shall appear that a majority Of the
number of votes cast for the several
candidates for Governor of this State
at the November election eighteen hun.
dred and forty nine, are i'll favor of said
subscription; then the said Board are
required to subscribe the same as here.
in before provided, unless a majority
Of the number of votes SD cast as afore.
said for the candidates for Governor
shall vote in favor Of the subscription
ofsaid stock. then the question of sub.
scription shall again be fully submitted
to the people of SAID county on the frs
Monday of November next thereafter
and this act shall not take effect unless
a majority Of the number Of votes cas-
as aforesaid for Governor shall be il
favor of said neutrality-suspicious.
always that said Board of Police shall
not subscribe for said stock, nor issue
said Bonds until the sum of at least one
hundred thousand dollars shall have
been subscribed for stock in said Raj
Road by individual or company stock.
holders.
Sec. 8. Be 1t further enacted, Tha
said Board of Police shall appoint too
or more persons for each precinct il
said county TO conduct said election
.