The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1864-01-27
Resolred. That said Railroad Commissioner

RfSOiceG, i hat sad EallrOaQ I commissioner
shall have power and it shall be his duty
lst. To represent the interests of this coun-
- Is stockholder Of said Railroad Company
aud protect lis interests in tic appropriation
AID expenditure of said sum Of Forty Thou
sand Dollars S40O0ol
ID Whenever the Directors OF said corpo
ration shall make an assessment upon It's stock
holders. such assessment 10 he uniform at all
times upon all the shares it shall he the duty oil
said Commissioner to notify the chairman ofthe
Board OF Supervisors of such assessment who.
together with the county clerk. shall sign and de-
liver 10 the proper officer OF the company. coun-
" orders to the amount of such assessment and
shall take from such officer a receipt therefor
and deliver the same % the Commissioner:
Prorided Arrays That 10 order shall be issu-
ed 1t any time IN advaoce Of actual consiruc-
ton within the county OF lagham- except the
first instalment of five per cent.
Ind Be Il, FURTHER rfsoired That said Com
pany shall never Issue any preferred stock. or
30 any act or thing tenaing 90 depreciate the
stock subscribed by tile comfy without the
consent Of q majority Of The Board OF Super
ysors elect And the Board OF Supervisors
may nominate at amy session OF the Board inn
mediateiy preceding the election of Director,
some suitable person for one of such Directors
Of said Company.
Ind Be IL further res0ired. That said Com
missioner is hereby empowered and directed TO
negotiate a loan of Forty Thousand Dollars
$4,000 provided the bonds of the county at
a rate Of interest not exceeding seven per cent
semi-annually. can be sold at par and invest
the same in go United states bonds and dc
posite the same with the county Treasurer
when he shall have given the additional securi
" hereinafter required.
ind be II further resoired, That before sucl
Commissioner shall enter upon the discharge O
his duties, he shall enter into bonds with tn,
county with good and sufficient sureties TO b.
approved by the Judge Of Probate aud Prose
cutting Attorney in the sum of eighty thousau,
dollars for the faithful performance OF his du
ties. And such Commissioner shall receiv
two dollars per day and all necessary expence
as compensation in full Tor his services
.4ad De- IL further resolr,d. That the chair
man of the Board of Supervisors be and he
hereby authorized TO Issue Twenty Thousau
Dollars in bonds Of said county TO be propcll
registered il the county clerks Office and sgr
ed with interest at seven per cent TO becom
due semi-annually and payable ten years iror
date; aud Twenty Thousand Dollars in bond
- properly signed and recorded in said count
0 clerks Office with interest at seven per cent t
q become due semi-anuualy and payable iftce
Sc years from date and deliver the same TO IA
Sc Commissioner whenever they shall be demaI
IS ded by him; and the said Commissioner sha
- have power aud may sell from time TO time III
said 20 bonds provided lhcy be not sold ;
less than par without accumulated interest d
proceeds TO be used from time 20 time as Il
assessments are made by sand Railroad Con
' pany.
81 ind be IL .fWm, rssolred That it shl
2 be the duty of tie county Treasurer Of sal
- c>''n'-- ''',e' "ai4ce nom Tie commissioner {
Increase his bonds TO the county forty thousar
dollars in addition to bis present bond 10 Z
= approved by the Judge OF Probate and Pro
" ecuting Attorney.
Rcsoired further, That William IL. Char
o man Esqr- is hereby authorized to perform a
duties mentioned in the foregoing resolution
as chairman Of the Board Of Supervisors. M
til bis successor be cCc.ed
0 Resoiref .fT'hcr. 1ha, the Forty rhonsan
I Dollas hereby authorized TO I've raised be %
. nominated an3 known as the Railroad Tunl
1 aud that ali orders hereby authorized to b
! drawn shall DE paid from that fund and rroi
10 other