Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1867-03-26
The Monroe & Dubuque Railroad Bill
Authorizing its Obstruction Passed
fbo Sonafo- rscxu of ire praviciona

Authorizing its Obstruction Passed
the Senate Copy Of its Provisions.
We give below the amendments
proposed by the Senate Committee
on Railroads to Bill No. q, author
izing the construction Of the railroad
from Monroe to Dubuque, which
were accepted by that body and pass
ed by vote of 10 to 4 yesterday
1t is of absorbing interest to all o.
our business men :.ss.. (, ~as,..ss
Amendments proposed by the Sen.
ate Railroad Committee to No. ~ s.
Strike out all after the enactine
clause and insert the following:
bill facilitate the construction of railroad from
Monroe to Dubuque and to retire the bonds and pre-
Railroad Company.
SECTION l. That to enable the
? Milwaukee and Prairie du Chen
Company to exercise the authority
and power of leasing or purchasing,
or of constructing railroad from
Monroe, in Green County, in this
state, to the Mississippi river, and
across the same to, in and through
the city oflDubuque, which authori-
.ty and power is conferred by an act,
entitled can act to amend the arti~
Giles of association of the Milwaukee
and Prairie du Chen Railway Com
pany," approved March Goth, 1864 !;
and for the further purpose, as aux
library thereto, of retiring and can
ceiling the present mortgage bonds
of the Milwaukee and Prairie du
Chen Railway Company, and the
first preferred stock ofsaid company,
the board of directors of said rail
way company are hereby authorized
and empowered to make. issue and
deliver, not exceeding five thousand
dollars, of one thousand dollars each,
payable. principal and interest, in
the city Of New York, the principal
in not exceeding fifty years from
July 1st, 1867, and the interest semi
annually, at the rate offs per cent.
per anum, which bonds may contain
aclause making the principal become
due in not less than six months
from date in default of payment of
interest. To secure the payment of
said bonds, the board Of directors
are hereby authorized and empow-
cred to mortgage the whole or any
part of the property or franchises of
the company, including the proposed
extension from Monroe to the Mis-
sissippi river or to Dubuque, by a
proper mortgage or trust deed or
deeds, which deed or deeds may con-
tain All the agreements, covenants
and undertakings usual and proper
in such cases, including proper COW
enants for sinking fund for the
payment of the principal Of said
bonds, and said trust deed or deeds,
when made in accordance with this
act, is hereby declared to be a first
and prior lien to all others on the en-
tire property and franchises of the
company, including said extension
from Monroe to Dubuque. And
said directors shall cause the same to
be recorded in the Office of the Scores
tary ofState of the State Of Wiscon-
sin. From the whole amount Of the
said mortgage bonds, the directors
of said company shall reserve and APP
propriate three thousand five huns
dred and eighty-two of the said
mortgage bonds, amounting to the
sum of three million five hundred
and eighty>two thousand dollars, or
SO much thereof as may be necessary
for that purpose, exclusively to ex
change for, and tor the cancellation
of the present outstanding mortgage
bonds, and to exchanging To- sod
cancellation of the first preferred
stock.
SECTION 2. Before the board of
directors of said railway company
shall dsffver or in any manner use
any IF the bonds, which by the first
section of this act they are. author
,ized and empowered to make, issue,
and deliver, they shall make and ex-
ecute one thousand and fourteen
bonds Of one thousand dollars each,
payable, principal and interest, In
the city Of New York the principal
in not exceeding fifty years from Ju-
Iy LIST, 1867, and the interest semi
annually at the rate Of seven per
CcuI. p6T duuIu 1uo w bcCuIc Ill y
payment of said bonds in this section
mentioned, the said directors shall
make, execute and ACKNOWLEDGE in
due form Of law and cause to be re-
corded in the office Of the Secretary
of State of the State Of Wisconsin, a
second mortgage or trust deed such
as are usual with railroad companies,
upon the whole property or franchise
Of the company, including the pro-
posed extension from Monroe to the
Mississippi river, or Dubuque, which
may contain all the agreements, COW
enants and undertakings usual and
proper in such cases : which said
mortgage or trust deed, when made
in accordance with this act, is hereby
declared to be.a prior lien upon the
property and franchise therein men<
toned, TO all other liens except the
mortgage mentioned in the first
section Of this act. The directors of
said company shall use and Happily the
said second mortgage bonds exclu-
sively to the exchange for and can
collation. of the thousand one hun.
dred and forty shares of the second
class preferred stock ofsaid company
originally issued in conformity with
the articles ofassociation of said com
many "a. the OntiOn of the holders of