Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1853-07-21
zzl 49,
HEsE2zG s-SLzsZ- 80
PROCLAMATION!
To tEAc Voters. Of WapelgO
County.

4 ensuing Election, to be held in said
County on the first Monday in August
next. the following question viii be sub
mitted to you for Jour decision, to-wit:
Shall the bonds of Wapello 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 dat To
he issued in payment of subscription for
! like amount to the stock of the Burling-
ton and Missouri River Rail Road subject
to the conditions Of the annexed
PROPOSITION.
To aid in the construction of the Bur
Hagto,a and Missouri River Railroad
through The County Of Wapelfo.
SEC. /. The county of Wapello will
aid the Burlington and Missouri river rail
road Company to construct their Road
through the county of Wnpello, TO the
amount OF 500, 900, 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 payment therefor will issue the
bonds of the county at their par value,
in sums of $1,000 each, redeemable in
twenty years, bearing an annual interest
Of six per cent. interest, payable on the
first day of July. in each year at 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 un.
I'll the said company shall have expended
of their own money OH the road within
the said county limits, eum at leas.
equal in value and amount to the amount
of the bonds which they may from time
| to time require; said expenditures to be
verified by the oath of the President or
Enginee., and proved 10 the satisfaction
of the county Judge, but in no event
shall any bonds'be issued until an equal
amount of stock shall have been receiv-
ed.
SEC. 4. The intereat on the said bonds
shall be rHised by taxation on the taxa
bic property Of the county annually, and
until such time as dividends may be de-
clare6 and received on the stock of said
Company. After such dividends begin
to be received, and unit! o sufficient
amount to meet anu pay the interest is
received, only q efficiency of tax to
make the deficit, shall be levied, and for
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 70 q sinking fund which shall be
invested in COED securities paying inter-
est to the credi, of the Railroad fund,
which fund shall be used az follows:
First, Whenever sufficient amount
of funds to pay of the tax certificates
mentioned in section 4, for one year
shall be on hand the same shall be paid
of, and afterwards yearly in the order of
years as they were or shall be issued
All such certificates shall be lifted and
paid if funds be on hand, on the first day
of January.
Second, After extinguiahing the said
tax certificates TO take up and cancel the
principal deb. or bonds as favorable op-
poFtunties may offer, but if they cannot
be bought in 10 advantage, then the fund
shall be continued at interest; accumula.
ting for the final rsdemp.i 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 viii be res
ponsible on their official bonds for non.
feasance or mis-feasance of duly, good
and sufficient real estate within the coun-
ty must be taken in all cases rs security.
SEC. 9. At the maturity of the bonds
if the sinking fund shall not then be suf-
ficient TO pay of and ex,inguish them,
the county Judge shall order sale of the
said Rail Road stock, or so much thereof
as will make up The deficit aud pay off
the bonds, Provided, Tha. if it should
then be desirable for the county to retain
and hold said stock, that il can do SO, on
making other arrangements TO extinguish
said bonds not inconsistent with the law,
nor in viola,ionaof the debts of the bond
holders.
SEC. 2. II the sinking fund and the
proceeds of the sale of said stock should
all prove insufficient TO pay Off the bonds
at maturity, then the deficit 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
no, then be paid.
SEC. 8. If presen! expectations be re-
allied, and the earnings OF the road be
sufficient 10 furnish the county sinking
funds with means sufficient to meet
the entire amount Of bonds issued under
that law before maturity, then aud in tsla,
case, and thereafter, oaiy sufficient
amount shall be retained in the sinking
fund for said purpose, and the surplus
gains ehall go into the county Treasury
10 meet and defray the ordinary expense
of the county, and 10 lessen and stop
taxation for county purposes.
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