The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-03-16
Water Power At Ottawa.

0utnOf1ZiuD
the city Of Ottawa to subscribe $4,000 stock in
the proposed water power Improvement at Ottawa.
With thisaid, and from SEQ, 600 to $50, 900 pri.
vate subscriptions that were made to this under
liking last summer, there is no reason why this
great work, 80 important to the future growth and
prosperity of our city, may not be commenced
during the coming season, if our men of means
will take hold of it in earnest. To insure the
success OF the undertaking, there ought to be
about x2OOOOO subscribed as capital stock, incld.
uing the city subscription. We hope our business
men will not make up this deficit with their US.
ual tact in showing how not to do it.
AS Immediately connected with this matter,
We have before us a correspondence between the
Hon. B. C. Cook and the War Department in
reference to a more minute survey Of tho Illinois
river from La Sale towards its source, with
view Of ascertaining ts practicability as a chan
mel for the proposed Ship canal to connect the
waters of the lakes with those of the Mississippi
Gen. Wilson, who has charge of this survey, re-
ported to the War Department that an appropri-
alton Of $4,000 would be needed to make the
survey as it aught to be made and through the
cxertions of our members this appropriation has
been secured, 10 that the survey will be made
as soon as the weather and stage of water will
permit.
The bearing upon our proposed water power
improvement is this Gen. Wilson will probably
indicate the precise location where the dam must
be placed to make the proposed back water nava-
cation of the river, and the Ottawa Company,
building its dam at this location, may have most
oftheir expenditure Reimbursed BY the General
government. This certainly should act as
stimulant to the water power company to en-
bark in the enterprise without delay
AN ACT TO authorize the City subscribe .o.he
stock OF the Ottawa Manufacturing Company.
SEC. /. Be it enacted by the people ef the State
Of Illinois represented in the Grand Assembly,
that William Reddick. Milton II. Swift, Jere-
miah Wood, George Avery and Richard Thorne.
be. and they hereby are constituted board of
commissioners for, and on behalf Of said city, to
subscribe to the capital stock of the Ottawa Man
ufactnIing Company, the sum of one hundred
thousand dollars, and when fully paid. to receive
and hold the stock of said company for the same
and the proceeds thereof, for, and on behalf of
said city.
SEC ,. In order to raise the money to enable
said commissioners to make such subscription.
they are hereby authorized. for, and ON behalf of
said city, To MAKE. execute and dispose OF bonds
Of the same TO the amount of one hundred thous-
and dollars at rate OF interest not exceeding
ten per centum per annum. payable in not less
than ten years irrevocably pledging the faith and
resources OF said city for the ultimate redemp-
tion OF the same. and for the payment Of the in
terest thereon such bonds shall not be disposed
of by said commissioners tor less than their par
value.
SEC. 3, The City Council of said city, is here
by authorized. and required annually after be-
ing notified by said commissioners OF the issuance
OF such bonds 10 levy and collect as other taxes
are levied and collected, and mt the Same time
and IN the same manner. not less, than six mills
on each dollar, OF the assessed value of the real
and personal property in said city. The proceeds
of such tax shall be paid over by the collector of
said city TO the treasurer thereof and by him
kept aS a sepera,e fund. subject to the order of
said commissioners for the payment OF the inter-
est on said bonds of the United States. or of the
State Of Illinois for the ultimate redemption of
such bonds
| SEC. 4. The said commissioners NAV appoint
| president and secretary who shall be treasurer
The latter shall give bonds to said city, condi-
and they may also appoint proxy to vote on
SAD stock at any meeting of the stock holders of
said company, and instruct such proxy in what
way TO vote but no vote shall be given on said
stock for either of such commissioners for direc-
tors of said company
! SEC. .. Said commissioners may at any time
dispose of such stock at not less than its par val.
ue, and any holder of any such bonds, may at
any time exchange the same for an equal amount
of said stock. In case Of a sale of such stock or
of any portion Of the same, the lid commission.
ers shall if practicable take lid bondsAand if
not. shall invest the process in bonds Of the
United States, or the State of Illinois Said
commissioners shall keep record Of their pro-
ceedings, and annually report to the City Council
their doings herein. Said commissioners shall
be allowed all reasonable expenses, but no com.
pensation for their services. In case of a vacancy
in said board by death, resignation, refusal, OF
neglect to act, or removal from the county of
La Sale, the Circuit Court of said county shall
fill such vacancy.