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

M'tcheii, clectcu majority Oi difect
ors in said company from the countie
of Floyd and Mitchell, thus havin,
the matter completely in our owr
/ hands.
The board of directors Of said Rail
road Company directed the Secrctar,
to cut off and surrender to the respect
i've counties of Floyd and Mitchell tn,
interest coupons now due upon sal,
County Bonds. ..... ...
The County Bonds were voted b,
the people of the county for the pur
pose Of aiding in the construction o
a Railroad frcm Cedar Falls north
west through our county, and "a ma
jority of your committee believe tha
that object is still paramount will
them. A plan was proposed hy Plat
Smith, Esq, of Dubuque, the attornc,
of the Company, whereby aid coulC
be extended, with safety to the com
ty, which very favorably impressed
your committee. 1t is substantially
this That the County Bonds be dc
posted in trust with some responsible
Company, to be agreed upon, for spc
ciiic purpose, and thus be beyond tho
reach OF creditors of the company
and not be Withdrawn from said trus,
without the consent of a majority oI
the Directors and the consent of the
county. That the county levy tax
a certain number of years, say from
three to five, to pay the interest upon
said bonds, the county to receive
stock therefor, with a stipulation that
at the expiration of said specified time
that the bonds he returned to the
county. And your committee would
respectfully ask that power be given
them TO enter into such an arrange.
ment on the part Of the county, if in
their opinion the prospects of Rail.
road being built is sufficiently good &c
warrant any further proceedings in
the premises. All Of which is respect
fully submitted.
CHESTER BurrERrIEID. Chairman.
IL. w. iIuMrHREy.
I, r. y. Mathews, one Of the com
mittee appointed to look after the in
tcrcsts of Floyd county, in the matter
of the bonds issued to the Cedar Falls
& Minnesota Railroad Company, beg
leave to submit the following minor.
ity report First, | can readily agree
with the report of the majority in tho
history of the doings Of said commit
tee in the matter.
Second, That in my opinion the
bonds of this county are in Il very un
safe condition, and the interest of this
county is very much in danger, and
and the paramount interest of this
county is to have the bonds of the
county returned, and all obligations
between said Company and this com
ty cancelled. And that your commit
tee should have agreed to the PROPOSE,
ton of the company and taken up tho
fifty five thousand eight hundred dol.
lars $55 ,S00) of the bonds now in the
hands of said company. Further, that
do not recommend the continuance
of this committee, or that any Other
or further authority be given to them
and recommend that they be discharged
from further service. ....
Which reports are accepted.
On motion, adjourned.
Thursday, June 5th, 1862
Board met at Q o'clock A. M.-Mem
bcrs all present. Minutes read ant
approved.
Mr.. Chapman offered the following
Rcsoired, That the present commit
tee on Railroad matters be discharged
from further action
The ayes and nays being ordered OF
the passage of the resolution, result
as follows:
Ayc-Billings, Chapman, Graham
Reed and Rex.
Nay-Townsend.
Resolution adopted and committe,
discharged.
Mr., Humphrey moved the adoption
of the majority report.
Mr.. Mathews moved to lay the ma
iuii.i;;;y and minority reports on til,
table.
On the question "Shall the report
be laid on the table," the ayes an
nays being ordered, result as follows
Aye--Billings, Chapman, Graham
Mathews, Reed and Rex.
Nay--Humphrey and Townsend.
Mr.. Humphrey moved that the ma
jority report be taken up.
The ayes and nays being ordere
on the motion, result as follows:
Ayc-Humphrcy and Townsend.
Nay-Billings, Chapman, Graham
Mathews, Reed and Rex.
The special ccmmittee appointed
draft resolutions on Rail Road ma
ters submit the following report:
ave, your committee, to whol
were appointed the drafting of fcs'
lutions pertaining to the bonds of thi
county now in the hands of the Ceda
Falls and Minnesota Rail Road Con
pany, beg leave to report the foIloy
ing resolutions and recommend the
adoption, to-wit:
ItesOfCeu, lidt u COiIiIiiiiLec VI tuis
be appointed by the Board, whose d.
ty shall be to effect the following a
rangement with the Cedar Falls al
Minnesota Rail Road Company, viz
That three years of the coupons of Il
Floyd County Bonds be cut off. al
deposited in the hands of a Trustt
or Trustees to be chosen by said cou
mittec and the. said Rail Road Con
pany: said Trustee to be obligated
, deliver over in the following order
I the Rail Road Company the first year
! coupons when said Company compile
or cause to be completed the sa
Rail Road to Waverly, Bremer Cou
ty, Iowa the second years coupon
: when said Rail Road Company col
! plete said road to the South line
J Floyd County, Iowa, and the third year
r coupons when said Rail Road Comp
; ny complete said road to st. Charl
, City, Floyd County, Iowa: Prorsdt
. first that said Rail Road is complete
to Waverly, Bremen County, low
, within two years from the 4th day
! July, 1862. Second that said Ro
is to be completed to the South line