Charles City Republican intelligencer. [volume] (Charles City, Iowa) 1861-1864, 1862-06-19
Floyd County Railroad Bonds.

ACTION OF OUR COUNTY LEGISLATURE"
1t is known to most of our readers
that, in the year Of grace, A. d. 1858
Floyd County voted her Bonds, to the
amount of sixty thousand dollars, to
aid in the construction of the Cedar
Falls and Minnesota Railroads.&c.
Bonds being duly issued and deliver
ed to the Railroad Company, and the
County, for security, taking tho bond
of private individuals of Cedar Falls
and vicinity for the faithful applica-
ton of the proceeds of said County
Bonds, which bond contains the fol.
lowing:
"Now, il the said Floyd County
shall issue its Bonds to said Company
for sixty thousand dollars, as afore
said, and the said Railroad Company
within as short time as in their pow
or, will locate and build said Railroad
from Cedar Falls, in Blackhawk Coun.
ty. State of Iowa, to the State Line
in Mitchell County, State of Iowa, on
the Westerly side of the Big Cedar
River, through said County of Floyd
and within one-half mile of ST. Charles
City, and within one-half mile OF the
village of Floyd, both situate &c,
land if said Railroad Company will
within two years from the date of the
issuing of said County Bonds, appro-
pirate and expend the proceeds OF said
Bonds in locating and building said
railroad as aforesaid within said Coun-
~ of Floyd, and if said Railroad Com
pany will promptly pay the interest
on said County Bonds for two years
from the date thereof, according to
their tenor and effect and if the said
Railroad Company shall pay or cause
to be paid to said Floyd County or its
assigns interest in stock at the rate OF
ten per cent. per annum, payable an
nnally, on the sixty thousand dollars
full paid stock, issued by said Rail-
road Company to said Floyd County
for said County Bonds until said Rail-
road is built, finished and in running
order and operation, then this obliga-
ton (isJ to be void, otherwise in full
force"
1t is also we'll known that the Cedar
Falls and Minnesota Railroad has not
been, and, owing to the times, could
not be, built; and it is understood
that, with the exception of four thou
sand and two hundred dollars, the
Bonds are still in the possession Of the
Railroad Company, the four thousand
two hundred dollars having been ex-
pended within the County for survey
ing and grading said Railroad.
Thus matters stood at the time of
the meeting Of the Board of Supervi-
sors of Floyd County in January last.
They, being the agents Of the County,
then very properly took the subject
under consideration. We understand
that some of the members of the
Board of Supervisors were in favor Of
having the Railroad Company surren-
der the Bonds to the County forthwith
and desired the County to obtain pos
session of them, no matter at what
sacrifice other members, having in
view the purpose for which the Bonds
had been voted by the people, did not
deem such o course advisable. The
result Of their deliberations was the
appointment of a committee Of three,
under the following resolution:
Resoired, That committee Of three
be appointed to look after the inter
csts Of the County in the matter of
the County Bonds issued to the Cedar
Falls and Minnesota Railroad Compa-
ny, with full power to settle the mat
ter as in their judgment shall seem
best. Also to employ counsel if they
desire it and that the chairman Of
this Board Chester Butterfield) shall
be chairman Of the Committee.
For the other members Of the Com
mittce the chairman appointed Mr..
Humphrey and Mr.. Mathews.
The majority and minority reports
of this Committee may be found upon
the first page of this payer, and to
these reports we call the attention of
the people Of Floyd County. We also
ask our citizens to note the resolutions
which follow these reports, begging
them to bear in mind that the chair
man Of the Committee on Resolutions,