The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1858-08-19

pany Of debt, and complete one hundred miles
of road in good order. Deduct this from Land
scrip as above, .-...--..---... 1892, 400
4,l04 700
Leaves surplus of. 1928, 700
As soon as the board of directors shall be sat
isfied that this plan can be carried out, the said
board will execute supplement to the dends of
trust which convey the land grant to the trus-
tees, by which supplement the Company will
convey all the town lots in South Dubuque, Ce-
dar Falls and in the intermediate towns on the
line of the road, amounting TO 3,02l lots. Said
lots, and the first 466, 500 acres Of land which
the Company will be entitled to sell in conse-
quenee of building the first hundred miles of
road shall also be held in trust by said trustees
for the sole and exclusive purpose of carrying
out this plan. The Company is now entitled to
23O, 400 acres of land, in consequence of the COM
pletion of the first forty miles of road.
| The trustees shall designate examine and ap-
praise the easterly 100000 acres of said lands,
and put them at an average price of eight dol
lars per acre. And shall also designate, exam
inc and appraise the remainder of said AGO 800
acres, putting them also at an average price of
eight dollars per acre. And shall appraise the
lots at an average of two hundred dollars each :
and shall designate and select 1000 lots of an
average quality and value from the lots in the
different towns aforesaid.
1t shall be the duty of the trustees to make two
million dollars of land scrip, in denominations
us aforesaid, to represent the said 900 acres,
and said 1900 town lots which said scrip shall
be SO executed as to ne distinguishable from the
other scrip for by this plan. And they shall de-
vote said two million dollars of scrip, or SO much
thereof as may be necessary, to the extinguish-
ment of the bonded and floating debt and no
part of said scrip shall be applied to or used for
any purpose whatsoever, until said bonded and
| floating debt shall be extinguished as aforesaid
The Company shall execute and deliver said scrip
to the trustees, and of the trustees shall
countersign and register the same The Presi-
dent and Treasurer, in conjunction with the
trustees, are authorized and required to exchange
full paid stock with scrip as bonus, one dollar
of stock and of scrip, for each dollar of debt
The balance of the 460, 800 acres, and the re-
naming town lots as aforesaid, shall be held bv
said trustees in trust for the sole and exclusive
purpose of completing the road to Cedar Falls
and of giving to each full paid stakeholder, who
has, or may hereafter, furnish means towards the
completion of said road TO that point. And the
Company and trustees shall execute and dispose
Of scrip representing that amount of lands,
which shall accompany stock as bonus, for the
purpose of building said road, and giving the
stockholders said bonus, and for no other pur-
pose whatsoever.
The scrip issued forthe purpose of extinguish-
ing the bonded and floating debt, shall be re-
ceivablo on presentation by the bearer, in pay
ment for any of the lots or lands, in legal sub
divisions" set apart for that purpose but the
scrip which is issued for the purpose Of extend
ing the road to Cedar Falls, or as bonus with
full paid stock shall not be receivable for any of
the lots or lands set apart for the purpose of
tinguishing the bonded and floating debt, until
after the scrip issued in exchange for bonded or
floating debt be all cancelled, or until after two
years from the date of the scrip. After that
time there shall be no preference in the use of
the scrip.
The trustees shall have the power to sell any
of the lots or lands contemplated in this plan, in
F" legal subdivisions" at the appraised value. for
money ; and in case any of tn. lots or lands set
apart ior the henefit of the holders of the bond
ed and floating debt, shall be thus sold, the trus-
tees shall use such money in cancelng said scrip:
and any holder Of scrip may fic written bid
with the trustees, in wlicl he viii specify the
lowest price for which he is willing 10 dispose of
scrip for money; and whenever one thousand
dollars or more shall DC received it shall be the
duty OF the trustees to notify the lowest bidder
OF the fact but no bid shall be received for
more than the par value of said scrip.
When any lands may be entered by scrip Civ
en- IN exchange tor the bonded and floating debt,
the trustees shall designate the numbers of the
scrip given in payment, in the deed Of said lands
which shall be executce ut the time And in
case OF the location Of any of the other scrip on
lands which the company may not have right to
convey at the time, then the trustees shall exc
cute and deliver to the person making the loca-
cation, a contract designating the scrip as above
and which shall cntitle the said person to deed
for the laid whenever the Company is entitled to
sell it. because Of the further completion Of the
road.
The above was adopted by the board on 18th
July, 1858. JAMES NJ. McKINLAY.
Secretary ID. d Il. X. X. Co.
CIRCULAR,
IN the EtocE and Rand HoLlers and other persons