Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1853-07-07
- - -
PROCLAMATION!
To the Voters Of WapeIlO
County.

VOU are hereby notified, that at the
Il ensuing Election, to be held in said
County on the first Monday in August
next the following question will be sub
mItted to you for your decision, to-wit
Shall the bonds Of Wapelo county, for
an amount not exceeding One Hundred
Thousand Dollars bearing interest at rate
not exceeding six per cent per annum, and
payable in twenty years from their date
he issued IN payment of a subscription for
like amo unit to the OK of the Burling-
ton and Missouri River Rail r Dad subject
to the conditions of the annexed
PROPOSITION.
To aid IN the construction of the Bur
fngton md Missouri Ricer Railroad
through lie County Of Wapeto.
Sec. /. The county of Wapello will
aid the Burlington and Missouri river rail
road Company TO construct their Road
through the county of Wapello, to the
amount OF 100000, or so much there.
Of as may be needed, and called for by
the Company to be expended within the
limits Of said county.
SEC. 2. The county will take stock in
said road TO the amount named in section
/, and in pay ment therefor will issue the
bonds of the county at their par value.
in sums of $1,000 each, redeemahIe in
twenty years, bearing an annual interest
of six per cent. interest, payable on the
first day OF July. in each year a, the
county Treasury.
SEC 3. The county Judge is the A
gent of the county TO receive said stock,
and to sign and seal with his official seal,
and deliver said bonds, Provided, That
no bonds shall be issued or delivered UNI
I'll the said company shall have expended
of their own money on the road within
the said county limits. sum al least
equal in value and amount To The amount
Of the bonds which they may from time
Ia time require; said expenditures to be
verified by the oath OF the President or
Engineer. and proved TO the satisfaction
of the county Judge. but in no event
shall any bonds be issued until an equal
amount of stock shall have been receiy-
ed. ......
SEC. 4. The interest on the said bonds
shall be raised by taxation on the taxa
BILE property of the county annually, and
until such time as dividends may be de-
clared and received on the stock of SAID
Company. After such dividends begin
TO be received, and unit! a sufficient
amount to meet and pay the interest is
received. only suificency OF tax 10
make the deficit shall be levied, and tor
which taxes, when paid, certificates shall
be issued to the paYor.
SEC. 5. Whenever the dividends on
the stock Of said Company, or the re-
ceipts from any source shall be more
than sufficient annually TO pay the inter-
est on the bonds, the surplus shall be
carried to a sinking fund which shall be
invested in good securities paying inter.
est to the credit of the Railroad fund,
which fund shall be Used as follows:
First, Whenever sufficient amount
of funds TO pay off the tax certificates
mentioned in section 4, for one year
shall be on hand The same shall be paid
off, and aitersa yearly in the order of
years as they were or shall be issued
All such certificates shap be lifted and
paid if funds be on hand, on the first day
of January.
Second. After extinguishing the said
tax certificates to take up and cancel the
principal debt or bonds as favorable OPP
portunliies may offer, but if they canno,
be bought i'll 10 advantage, then the fund
shall he continued at interest; accumula.
ting for the final redemption of the bonds.
All such Investments shall be made by
the Treasurer and county Judge Jointly,
in the name of the county, for the use Of
the sinking fund, and they will be res
ponsible on their official bonds for non-
leasance or mis- -feasance of duty, good
and sufficient real estate within the coun-
~ must be taken in all cases as security.
SEC. q. At the maturity of the bonds
II the sinking fund shall not then be suf-
ficient TO pay off and extinguish them,
the county Judge shall order a sale of the
said Rail Road stock, or so much thereof
as viii make up the defci, and pay off
the bonds, Provided, That if il should
then be desirable for the county to retain
and hold said stock, that it can do so, on
making other arrangements 10 exlinguish
said bonds not inconsistent with the la vs.,
nor in violation of the debts Of the bond
holders.
SEC. z. Ii the sinking fund and the
proceeds of the sale of said stock should
all prove insufficient to pay off the bonds
a, maturity, then the defei, shall be
made up by an annual tax thereafter Of
one per cent. on the county valuation,
Provided. Other arrangements be not
then made by the county with the con-
currence of such bondholders as may
not then be paid.
SEC. 8. II presen, expectations be re-
allied, and the earnings of the road be
sufficient TO furnish the county sinking
funds with means sufficient to meet
the entire amount OF bonds issued under
that law before maturity, then and in that
case. and thereafter, only sufficient
amount shall be retained in the sinking
fund for said purpose. and the surplus
gains shall go into the county Treasury
to meet and deiray the ordinary expense
Of the county, and to lessen and stop