The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1853-03-18
AN ACT

~ trI. AN ACT
To authorize the commissioners OF Clark
county 10 subscribe stock in railroad COM
panies. ........
Sec. |. Be il enacted by the General AS
sembly Of the State OF Ohio, That the com.
missioners OF Clark county, with tho consent
of majority OF the legal voters of said coun-
ty. voting at any SUCH election 10 be express
sed as hereinafter provided. be and they are
hereby authorized and required to subscribe,
in the name, and for the benefit Of said coun.
~. to the capital stock OF the Springfield
and Columbus Railroad Company and the
| Mad River and Miami Central Railroad Com
pany, or TO the capital stock Of. any other
| railroad company, a portion Of the road OF
which may be located in the county of Clark.
at the discretion Of said commi ssioners, any
sum not exceeding one hundred thousand
d0llars. -
Sac. @ The commissioners Of said couu.
| ~, for the purpose of paying the stock SUBJ
| scribed under this act, are hereby authorized
| to borrow the necessary amount o. money,
! for which they shall Issue onas or obiga
tons of tie county. in amounts not less than
one hundred dollars, which bends or obliga-
ton shall be made negotiable, bearing in
tercst payable annually, at such place and y,
per annum. as may be agreed upon; and
such bonds or obligations may DO made re
deempble at such time as may be deemed ex
pedient by said commissioners, or such borhs
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; and all
bonds and obligations issued and negotiated
by said commissioners, trustess or town
cnuncil, and 'regulur" on the face thereof
shall in the hands Of said company, or any
bona Tide holder thereof, he deemed anu
taken il all courts and elsewhere as concIn-
sve evidence of the regularity OF every thing
required by this act 10 be done preliminary
TO the issuing and negotiation OF such notes
or obligations. .,--t.. 3D. .....,.
Sec. 3. Said commissioners shall keep
an accurate register of all bonds or obliga.
tions issued under the provisions OF this act,
showing the dates, numbers, and amounts
thereof, to whom, and when payable, and
the rats vf interest stipulated therein, and
they shall also cause to be kept in the office
of the A ndltor Of said county, such books
and entries as will fully snow all liabilities,
receipts, disbursement, and the plecise
state of the Indebtedness of this county In
anv way arising under this act. ' :"
Sec. 4. The faith of the county, and the
net profits CT dividends upon the stock so Sub
serb ed by the county, shall stand pledged
for the payment of the Indebtedness e:ii in.
terest, which may become due from said
county under this act; and it is moreover,
hereby made the du:y OF the commissioners,
and tho auditor Of said county, from and alter
the contracting Of any Indebtedness against
said county, under this acr, to add such per
centum upon the tax duplicate of said county,
annually, over and above the dividends or net
profits a aforesaid. to puy the accruing interest
arising under this act, and also to provide
sinking fund of such amount as they may
deem expedient, and the moneys so levied,
when collected shall be applied to the purpose
| aforesaid, and TO none otaer. ag.,
Sec. 5. Said commissioners shall. by
themselves, or such agent or agents us rhey
may appoint, have tdll power TO vote at al
meetings of the stockholders of such railroad
company, inpropo tion to- the stock owned
by the county, and in all other respects. to
act in the business OF such COMPANY, as in
dividual stockholders in the same, are author
lied by law to do; and the said commission
ers are hereby authorized, whenever they
may deem the same expedient, to sell aud
transfer any or all stock owned by the r"un-
ty, in such company, in order % pay off the
Indebtedness which may arse under tbs act ,
and the proceeds OF such sale shall be applied
TO the -extnguishment Of an equivalent
amount Of the Indebtedness of tho county,
created under this net.
Sec. 6. Before any stock shall be subscrb.
ed 10 such railroad companies under this act :,
the qoestion shall be submitted to tho quali-
| fled electors oi SAID county, except tho town
| ship of Madison, in said county, whether the
| county shall become subscriber or not; aud
to this end, it is further provided th at upon
the written application Of thirty or more cti.
7ens of said county, to the sheriff of the
same, thirty days PRIOR to any annual elec.
ton, it shall be the duty of said sheriff to
give notice, at least twenty days prior TO
said election, bv adverliseme ut in oil the
newspapers published in said county, and
continue the same in said papers until the
time of said election, that vote will be
taken for and against such subscription and
the said sheriff shall also publish in ench oil
the said papers, for the same length OF time,
copy Of this act, and the qualified electors
of said county, shall, at the election so given
norice of by the sheriff, as aforesaid. vote for
or ag ainst such subscription, bv using one
or other OF the following phrases. to be
printed or written on their ballots: "lor sub
scription," against subscription"
Sec. Z. The judges Of such election. in
the several townships in said county, shall
respectively keep statement Of all the votes
given for or against said subscription, at slid
election, and shall, within three days after
said election, certify to the clerk Of the court
OF common plcus ol said couniy, the number
of votes given for and against the subscrip,
ton, and il is hereby made the duty of SAID
clerk, in she presence of two justices of the
peace Of said county, % eXSmine and make
an abstract OF all the votes given in said
county Cor and against said subscription,
which abstract shall be signed by said
clerk and justices, and filed in the Office OF
said clerk, and il it shall bo found that a
majority Of all the votes given at said cleo
ton on the question, shall be in favor OF
such subscription, the clerk shall certify the
same to the county commissioners, whoss
duty it shall he thereupnn to subscribe for
| stock in some one or all she railroad com
/ fpanies ir said county, and shall in all other
respects conform to the provisions of this
act; provided, that il any majority of all the
v"tes given at said election, be against such
subscription, the question may on alike ap-
plication. be in like manner Submitted 20 the
qualified voters of said county. at the next,
or any subsequent spring OF fall election :,
uud if at any subsequent election, said