The Cairo daily bulletin. (Cairo, Ill.) 1870-1872, 1871-08-03
ORDINANCE. NO 10

An ordinance 10 authorize the subscription Of
$4,000 to the Cairo and vincennes Railroad
Company, and for other purposes.
whereas by an agreement entered into between
the Cairo and Vlncennes Railroad Company and
the city OF Cairo. and approved by the City toos.
stock amounting to 500 90 be issued by the CAIRO
and Vincennes railroad company to the city for
the subscription Of that amount should be sold by
the city 10 The said COMPANY, upon certain con-
ditions as expressed n "A ID contract and
Whereas, 1t 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 came therefore
Be II ordained by the City Council OF the city
OF Cairo;
Section /. That the Mayor Of the city be, and
he ~ hereby authorized and instructed 10 sub
scribe on behAlfof the City OF Cairo 10 the capt.
| tai stock Of the Caro- and Nincennes railroad
company in the sum Of one hundred thousand
| dollars, SAID subscription 20 be payable IN bonds
Al the city a. hereinafter provided for; that the
Mayor, City Ccrk, an CITY Comptroller be, and
they are hereby authorized aud instructed 10 have
| prepared and 20 sign and seal bonds OF the city
| To the amount Of one hundred thousand dollars,
to be ISSUED 10 said railroad company, said bonds
| to be IN such sums a. the said company may de-
sire to bear interest the rate Of per cent. per
| snnufn and to be payable twenty years after the
date thereof, with coupons attached for the pay.
| ment OF toe 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, aud Is
| authorized and instructed to deliver the same to
| some responsible banking, loan or trust com.
pany, trustee or trustee. lOcrted or residing IN
| The city Of New York or elsewhere, as may be
| agreed upon by him and said Railroad com pany,
| sad bonds to he held by said banking loan or
| trust company, trustee or trustees, in
| escrow and to lie delivered up, to the said
| Cairo and Nncennes railroad company,
| when the SAID Cairo and Vincennes railroad has
| been constructed, that is to say has been put In
| good ordinary running order, from 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
| sumed by or before October LIST next, and said
| road shall be finished by or before the first day
| Of August ls73, and prov del also that the inter
| est sccruipg on said bonds previous 10 their
delivery to said railroad company, shall not inurc
| to the benefit Of sid railroad company, but the
coupons for all accrued interest shall be detached
| from SAID bonds previous to their delivery to
| sad railroad Company and be returned TO said
| city of Cairo, so that interest shall not be paid
| accrue TO said railroad company before the time
| when said company shall be entitled TO receive
| said bonds according to the condition herein ex.
| pressed.
Sec. g 1t shall be, and it is hereby made the
| duty o. the banking, loan, trust company or
| trustees, which shall be chosen or selected to
| hold such bonds, as hereinbefore provided, 10
| pany upon the said company's issuing TO said
| city, and delivering 10 said trustee one hundred
thousand tsl0OO,0Oo) dollars Of paid up stock in
| said railroad company, which said stock the said
trustee - hereby authorized and directed to sell
| to ssld railroad company for hye thousand dol
lars (SjDoO) Of Cairo city bonds 80 as thereby TO
carry out the provisions Of the agreement en-
| tered INTO November 25th. 1867, by and between
said city and said railroad company.
Approved July 22d, ISL:
JOHN NJ. LANsDEN, Mayer.
Altest. II j ulWIEN. Clerk.