American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1867-03-06
NUMBER 10.
AN ACT.
Relative TO certas., bonds of ,hs c,r,
PennsyIvenia Railroad Company

- hIt hOl
Relative TO cert am bonds Of ,be c,r,
Pennsyiysnia Railroad company.
WHEREAS, 1t is alleged the county of
Butler is indebted to the Western Penn
sylvania Railroad Company the amount
OF certain bonds, issued BY said county,
to the North Western Railroad Compa,
ny, estimated at slS5, 900; which bonds,
1t Is alleged, by virtue of certain legal
lrocee eiipgs, became and are now the
property of said Western Pennsylvania
Railroad Company:
And Whereas, Said bonds fail due in
the year one thousand eight hundred and
seventy >four:
And lPhereas, The payment of the
same, In the event of the liability of said
county to pay the same, being determin>
ed, would be oppressive to said county:
And WhereuS, 1t is the wish of said
county, acceded to Dy said company that
new bonds be issued b; said county to
said company, to mature twenty yeers
after the fist day of April, Ammo Domini
l>oj, with interest coupons attached,
bearing interest from the said first day of
April, 1866; and payable semi annually,
at the rate OF six per cent. per aunum;
and the said county to be authorized to
levy and collect, in addition to the inter
est OF said new bonds, sun, annually,
to be set apart as sinking fund not less
than two per cent. of the g'oss amount
Of said bonds; therefore, -
SECTION |. Be II enacted By the Sen
ate and House Of Representatives. Of The
Commonwealth Of Iennylrdnia ia Gen
erat Assembly met, aud ii is hereby enact
Ell by The authority of the same, That
upon the liability of said county of Butler
tor the paymenbof soid bon is being es-
tablshed, the commissioners of sai6
county or majority of them, be and they
are hereby empowered to issue twenty
year coupon bonds; the interestaon which
shall be paid, semi annually, at the rate
OF six per cent. per annum, to an amount
equal to the principal of said bonds, now
held by faid Western Pennsy ylvauia Rail.
road Company
SECTToN 2. That upon the liabil ty Of
said ounty being determined as afore-
said, the said commissioners shall have
authority, and upon the issue and de-.
livery OF said bonds, as herein provided
for, shall be required 10 assess, levy and
collect on all property now liable to pay q
county tax, tax sufficient 10 pay the
interest on said bonds, as it falls due, sud
to set apart, in addition thereto as sink.
ing fund, for the redemptson of said bonds,
an annual sum, not less than two per
cent. OF the whole amount of said bonds,
which shall be pledged TO and used alone,
for the payment of the principal of said
bonds; and the said tax shall be included
in the sen ,! al county tax, and levied al d
collected as county tax now is, or may be
collected in said county.
SECTION 3. That said bonds shall not
be delivered to said company until said
original bonds and coupons shall be sur,
rendered to trustee, to be mutually ohot
sen by said county and said company,
who shall surrender the same to said
county, upon the delivery to Said trustee,
of the bonds authorized BY this act. ~
SECTION 4. That said sinking fund
shall be invested under the direction Of
the court of common pleas Of the said
county Of Butler, such national, state, or
county bonds, or stock as said court may
direct; which direction, as to Investment
shall remain in force until changed and
the said commissioners shall cause such
investment TO be made, from time to time,
within twenty days after five hundred
dollars of sinking found tax, or interest,
Oh sinking fund investment, shall come
into their hands, or under their control
SECTION 5. That the said bonds shall
be used, exclusively in aid of the con-
struction of railroad, between the town
Of Freeport, in the county of Armstrong,
and the town Of Butler, in the county Of
Butler, in one continuous section, and
shall be delivered to said company, in
such amounts, and at such times, as shall
be agreed upon by said company and said
county.
JAMES r. KELLEY,
Speaker of the II. r.