The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1853-03-25
AN ACT

10 authorize the commissioners OF ClarR
county to subscribe stock in railroad com.
panies.
Sec. |. Be il enacted by the General AS
sombly of the State oI Ohio, That the com.
missioners OF Clark county, with the consent
Of majority OF the legal voters of said coun-
ty. voting at any such election TO he expires.
sed as hereinafter provided. be and they are
hereby authorized and required to subscribe.
in the name, and for the benefit of said coun.
ty. to the capital stock oi the Springfield
and Columbus Railroad Company and the
| Mad River and Miami Genital Railroad Com
pany, or to the capital stock OF any other
railroad company, portion Of the road of
which may be located in the county of Clark,
at the discretion of said commissioners, any
sum not exceeding one hundred thousand
dollars.
Sec. 2. The commissioners ofsaid couu.
y, for the purpose of paying the stock sub
scrbed under this act, are hereby authorized
| to borrow the necessary amount o. money,
I for which they shall Issue bonds or oblIga
tons of the county, in amounts not less than
one hundred dollars, which bends or obliga-
ton shall DO made negotiable, bearing in
terest, payable annually, at such place and Mt
sLeh rate, not exceeding seven per eontum
per annum, as may be agreed upon; and
such bonds or obligations may be made re
deemoble at such time as may be deemed ex.
pedient by said commissioners, or such Dor ds
or obligations, or any part thereof, may be
issued directly to SAID company in payment
Of said stock, ns said commissioners and the
officers of said company may agree; and all
bonds and obligations issued and negotiated
by said commissioners, trustees or town
council, and regular" on the face thereof
shall in the hands of said company, or any
bona Tide holder thereof, be deemed and
taken in all courts and elsewhere as conslu-
sve evidence of the regularity of every thing
required by this act TO be done preliminary
10 the issuing and negotiation Of such notes
or obligations.
Sec. g. Said commissioners shall keep
an accurate register of all bends or obliRa.
tions issued under the provisions of this act.
showing the dates, numbers, and amounts
thereof, to whom, and when payable, and
the rate uf interest stipulated theron, and
they shall also cause to be kept in the Office
of the Auditor of said county, such books
and entries as will fully snow all liabilities,
receipts. disbursement, md the precise
state Of The Indebtedness of this county In
anv way arising under this act.
Sec. d. The faith of the county, and the
net profits or dividends upon the stock so sub
scribe ed by the county, shall stand pledged
for the payment of the Indebtedness and in.
terest, which may become due from said
county under this act; and it is moreover,
hereby made the duty of the commissioners,
and the auditor of said county, from and after
the contracting of any Indebtedness against
said county, under this act, to add such per
IL.
annually, over and above the dividends or net
profits aforesaid, to pay the accrulng interest
arising under this act, and also to provide
sinking fund of such amount as they NAV
deem expedent. and the moneys so levied.
when collected shall be applied to the purpose
ufore said, and to none otler.
Sec. S. Said commissioners shall. by
themselves, or such agent or agents as rhey
may appoint, have fdll power TO vote at all
meetings of the stockholders Of such railroad
company, in propo ton to the stock owned
by the county, and in all other respects, to
act in the business of such company, as in
divdual stockholders in the uame, are author
lied by law to do; and the said commissions
ers are hereby authorized, whenever they
may deem the same expediant, to sell and
transfer any or all stock owned by the cnun-
wv IVA ShCu SUlIlpdHy III uiutI ~ phy hl tue
Indebtedness which may arse under ths act
and the proceeds OF such sae shall be applied
to the exunguistiment of an equivalent
amount of the Indebtedness OF the county,
created under this act.
Sec. 6. Before any stock shnl be subscrib-
ed TO such railroad companies under this act :,
the question shall be submitted to the quail
fed electors ol SAID county, except the town
oil; oF Moloo, in o,ib ,bo,b IL,
county shall become a subscriber or not; nnd
to this end, it is further provided, tn at upon
the written application of thirty or more cti.
zens of said county, to the sheriff of the
same. thirty days prior to any annua! cleo
ton, it shall be the duty of said sheriff to
give notice, at least twenty days prior to
said election, By advertisement in all 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 each OF
the said papers, for the same length of time
a copy Of this act, and the qualified electors |
Of said county, shall, Mt the election so given
norce OF by the sheriff, as aforesaid. vote for
or az ainst such subscription, bv using one
or other OF the following phrases, to be
printed or written on their ballots: "ior sub.
against subscription"
Sec. 7. The judges of such election. in |
the several townships in SAID county, shall
keep statement of all the votes
given for or against said subscription, at sqd
election, and shall, within three days after
said election, certify to the clerk OF the court
Of common plous OF said county, the number
Of votes given for and against the subscrip.
ton, and it is hereby made the duty OF said
clerk, in the presence of two justices of tine
peace of said county, 10 examine 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 be found that
majority Of all the votes given al said cleo
tion on the question, shall be in lavor of
such subscription, the clerk shall certify the
same TO tho county commissioners whose
duty it shall be thereupnn to subscribe for
stock in some one or oil the railroad com.
oanies in said county, and shall in all other
respects conform TO tho provisions of this
lct; provided, that il any majority of all the
votes given at SAID election, be against such
subscription, the question may on like ap-
plicalion. be in like manner submitted 20 the