The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1856-02-07
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ORDINANCE No. 10.

Repeating Ordinances No. rs.
BE it ordained by the City Council Of the City n
heokuk
SECTION l. That Ordinance No rs be aud the same
is hereby repealed.
Passed Feb. 5th. 1856
Attest, u. kILBOURNE Mayor.
Il. s. MERRIAM City Recorder.
ORDINANCE no. II.
AN ORDINANCE providing for the subscription to
the capital stock " the keokuk, Mount Pleasant
and Muscatine Railroad Company.
WHEREAS by virtue of and III pursuance Of
Act Of the General Assembly Of the State Of Iowa,
amending the Charter of the City of heoknk, APP
proved january 22d, A. y. 1893 providing that the
question of contracting Indebtedness by The City
Council in certain cases, shall be first submitted 10
the people Of said city; and whereas due notice
given for election on the 18th day IT December,
A. d. 1898, at the usual place of holding elections
in the CIty Of keokuk submitting the question on
the said mentioned day a 10 whether the said City
should subscribe OSg HUNDRED THOUSAND DOLLARS TO
the Capital Stock of the heokuk, Mount Pleasant
1uscAtine Railroad Company payable IN the Bonds
of the City Of keokuk, bearing interest at the rate
of eight per cent. per annum, interest payable mi
annually IN the city Of New York;
And whereas SAID election was held agreeahly TO
the said notice and in accordance with the law, and
whereas there majority OF the voters IN tayor
VI such subscription;
Now. therefore, b. il ordained By the City Council
of the city of keokuk
SECTION l. That the Mayor Of said city is hereby
empowered authorized and directed to subscribe tbs
tai stock OF the keokuk, Mount Pleasant Musca-
tine Railroad Company in behalf and in the name
Of said city. by which pct of the chief cative
officer tn faith of said seity shall be rreyocaby
pledged to said Company md their assigns in the
sum Of One Hundred thousand Dollars
SEC. =. That in order 10 provide for the payment
Of the stock subscribed, the Mayor and Recorder
for the time being shall execute the Bonds ct said
city amounting in tho aggregate TO the sum Of One
Hundred Thousand Dollars, to BE- signed by ths
Mayor and countersigned by the City Recorder with
the corporate seal of the city affixed and bearing
date the first day of March, A. d. 1886, and being
PAYABLE twenty years after date thereof. u the
keokuk Mount Pleasant Muscatine Railroad
Company, bearer, IN the sum of one thousand
dollars ench with interest thereon at the rate Of
eight per cent. per annuin, payable semi-annually,
with interest coupons thereto attached signed by the
Mayor and bearing even date with said bonds and
the principal and interest IN said bonds being made
payable at the Continental Bank in the city oi New
York. The title of said bonds shall be City of he
okuk ight per cent. Railroad Bonds, and numbered
eonsecutively from number to one hundred inclu
siye.
Ssc B. That the Mayor shall issue and deliver to
the said Railroad Company many oil said bonds
when executed Is provided in the preceding See
ton their par value may be sufficient for the
payment of the whole of said subscription at such
time as said Company may require, whether assess
ments have been made upon other stockholders 10
the full amount Of their respective subse ptions OF
not.
Srr 4 For the redemption Of said bonds at their
maturity aud the payment of the interest
thereon, the said city OF keokuk pledges rresocably,
first its fait and credit second, the stock in the
keokuk Mt Pleasant and Muscatine Railroad
Company, subscribed for by the said city, and the
profits accumG atons, and dividends said stock
third the levied and to be .evea and collected
on all property real and personal, subject 10 and u
become subject 10 taxation within said city Of keos
kuk And the said city of keokuk further agrees
and stpulates with the said Railroad Company, and
whoever may become the holder or holders If SAID
bonds or any OF them, that the said bond. and the
interest coupons anne xed when due, shall be received
in payment for taxes and all other dues TO the city,
and further that the holder holders Of said bonds,
or any Of them, may a. any time within ten years
from the date thereof, exchange the principal IF
said bonds or any Of them for stock in the said
Railroad Company at par and the said city Of keo
kuk i irreyncaby bound TO transfer To the holder
thereof stock of said Railroad Company demand
Of tn no ld,r thereof his, her th-ir agent
attorney within the time specified, for amount
e1ua at its par value to the principal which may be
due thereon at the time Of such demand upon the
surrender of said bonds any of them, and the
paid pons 70 said city and further that the stock
subscribed aforesaid to said Railroad Company shall
be sacray set apart and preserved fer the redemp-
ton of the principal Of said bonds, and shall not be
used otherwise for any purpose while any Of said
bonds are outstanding and the dividends from said
stock shall b. set apart for the payment Of the in
terest on said bonds and the city Of keokak fur
Their agrees and stipuiates that said bonds, with All
the shts and benefits arising thcrefrom, may b.
trans red BY general or special endorsement, or by
delivery if the same were note of hand payable
10 bearer.
SEC 5. Be il further ordained that al all elections
Of Directors for said kcokuk, Mt Pleasant d Mus.
catine Railroad Company, other elections in which
the stockholders Of said Company, by the rules and
regulations thereof authorized and entitled TO
such vote votes the said city Of keokuk may
be TO east by virtue Of her sxid subscription Of
One Hundred Thousand Dollars, shall be thrown on
behalf Of said city by tho Mayor for the time being
such other person persons as the City Council u
said city may gnate fjr such purpose, by such
proxy or proxies may by him or them sgnated
by the City Codncil be appointed in accordance with
th by Laws Of said Company SAID stock Of said ely
TO b. represented by her delegated authority in the
sme manner and to tho same sxtent, subject also 10
the same restricts rs as other stock owned and repre-
synted ty ndislduts IN said Company
pas srd Ftb 9TH. $50
Attest. u. W. kILB0URNE, Mayor.
Is. :, MERRIAM City Record n.