Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1872-05-16
The New Railroad Law.


The New Railroad Law.
AN ACT to authorize counties, cities,
incorporated villages and townships,
10 build Railroads, and to lease and
operate the same. t--.a-
SECTION /. BE it enacted by the Gener-
al Assembly Of the .Stoteof Ohio, That it
shall be lawful for any county TO con-
struct a railroad, and to borrow as a
1 fund for that purpose, = sum not ex-
ceeding five per cent, of the assessed
valuation there last made of the real
and personal property in snch county,
as two-thirds of the electors of such
county voting at 4 meeting called for
that purpose shall determine: Proyi-
ded, that the total amount of Outstand-
ing indebtedness incurred for any and
all railroads 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 assessed valuation of
such county. ..
SEC. 2. 1t shall be the duty of the
commissioners of any county to call
meeting Of the electors of such county,
at their usual places of voting, when a
written request to do so shall be made
by one hundred tax paying electors Of
such county; and the said commission
ers shall give thirty days notice to the
qualified electors thereof, by publica-
ton in newspaper of general circu-
lation in said county, requiring said
elections to vote for or against the con-
struction Of the proposed road and of
the time of said vote. And the opinion
of said electors shall be expressed on
their ballots, "Railroads-Yes," or
Railroads.&c." which ballots shall be
counted and returned by the judges and
clerks of elections, as in other cases:
Provided, that such request and notice
shall specify the termini of the pro-
posed road, the amount to be appropri-
ated towards its construction, the con-
dltions, rates of interest, time Of pay
ment, and manner Of executing the
bonds, and other particulars in regard
to such appropriation not otherwise
provided herein. Said commissioners,
upon proper request as aforesaid, are
hereby authorized and required to call
a special election for the purpose afore-
said, by giving the notice required
hereby: Provided, that no county un-
der the provisions of this act shall hold
more than 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
upon the records of such county, to-
gether with statement of the result
and other essential particulars, and
certified copy of such record shall be in
all courts and places as prima facie evil
dence of the facts therein set forth.
SEC. 8. Amy county which may avail
itself of the benefit of this act, as pro-
vided herein, shall, within sixty days
after the question Of constructing any
road is determined by vote of the
electors of such county, as provided in
section two of this act, issue its coupon
bonds for the amount so determined to
be expended, which bonds shall be in
sums of not less than fifty dollars each,
and not more than one thousand dol
lars each, and shall be payable at any
time as determined upon by the cleo
tors of such county, not exceeding
twenty years from the date thereof;
such bonds shall bear interest at rate
not exceeding eight (S) per cent per an
mum, and shall have attached thereto
the usual and necessary interest cou-
pons, corresponding in dates and num-
bers with the bonds to which they are
attached, which shall be signed by writ
ten signature of the Auditor. Such
bonds shall be signed by said county
commissioners, under the seal of said
county, and attested by the Auditor of
said county. The bonds and coupons
attached thereto, shall be payable either
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 1t 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 speci-
fed, the same shall be delivered by said
commissioners to the Treasurer of the |
State who give a receipt therefore, and
hold the same as trustee for the county
Issuing the same, and to be disposed of
by said treasurer 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 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 in
terest which it bears, by what county |
issued, to construct what railroad the |
said bonds are issued, and the time |
when payable, which record shall be |
open for the inspection of any citizen
of this State. or other interested par
ties. Such bonds shall be safely kept
by said treasurer for the benefit of the |
parties interested, and disposed of by |
him in the following manner, that is to |
say: Whenever the county commits
sioners shall present an order for said |
bonds, from the chief engineer, approx
ed by the county commissioners, that
there had been labor performed and
materials furnished during the previ-
GUS month, in pursuance of the con-
tract, to the amount therein specified,
it shall then be the duty of the treas