Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1872-05-09
The New Railroad Law.

SECTION l. Be IL enacted by the
General assembly Of the State of
Ohio, That it shall be lawful for any
county to construct a railroad, and
to borrow as a fund for that purpose,
a sum not exceeding five per cent.
of the assessed valuation there last
made Of the real and personal prop
erty in such county as two-thirds of
the electors Of such county voting at
meeting called for that purpose
shall determine: Provided, that the
total amount of outstanding indebt-
edness incurred for any and all rail
roads shall not exceed five per cent
of the assessed valuation Of such
county at one time; provided, that
the amount, exclusive of interest,
which shall have become due and
collectable at any one year. shall
not exceed one per cent. of the as
sessed valuation of such comfy.
Sec. 2. It shall be the duty of the
commissioners of any county to call
a meeting of the electors of such
county. at their usual places of vot-
ing, when written reques to do so
shall be made by one hundred tax
paying electors of such county and
the said commissioners shall give
thirty days notice to the qualified
electors thereof, by publication in a
newspaper of general circulation in
said county, requiring said electors
to vote for or against the construc-
ton of the proposed road and of the
time of said vote. And the opinion
of said electors shall be expressed
on their ballot, "Railroad-Yes," or
RAILROAD No." which ballots shall
be counted and returned by the
Judges and clerks of elections, as in
other cases Provided that such re-
quest and notice shall specify the
termini of the proposed road, the
amount to be appropriated towards
its construction, the conditions,
rates of interest, time of payment,
and manner of executing the bonds,
and other particulars in regard to
such appropriation not otherwise
provided herein. Said commission
ers, upon proper request as afore-
said, are hereby authorized and re-
quired to call special election for
the purpose aforesaid, by giving the
notice required hereby: Provided,
that no county under the provisions
of this act shall hold more thar one
special election in one year. A copy
of the request and also OF the notice
required by the provisions of this
section, shall be entered at large up
on the records of such county, to-
gether with q statement of the result
and other essential particulars, and
certified copy of such record
shall be in all courts and places as
prima facie evidence of the facts
therein set forth.
Sec. 8. Any county which may
avail itself of the benefit of this act,
as provided herein, shall, within six
ty days after the question of con-
structing any road is determined by
vote of the electors of such coun-
ty, as provided in section two of
this act, issue its coupon bonds for
the amount so determined to be eX
pended, which bonds shall be in sums
Of not less than fifty dollars each,
and not more than one thousand
dollars each, and shall be payable at
any time as determined upon by th,
electors of such county, not exceed
ing twenty years from the date there
of; such bonds shall bear interest at
a rate not exceeding eight (S) per
cent. per annum. and shall have at
tached thereto the necessary interest
coupons, corresponding in dates and
numbers with the bonds 10 which
they are attached, which shall be
signed by written signature of the
auditor Such bonds shall be
signed by said county commission
ers, under the seal of said county,
and attested by the Auditor of said
county. The bonds and coupons at
tached thereto, shall be payable Ell
ther at the office of the Treasurer of
said county, or in the city Of New
York, as shall be determined by the
vote of said electors. and said bonds
shall not be sold at less than their
par value.
Sec. 4. Whenever any such bonds
as provided by the provisions of this
act, shall have been issued as therein
specified, the same shall be delivered
by said commissioners to The Treas
urer of the State who shall give re-
ceipt therefor, and hold the same as
trustee for the county issuing the
same, and to be disposed of by said
treasury in discharge of his trust,
as hereinafter provided.
Sec. 5. Upon receipt of any such
bonds from any county in aid Of any
Railroad, the treasurer of this State
shall Immediately register or record
the same in a book, or books, to be
kept by him for that purpose in his
Office, which record shall show the
amount, date and number Of each
bond, the rate of interest which il
bears, by what county issued, to con,
struct what railroad the such bonds
are issued, and the time when paya
BILE, which record shall be open for
:, the inspe ctionof any citizen of this
State, or other interested parties
Such bonds shall be safely kept by
said treasurer for the benefit of the
parties interested, and be disposed o.
: by him in the folio wing manner, thai
is to say Whenever the county com
missioners shall present an order
!, for said bonds, from the chief engin
eer, approved by the county com
missioners, that there had been Ia
! Dor performed and material furnish
= ed during the previous month, il
pursuance of the contract to th,
amount therein specified, it shall
,, then be the duty of the treasurer o
State to deliver to the commission
ers, or the person designated in thei
written order, bonds to an amour
: not exceeding eighty-five per cent