Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1854-03-03
THE LOAN ACT.
An Act to authorize the County of Ke-
nosha, and the Towns through which
the Kenosha and Beloit Rail Road
passes, to aid in its construction.

ty OF kenosha, or any town. incorporated
city, or village in said County. through
which the kenosha and Beloit Rail Road
shall run, to issue and deliver to said Rail
Road Company, its Bonds, payable to
such person or persons. Trustees or Cor
porationS, or to said Company, at such
time. for such sum or sums. at such rate
Of interest transferable by general or
special endorsement or by delivery, and
IN such manner as may be agreed upon
by and between the Directors of said Rail
Road Company, and said County. Town,
incorporated City, or Village. as herein
after provided. and to receive in exchange
for such Bonds the Stock or Bonds of
said Rail Road Company, in such manner
as shall be agreed upon by and between
the Directors Of said Rail Road Company
and such County, Town, incorporated
City, or Village as hereinafter provided:
but no such Bonds shall be issued or de-
livcred to said Company by the said Coun-
ty Of kenOsha, or any Town, incorpora-
ted City, or Village therein. unless ma
jority of the legal voters of said County,
Town. incorporated City. or Village, vo-
ting on the question, shall first have vo-
ted in favor of such issue III manner here
matter prescribed.
,. 1t shall be lawful for the Kenosha
and Bcloit Rail Road Company. to issue
its bonds to the Treasurer Of said Keno
sha County, or to the Treasurer of any
Town, incorporated City, or Village there
in, CT to any Trustee therein named. or
as shall be agreed upon in sums Of one
thousand dollars each. which shall not ex-
coed in the aggregate eight thousand dol
lars per mile Of the whole surveyed line
of the said Rail Road and bearing an in
terest not exceeding the rate of seven per
cent. per annum, payable at such place
and at such time, not exceeding twenty
years from their date, as said Company
shall elect, with a provision making them
transferable by general or special en-
dorscmcnt or delivery, and all such Bonds
which shall lie delivered to said County.
Town, Incorporated City. or Village, in
exchange as aforesaid shall contain slip
uIatlon guaranteeing the payment Of the
principal and interest which shall become
due. and payable ON tie Bonds Of said
County. Town, incorporated City, or Vii
lage received in exchange therefor hY
said Company and to secure the payment
of such Bonds and the interest thereon.
it shall also be lawful for the Company
to execute and deliver to the Treasurer
Of said County, Town, Incorporated CITY.
or Village, or to any Trustee. or as shall
he agreed upon. a decd or deeds of con-
veyance of the whole or any part of such
surveyed Road to lie called a second
mortgage of all the present and future to
be acquired property of said Company in
said Road together with the slperStruc-
ture anl tracks and all rails and other
materials used therein: Bridges, Nialucts.
CulvertS, Fences, Equipments, Dcpots.
Grounds and Buildings therein and all
other personal property; which said see
ond mortgage or mortgages shall be ia
ken deemed and held t. be subject and
secondary to another deed of conveyance
to be called first mortgage Of all the
aforesaid property; which said first mort 1
gage whether it shall have been executed
prior or subsequent to said mortgage or
mortgages in point OF time. shall const:-
tutc the first lien upon sad Rail Road
and all of the aforesaid property; but
said first mortgage shall not be issued to
secure the payment Of Bonds to a great
or amount than ten thousand dollars per
mile of the whole lonethof said Road, nor
bearing rate of interest greater than at
the rate of Seycnpcr cent. per annum, and
whenever said second mortgage or mort
cages shall he delivered to the Trea-
s,rcr Of said County. or OF any Town,
Incorporated Citv. or Village. or to
Trustees therein named, and recorded in
the Office ofthc Register of Deeds OF said
County of kcnO:ha, it shall constitute
perfect inicGcasinle lien upon said Rail
Road and all the property described in
1t, subject only to the prior lien created ,
by said first mortgage.
,. Whenever said rail road company !
shall desire to exchange any amount of
It's stocks or bonds for the bonds Of
said county. or any town, incorporated
city or village therein, it shall make and
deliver to the Clerk of the Board Of SUI
peryiSors cf said county, the Town Clerk
or Clerk of such Incorporated city orvil-
lage, as the ease may be. definite prop
osition in writing. signed by the Presi-
dent ana Secretary cfsaid rail road COM
pauy. and sealed with the common seal Of
said company. which proposition shall
contain Il distinct statement of the amount /
of the stock or uf the bonds of the said
company. which the said company pro-
pose 10 issue t. said County. or any
Town, incorporated City, or illa@e, the
time when said Bonds shall be PAYABLE .
the amouut for which they shall reSpcc-
lively he issued. the rate ofiutercst which
they shall bear, and it she'll also contain
a distinct statement Of the amount of the
Bonds Of said County or any Town, in
corporated City. or Village therein which /
the said company propose to receive in
exchange for its stock or bonds as atDre
said; specifying the person or persons,
trnStce pr corporation to whom they shall
be PAYABLE. the mode Of transfer, the
amount Of such bonds and the aggregate
amount. the rate Of interest and the time
of payment. Upon receiving such detin-
lite proposition, the Clerk of the Board
Of Supervisors of said county. the Town
Clerk of such incorporated Cityor village
us the case may bc. shall Immediately
publish or cause t. be published notice
of an election to he held by the legal
voters of said county. or of any town
Incorporated city, or village therein.
at the usual place or places Of hol-
ding elections in said County. or in any
such Town, incorporated City or Village.
which election shall hc held at the usual
time for holding the annual Town meet
ings in the several Towns III said County
or at any general election held in said
county. which notice shall contain a>tate-
ment of Incorporation made by sand Rail
Road company with reference to the eX-
change of its Stock or Bonds for the
Rounds Of said cnuntN. town. incorno-