The Cairo daily bulletin. (Cairo, Ill.) 1870-1872, 1871-07-26
ORDINANCE. NO. ll9.

An ordinance to authorize the snbscription Of
$1,000 to the Cairo and Vincennes Railroad
Company, and for oiher purposes.
- Whereas, by an agreement entered INTO between
the Cairo and Vincennes Railroad Company and
the city OF Cairo, and approved by the City Coun-
s,ocs amounting 70 .io 800 Re ssaed SS the Cairo
and vincennes railroad company to the city for
the subscription Of that amount should be sold by
ditions as CT pressed IN said contrsct and
Whereas, II Is understood that said company
are willing to extend the time for the issue Of
said bonds and the commencement Of the pay
ment Of interest on the zane therefore
Be it ordained by the City Council Of the city
OF Cairo;
Section !. That the Mayor Of the city he, and
he is hereby authorized and instructed to sub
scribe on behalf Of the City Of Cairo 20 the capt.
company in the sum Of one hundred thousand
dollars, said subscription 10 be payable in bonds
OF the city a. hereinafter provided for; that the
Mayor, City Clerk, and CITY Comptroller be, and
they ale hereby authorized aud instructed 10 have
prepared and 10 sign and seal bonds OF the city
to the amount Of one hundred thousand dollars,
to be ISSUED to said railroad company, said bonds
to be in such sums as the said company may de-
sire, to bear interest at the rate Of per cent per
annum, and 10 be payable tSenty years after The
date thereof, with coupons attached for the pay.
ment Of the interest semi-anually on the same !
that the Mayor - hereby Authorized and instruct
ed to take charge OF SAID bonds when prepared,
signed sealed and ready for delivery, and Is
authorized and instructed 10 deliver the same TO
some responsible banking, loan or trust com
the city OF New York or elsewhere, as may be
agreed upon by him and said Railroad com pany,
said bonds to be held by SAID banking loan or
trust company, trustee or trustees, in
escrow and 10 lie delivered ~ to the said
Cairo and Vincennes railroad company,
when the said Cairo and Vinccnnes railroad has
been constructed, that Is to say has been put in
good ordinary running order, nom the city OF
Cairo Illinois, to the city OF Vincennes Indiana,
and the cars shall have run thereon. and not be-
fore +; provided, work on said road shall be re-
sumed by or before October LIST next, and said
road shall be finished by or before tao first day
Of August, 1873, and provide also that the inter
est accruing on said bonds prev lous to their
delivery TO said railroad company shall not inure
70 the benefit Of said railroad company, but the
coupons for all accrued interest shall be detached
from said bonds previous TO their delivery 70
said railroad Company and be returned 10 ssld
city OF Cairo no that interest shall not be paid or
accrue TO said railroad company before the time
when said company shall be entitled 10 receive
said bonds according to the condition herein ex
Sec. 2. It shall be, and it is hereby made the
duty o: the banking. loan, trust company, or
trustees which shalt be chosen or selected to
hold such bonds, as hereinbefore provided. to
deliver up the said bonds to said railroad corn.
pany upon the said companys issuing TO said
civ and delivering 10 said trustee one hundred
Thousand (SlOOO, 000) dollars Of paid up stock in
said railroad company, which said stock the said
trustee Is hereby authorized and directed TO sell
to ssid railroad company, for FIVE thousand dol
carry out the provisions OF the agreement en-
tered into November 25th. 1867, by and between
said city and said railroad company.
''''0 JOhNM. LANsDEN, Mayor.
Attest; M. HOWLEY, Clerk.