The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1856-06-26
OHDsNANCE NO. ss.

/
AN ORDINANCE providing for and authoriz NJ tho
| issue Of the sam Of One Hundred Thousand Dol
lars, d Bonds Of thsCity Of Ksoksk, in pAynsnt
Of the suhsriptiou Of the City 70 the Capital
Stock cf ths Mississippi and Wabash Railroad
WaERa1s, D. virtue OF and in pursuance e N
Act Of the General Assembly ct the State of Iowa,
amending tho Charter of the City OF keokuk, ap-
proved January I'D 1853, providing that the ques-
ton Of contracting Indebtedness by the City Council
In certain cases shal be first submitted TO the peo-
pie Of said City. And, Whereas, due notice uas
given for IN Election on the 2Sth day of May, 1855
at the usual places Of holding elections in the City
of keokuk, submitting the question on the said 18th
May 1853 to the legal voters people of said CITY,
as 70 whether the said City Of keokuk should take
aud subscribe the sum Of One Hundred Thousand
Dollars in and to the Capital Stock Of tho Missis
sippi and Wabash Railroad Company, payable in
the Bonds Of the City Of Keokuk bearing interest 1t
the rate of Eight per cent per annum, the interest
payable semi annually in the City Of New York;
And, Whereas, Said election was duly held in
said City on the day aforesaid, in accordance with
the notice and authority aforesaid mt which election
there was legal majority Of the votes cast in favor
OF and authorizing said subscription aforesaid, Of
One Hundred Thousand Dollars. And, Whereas,
the acting Mayor Of the City Of Kcokuk did 0y and
with the advice and direction of the Common Council
Of said City, thy resolution Of Rscord1 june 9th,
1853 take and subscribe in and to the Stock Of the
sAid Mississippi and Wabash Railroad Company tn
sum Of Ninety nine Thousand Five Hundred Dollars;
and, whereas, 9. II. Perry, Esq, did subscribe and
transfer to said City an additional Subscription TO
sid Stock Of Five Hundred Dollars; Therefore, be
II ordained by the City Council Of the City Of Keo-
kuk, Iowa,
Section /. ThA. in order TO carry out the objects
Of and to provide for the payment Of said Subecrip
ton 70 the said Mississippi and Wabash Railroad
Aforesaid, the Mayor and Recorder Of the City Of
keokuk are hereby empowered, authorized and di-
rected to execute aud Issue the Bonds OF the City
amounting in the aggregate TO the suln Of One Hun
dred Thousand Dollars, signed by the Mayor and
countersigned by the Recorder, with the Corporate
Seal of the City aix Cd and bearing date July LIST,
a. ID. 1856, payable twenty yoar, after sos date
thereof 10 The Mississippi and wabash Railroad
Company, or bearer, in sums of One Thousand Dol
lars each with interest thereon at the rate Of Eight
per can't per annum, payable semi-annually, With
interest Coupons thereto attached, 81 med by the
Mayor, bearing even date with the Bonds. The
principal and interest Of said Bonds TO b. made pay
able at the Continental Bank, in the City Of New
York.
Section .. The title of said Bonds shall b. City Of
Keokuk Eight per cent. Railroad Bonds, and shall
BE- numbered from one to one hundred inclusive.
Section 3. The Mayor shall issue and deliver to
the Commissioners OF the Western Division Of raid
Road the Bonds aforesaid, which shall be taken at
tn ir par value in pay of and for said Subscrip
ton ~ the Mississippi and Wsbash Railroad, ct
such times ~ may b. required to pay for the Iron
and Rolling Stock FOR the Western division Of sa,d
kailroad.
sectida 4. For the redemption Of said Bonds
aforesaid AT maturity, and f.r the pawn mt Of the
interest to thereon, tho said City Of keokuk
hereby pledges st its faith and credit, second, The
Stock IN the Mississippi and Waba.h Railroad Com
paDy, sub.cribed by SAID City, and the profits accu
mutations and dividends on said Stock, third, the
tax levied and To b. levied and collected all the
property real and PERSONAL subject to and " become
subject to taxation within sAid City Ut keokuk.
And the said City OF keokuk further agrees and
stipulaies with the said Railroad Company, and
whoever may become the holder holders If said
Bonds or any Of them, that the said Bonds and the
interest Coupons annexed when due, shalt Be rocciv
ed in payment for taxes and oil other dues Of sad
City. And further, that the holder or holders of
said Bonds, or any Of them, may at any time within
ten years from the date thereof exchange the prin
pal of said bonds, or any Of them. for stock in the
said Railroad Company At par, and the City Of keo-
kuk 10 irrevocabiy bound to transfer 10 the holder
thereof Stock in said Railroad Company on demapl
OF the holder thereof, his, her their agent
attorney, within the time specified, for amount
equal Ut its par value to the principal which may be
due thereon nj the time of such demand upon the
render OF said Bonds or any Of tAem and the unpaid
Coupons, to said City, And further, that the Stock
subscribed 10 said Railroad Company shall be sacred
y set apart and preserved for the redemption of the
principe. OF said Bonds, and shall not b, used other
wise for any purpose while any of sad Bonds arc
outstanding and tue dividend from said stock shall
bs apart for the payment Ut the interest said
aids; and the City IF keokuk further agrees and
stipu. ates, that said Bonds with all the ghts and
LeneGts arising theref en- may he Transferred by
",
the same were note Of hand pay Ab.e TO bearer.
Section :. BE it further ordained that all cleo
tons Of Directors for said Mississippi and Wabash
Railroad Company, or other elections in which Tho
Siockhvlder of said Railroad Compan by the rules
and regulations thereof, authorized and emitted
- vote, such the said City Of keDkuk
may Be emitted 10 cast by virtue VI her said sub
scription Of One Hundred Thou sand Dollars, shan
be cast thrown in behalf Vt said City by the Mayor
for the time being, such other person pcrsons
- the City Council Of SAID City may designate for
such parpose, by such proxy psuxt,s may be
by him or them designated by the City Council
appointed. accordance with in BY Laws Of said
Railroad Company; the Stock Of said City to b. rep
resented by her deegate'l authority, in the same
manner and ~ the extent. subject 10 thu same
other stock owned and represented by
in said Company.
Passed une 18th, 1905.
(Arrssr) SAML Il. CURTIS, Mayor.
b. 3. ARRaIAn, City Recorder.