The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1853-04-01
NIACT

| .p eBna 2tl fap'. .-- rsa-..rr ..Hl ..-
0.e AN ACT ~
| To authorize the commissioners Of Clark
county to subscribe stock in railroad COM
panies,
Sec. |. Be it enacted by the General As
sombly Of the State OF OHIO, That the com.
missioners OF Clark county, with the consent
Of majority OF the legal voters ofsaid coun-
ty. voting at any such election TO be express
sed as hereinafter provided. be and they are
hereby authorized and required to subscribe,
in the name, and for the benefit of SAID coun.
W. to the capital stock oil the Springfield
and Columbus Railroad Company, and the
Mad River and Miami Genital Railroad Com
panv, or to the capital stock Of any other
railroad company, q portion Of the road Of
which may be located in the county Of Clark,
atthe discretion of said commissioners, any
sum not exceeding one hundred thousand
dollars.
See. 2. The commissioners ofsaid couu.
~, for the purpose Of paying the stock SUBJ
scrlbed under this act are hereby authorized
to borrow the necessary amount o. money,
for which they shall issue bonds or oblga
tions of tie county. in amounts not less than
one hundred dollars, which bonds or obiga-
tion shall be made negotiable, bearing in
terest, payable annually, at such place and at
sIch rate, not exceeding seven per cen,um
per annum, as may be agreed upon; and
such bonds or obligations may be made re
deemable 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, as said commissioners and the
officers Of said company may agree; and oil
bonds and obligations issued and negotiated
by said commissioners, trustees or town
conncil, and ''regular' on the face thereof
shall in the hands of said company, or any
bona llde holder thereof, be deemed and
taken in all courts and elsewhere as conclu-
sive evidence of the regularity of ever, thing
required by this act TO be done preliminary
10 the issuing and negotiation Of such notes
or obligations .-l
Sec. 3. Said commissioners shall keep
an accurate register of all bonds or oblga.
lions issued under the provisions Of thi act,
showing the dates, numbers, and amounts
thereof, to whom, and when payable, and
the rate vf interest stipulated therein, 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, and the precise
! state of the Indebtedness OF this county In
anv way arising under this act.
Sec. a. The faith of the county, and the
net profits CT dividends upon the stock so sub
scrbed 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
centum upon the tax duplicate of said county,
annually, over and above the dividends or net
profits aforesaid. to pay the accruing interest
arising under this act, and also to provide
sinking Iund Of such amount as they may
deem expedient, and the moneys so levied,
when collected shall be applied to the purpose
aforesaid, and to none other.
Sec. S. Said commissioners shall. by
themselves, or such agent or agents as they
may appoint, have tdll power to vote at all
meetings of the stockholders Of such railIoad
company, npropo ton to the stock owned
by the county, and in all other respects, to
act in the business Of such company, as in
dividual stockholders in the same, are author
lied by law to do; and the said commission
ers are hereby authorized. whenever they
may deem the same expedient, to sell and
transfer any or all stock owned by the coun-
ty, in such company, 10 order 20 pay off the
indebtedness which may arise under this act,
and the proceeds OF such sale shall be applied
10 the extlnguishment OF an equivalent
amount of the Indebtedness of the county,
created under this act.
Sec. 6. Before any stock shall be subscTib-
ed to such railroad companies under this act,
the questo on shall be submitted to the quali-
fed eloctoys Of saif county, except the town.
ship of Madison, in said county, whether the
county shall become subscriber or not: and
to this end, it is further provided. tn at upon
the written application of thirty or more citi.
7ens of said county, to the sheriff OF the
same, thirty days PRIOR to any annual cleo.
ton, it shall be the duty Of said sheriff to
give notice, at least twenty days prior to
said election, bv advertisement in all thr
newspapers published in said county, aDd
continue the same in said papers until the
time of said election, that vote will be
laken for and against such subscription, and
the said sheriff shall also publish in each Of
the said papers, for the same length OF time.
q copy of this act, and the qualified electors
OF said county, shall. at the election so given
notice of by the sheriff, as aforesaid. vote tor
or az ainst such subscription, bv using one
or other of tho following phrases, to be
printed or written on their ballots: "ior sub.
scription," against subscription"
Sec. 7. The judges Of such election. in
the several townships in said county. shal
respectively keep statement Of all the votes
given for OF against said subscription, at said
election, and shall, within three days after
said election, certify to the clerk Of the courI
Of common plous OF said county, the number
Of votes given for and against the subscrp.
tion, and it is hereby made the duty OF said |