Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1853-07-14


Il 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 your decision, so-wit:
Shall the bonds Of Wapello county, for
an amount not exceeding One Hundred
Thousand Dollars bearing interest at rate
not exc eeding six per cent per annum, and
, payable in twenty years from their date
he issued in payment Of subscription for
like amount to the stock of the Burling-
ton and Missouri River Rail Road subject
10 the conditions of the annexed
PROPOSITION.
To aid ia the construction Of the Bur
Rngton md Missouri RiUer Railroad
through the County Of Wapslio.
SEC. j. The county of WapeIlo will
aid the Burlington and Missouri river rail
road Company TO construct their Road
through the county of Wapello, 10 the
amount of 100000, OF so much there
of as may be needed. and called for by
the Company to be expended within HE
limits of said county.
SEc. 2. The county will take stock in
said road to the amour. named in sec.ion
/. and i'll 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 intsress
of six per cent. interest, payable on the
tirsi day of July, in each year al the
county Treasury. ...- s...
SEC. 8. The county Judge is the A.
gent of the county TO receive said stock.
and 10 sign and seal with his official seal,
and deliver said bonds. Provided, That
no bonds shall be Issued or delivered IN.
I'll the said company shall have expended
of thei, own money on the road within
the said county limits, a sum o. least
equal in value and amoun. 10 the amount
of The bonds which they may from time
to time require; said expenditures to be
verified by the oath OF the Presiden; or
Engineer, and proved to the satisfaction
of the county Judge. but in no even,
shall any bonds'be issued until an equal
amour. of stock shall have been receiy-
ed.
SIC. 4. The in:eres, 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 until sufIicien,
amount to meet and pay the interest is
received. only a sutficiency of tax 70
make the deficit. shall be levied and Tor
which taxes. when paid. certificates shall
be issued TO the payor. .s..~
SEC. 5. whenever the dividends on
the eiock of said Com1any. or ,he re-
ceip;s from any source shall be more
than sufficient. annually to pay the iaier-
est on the bonds, the surplus shall be
carried TO sinking fund which shall BE-
invested in good securities paying inter
est TO the credi, of the Railroad fund,
which fund shall be used as follows:
First. Whenever sufficient amount.
of funds 10 pay of the tax certificates
mentioned ia section 4. for one year
shall be on hand she same shall be paid
off, and Afterwards yearly in the order OF
years as shey@were or shall be issued -
All such certificates shah be lifted and
paid if funds be on hand. on the first day
of January
3 Second. After exGnguishing the said
lax certificates 10 take up and cancel the
principal debt or bonds as favorable OPP
portunities may offer, bu. if they cannot
be bought in 10 advantage. then ihe fund
shall be continued al interest; accumula.
ting for the final redemption ossshe bonds,
Al such investments shall be made D.
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
leasance or mis-feasance of duty. good
and sufficient real estate within ihe coun-
ty must be taken in all cases as security.
SIC. 6. At the maturity of the bonds
if The sinking fund shall not then be suf-
fcient 10 pay off and extinguish them.
the county Judge shall order sale of the
said Rail Road stock, or so much thereof
as will make up the deficit and pay off
the bonds. Provided, That il j, should
then be desirable for The County 10 retain
and hold said stock, that it can do SO. on
making other arrangements 10 extinguish
said bonds not inconsistent, with the law.
nor 10 violation of The debts of the bond.
holders.
SEC. 4. Ii the sinking fund and the
proceeds of the sale of said stock should
all prove insufficient 10 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 hondholders as may
not then be paid.
SEC. 8. If presen. expectations be re-
allied, and the earnings of the road be
sufficient to furnish the county sinking
funds with means sufficient 10 meet
the entire amount OF bonds issued under
that law before maturity, then and in that
case. and thereafter, only Il sufficient
amount shall be retained in the sinking
fund for said purpose, and the surplus
gains shall 60 into the county Treasury
TO meet and defray the ordinary expense
of the county. and to lessen aud stop
Y r