The Cairo daily bulletin. (Cairo, Ill.) 1870-1872, 1871-06-04

shall agree in thier subscriptions to such
Conditions.
Councilman Wood moved TO lay over
all railroad matters until after the County
Court taxes action concerning the Cairo d
Nincenncs Railroad. Lost.
Councilman Taylor also introduced the
following condition as a substitute for the
one contained in the ordinance in ref.
erence to the Cairo 1; St. Louis Railroad
company, which he stated, the contractors
were willing to adopt if more agreeable to
the city Council and County Court.
THAT the work shall be commenced
and prosecuted from the city Of Cairo bv
the first day of November ISL. and IN.
road-bed shall he completed TO tho count,
line of Union county by the frs, day ~
July 1872, Proridcd, however. that the
bonds Of Alexander county and the CITY of
Cairo shall be paid to the party Of the
second part on the cmopletion Of each
five miles of the road-bed commencing at
Cairo said amount to be paid pro rata AS
| the amount done is in proportion to the
whole work TO he done en- the road
bed in said Alexander county, said amount
to be ascertained by survey and an es-
innate of the cost of the whole work in
said county"
Councilman Taylor moved that the
above ordinances concerning the Cairo IL
st. Louis Railroad be laid over for Soc
ond reading, and also that the condition
in reference to the work to be done on th,
road in Alexander county be referred to
the Mayor with Instructions to confer
with the County Court in order that
unanimity Of action may be obtained in
reference to the conditions to be imposed
upon the Railroad Company as to the
work in Alexander county.
Alderman Buder moved to adjourn.
Carried
Councilman Halliday moved to recon-
slider the vote to adjourn. Carried
Councilman Taylor introduced the fol-
lowing ordinance which, on motion, was
laid over for n second reading.
An ordinance to authorize the subscrip-
ton of 100000 to the Cairo and Vim
eennes Railroad Company, and for 9TH
er purposes.
Whereas, by an agreement entered into
bet seen the Cairo and Vincennes Railroad
Company and the city of Cairo, and APP
proved by the City Council November
10Th, 1867, it is provided that the stock
amounting to 500, 600 TO be issued by the !
Cairo and Vincennes railroad company to |
the city for the subscription of that |
amount should be sold by the city to the
said company, upon certain conditions ms
expressed in said contract and
Whereas, i. is understood that said COM
pany are willing TO extend the time for
The issue of said bonds and the commence
nent of the payment of interest on the
'ame therefore
BE it ordained by the City Council of
the city Of Cairo:
SECTION l.. That the Mayor, City Clerk
and City Comptroller be, and they are
hereby authorized and instructed, to have
prepared and to sign and seal bonds of the
city to the amount of one hundred thous-
and dollars, to be issued TO said railroad
company, said bonds to be in such sums as
the said company may desire, to bear in
terest at the rate of per cent. per an
mum, and to be payable twenty years af-
ter the date thereof, with coupons attach
ed for the payment of the interest semi
annually on the same that the Mayor is
hereby authorized and instructed to take
charge of said bonds when prepared,
signed sealed and ready for delivery, and
is authorized and instructed to deliver the
same to some responsible Banking Loan
or Trust Company, located in the city of
New York or elsewhere, rs may be agreed
upon by him and said Railroad Company,
said bonds to be held by said Banking,
Loan or Trust Company in escrow, and to
be delivered up to said Railroad Company
when the said Cairo and Vincennes Rail-
road shall be finished from the city of
Cairo, Illinois, to the city of Vincennes,
Indiana, and the cars shall have run
thereon and not before; provided, work
IN said road shall be resumed by or before
lst next, and said road shall be
inished by or before the first day of Au- |
gust, 1873, and provided also that interest
iccruing on said bonds previous to their
delivery to said Railroad Company shall
not inure to the benefit of said Railroad |
Company, but the coupons for all accrued |
interest shall be detached from said bonds |
previous to their delivery to said Railroad
Company and be returned to said city of
Cairo, so that interest shall not be paid
or accrue TO said Railroad Company be-
fore the time when said Company shall be
entitled TO receive said bonds according to
the conditions herein expressed.
Councilman Halliday moved that
Committee of three be appointed by the
Chair to confer with the County Court
the Cairo and Vincennes Rail-
road Company, and inform the Court that
he action of the Council on the Cairo and
It, Louis Railroad will depend upon the
Iction of the Court on the Cairo and Vim |
'ennes road. Carried.
Tho Chair appointed as such Commit
ce, Messrs. Halliday, Stratton and Cum
lingham. Councilman Halliday moved |
hat the Mayor be added to said commit
Zee, Councilman Wood put the motion
which was carried
On motion the Council therefore ad-
ourned. NJ. j. HOWLEY