Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1853-07-29
RAIL ROAD LOAN ACE.

therefor.
The people of the State of Wisconsin, rep
resented in Senate and Assembly, do enact,
as follows:
Sec. /. The Board of Supervisors of the
County of Kenosha, are hereby authorised to
loan the credit of said County, by issuing its
Ponds to aid in the construction of the Ke-
nosha ~ Beloit Rail Road, to an amount
equal to and not exceeding the sum of one
hundred thousand dollars, which said bonds
shall be issued for term of time not exceed
ing twenty years, and at a rate of interest not
exceeding seven per cent, per annum, paya-
BILE both interest and principal at such place
as may be agreed upon, by the contracting
parties, and which bonds shall be signed by
the Chairman of said Board of Supervisors,
and countersigned by the Clerk of the Board
SEC. 2. Before the issue to such. Railroad
company, of any bonds mentioned in the first
section of this act, such Rail Road Company
shall execute to the Treasurer of said county
for the use and benefit thereof, the bonds of
said Company duly executed to an amount
equal to the amount issued by the County
running for the same period of time, drawing
the same interest," and payable at such place,
as may be agreed upon between the parties.
SEC. 3. To secure the performance and
covenants and conditions of the bonds last
mentioned IN the preceding section, such com
pany shall at, the same time, execute and de-
liver to the treasurer of said County, for the
use and benefit thereof, a mortgage executed
IN due form of law, covering not less than
ten, nor more than twenty miles of said road
in length, which mortgage shall convey such
portion of such Rail Road, It's equipments. /
real estate, personal property, and franchises. I
as well thereafter to be acquired and CON
structcd, as shall already be acquired and con
structed, and shall contain therein, covenants
of warranty Of title thereto, and shall be the |
second mortgage or lien, upon said property,
subject only to prior mortgage of the same
property, for sum not exceeding ten thou
sand dollars per mile, for every mile of Road
embraced therein, to be ascertained by diyi-
ding the aggregate amount Of the par value !
OF the bonds secured by such prior mortgage
by the number of miles of road embraced in
the same
SEC 4. No County bonds shall be deliv-
cred to sad Rail Road Company, until at
least five miles of that portion of said Rail
Road mortgaged to said County shall have
t@en completed ready for putting down the
rails on the same, by such Company nor,-
thereafter, shall they be deliyered f;rster than
the work of construction as above mentioned,
OF such portion Of said Road shall progress:
nor shall there at any time be delivered to
such Company, more than five thousand dol
lars in value for every mile of such portion of
SAID Road thus constructed, but such bonds
may issue, provided, other equivalent securi-
IL L., l.. Al
thereof.
SIC ). The faith of the County Of Ke-
nosha IS hereby irevocaby pledged for the
full and punctual payment Of the principal
aud interest of every such bond which shall
hc issued in pursuance Of the first section Of
this Act; and the Supervisors of the County
of kenosha, shall have the power to provide
for the payment of tho whole or any part of
sad principal and interest and it shall be
their duty to provide for the payment of any
portion thereof, which shall not be paid or
provided for, 10y said Rail Road Company
10y Icvylng and collecting from time to time
such special taxes on the real and personal
property in SAID County, liable to taxation
as may be sufficient to pay and discharge the
same, which taxes shall believed and collect
See. 6. Before the issuing of any such
County bonds, and amy time after the pas
sing and taking effect of this act, the Clerk |
ct the Board Of Supervisors shall publish, or
cans To he published in the same manner
that general or special elections are required !
10y law to be published, Il notice of an cleo
ton to be held 10y the legal votes ofsaid toun-
IT, At the usual place of holding elections i'll |
sad County, and at such time as he may deS-
lgnatc, which shall not bc less than twenty, |
nor more than sixty days from the date of
such notice; which notice shall embrace a
certified copy Of this Act, and shall call up
on the voters 70 deposit a ballot, upon which
shall be written or printed, the words, "For
the Rail Road " or Against the Rail Road"
or other words of similar import.
SEC. 7. Such election shall be held and
conducted in the same manner that other gen
crd or special elections in said County are
required 10y law TO be held and conducted
and the votes cast at such election, shall be
counter canvassed and returned in the same
manner as the vote at any general election,
and the canvasscrs shall make, certify, sign
and deposit with the Clerk of said County,
statement of the whole number Of votes
Il uloi inc question: Us wen dS u SlAiGtlcIi
OF the number " For the Rail Road and of
the number Against the Rail Road.
SEC. s. Should the official returns of said
election Indicate that majority of the elect
or~ Of said County had voted in favor of the
iIa Road; then it shall be lawful for said
Hut Road Company, through their proper
officers, to receive Of said County authorities,
the bonds required by this Act to be issued
sad Company rendering their own bonds us
herein provided, in equal amounts therefor,
and complying or having complied in other
respects with the requirements of this Act
SEc. .. This Actshall not extend to, nor
Impose any liability upon either Of the towns
Of NhcatIand, Paris, Brighton, Salem or Bris
IL, IN said County of kenoSha, or upon any
OF tn" inhabitants of said towns, nor shall any
EN general or special be levied or assessed
upon any property in either Of said towns at