The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1855-11-24
Ordinance No. "a.

Capital Stock of tbs keokuk, Fort Des MONIES and
Minnesota Rail Road Company.
Whereas by virtue Of and III pursuance If an Act
Of the General Assembly of the state Of Iowa, amend
ing the Charter Of the City of keokuk, approved Jan
I'd, A. ID. 1853 providing that the question of con
tracing ndebtl dness by the City Council in certain
cases, shall be frat submitted % the people Of said
city AMI whereas due notice was given for elections
on the 18th day Of January, A. ID. 1854 and on the
18th day of October, A. ID. 1853 the usual place Of
holding elections, in the City of keokuk submitting
the question on the first mentioned day, 70 wheth
er the said City should subscribe two hundred thou
sand dollars, and the second mentioned day, to
whether the said City should subscribe additional
sum Of two hundred thousand dollars to the capital
stock Of the keokuk, Fort Des Moines and Minneso-
Ia Rail Road Company, payable in the bonds If the
CITY of keokuk bearing interest at the rate of eight
per cent per annum, interest payable m -annu-
ally in the City Of New York;
And whereas said elections were held agreeably to
the notices, and in accordance with the Law, and
whereas there was 81 each Of said elections MAJOR
~ of the votes in favor of such subscription
Now, therefore, be il ordained By city Council
Of the Cijy Of keokuk,
SECTION i. That the Mayor of said CITY is here.
b. empowered authorized and directed to subscribe
the sum Of four hundred thousand dollars 10 the
capital stock Of the keokuk, Fort Des MONIES and
Minnesota Rail Road Company, in behalf and in
the of said city by which said act Of the hief
Executive Officer the faith Of said City shall be ir-
rcvoeably pledged TO said Company the of
four hundred thousand dollars.
ment Of the Stock 50 subscribed, the Mayor aud Re
corder for the time baing hall the Bond Of
SAID City amounting IN the aggregate to the sum Of
four hundred thcus and dollars, 10 be signed by the
Mayor, and counters gned by the City Recorder with
the Corporate seal Of the City affixed and bearing
date the first day Of january, A. ID. 1856 and being
payable twenty years after the date thereof the
heokuk, Fort Dcs Moines and Minnesota Rail Road
Company. or bearer in the of one thousand dol
Lars Zach. with interest thenn al the rate of eigat
per cent. per annum. payable semi-.,unuay with
tertst coupons thereto attached, signed by Mayor
and bearing date with said Bonds and the pgin
cipa and interest said Bonds being made pa yable
at the Continental Bank in the City Of New York
The title of SAID Bonds shall be- City of keokuk Ii ght
pr cent Rail Road Bonds, and numbered eonsccu-
tIyeiy from number one To number four hundred.
SECTION 3. Tnat the Mayor shall Issue and deliver
TO sad Company many vi SAID Bonds, when exc
euJed, as Is provided in the preceding section a. al
their par value may be sufficient for the payment
OF The whole of said subscription, n such time as
the said Company may require whether asses lnentr
nave been made upon other stockholders 10 the full
mount OF their respective subscriptions not.
SECTION A. For the redemption Of said bonds al
maturity, and the payment # the interest accrue
thereon. the said City of keokuk pledges irepoeabiy
FIRST It's faith and credit; second, the Stock the
heokuk, Fort Des Moines and Minnesota kaii Road
Company, sub -eribcd for by the said City. and he
prohts, accumuiatious, and dividends said stock
lhird. the levied and to be levied and collect
ed Oh all the property real and personal subject to-
and 10 become subject to taxation within sad CITY
OF heokuk. And the said City of keokuk further
agres and stipulates With the said Rail Roa.i Com
pany ana whoever may become the he der Of said
Bonds or any of them, that the said K0nds and the
interest Coupons annexed when due sha be receiv
Ell III payment for taxes and all other dues to the
CITY; and further that the holder of the said Bonds
OF any vi them may at any time within ten wears
from the date hereof exchange the principal OF said
bonds any Of them FIR Stock in the said Rail Road
Company par aud the said City Of COX ak is
caby bund to transfer to the holder thereof Stock of
said Rail Road Company, demand of the hold
thereof or his, her or their agent, Attornev han
the time spec ID, for equal III BAR NJ ne
20 thepFncipai which may be due THERON the time
of such demand, upon the surrender Of said Bonds or
any Of them, and the unpaid Coupons TO said CITY;
and further that the stock subscribed aforesaid 10
sad Rail Road Com pany, shall be sacrdly set apnrt
and preserve for the redemption Of the principal Of
said Bonds and shall not be used otherwise for any
purpose while any II said Bonds outs anding and
the dividends from said Stock shall be apar for
tae payment of the interest said Bonds; and the
City of heokuk further agrees and stipu ates tina,
sad bonds with all the rights and ben fits arising
herefom, may be transferred by general or special
endorsement, or by delivery if the same were a
note of hand, payable to bearer.
/ SECTION 5. Be it furthsr Ordained that at all
elections of Directors for said keokuk, Fort Des
MONIES and Minnesota Rail Road Company or other
elections in which the Stockholders Of said Company
by the rules and regulations thereof are auhor red
and entitled TO vote such vote the said CITY
OF keokuk may be entitled cast by virtue Of her
sad subscr pion Of four hundred thousand do lars
shall be thrown on behalf of said City, by the May
or for the time being such other person persons
as the City Council Of said City may desg nate for
such purpose, by such proxy proxies rs may by
him them designated by the City Council be B.
pointed in accordance with the bylaws of said
Company, said Stock Of said City to be represent
ed by her delegated authority in the same manner
and to the same extent, subject also to the
rictlons other stock owned and ted by
diyiduals in said Company.
| Passed Nov. 10th, 1859
Attest, ID. w. kILB0URNE
Mayor Of the City of keokuk.
i b. 5. MERRIAM, City Recorder