The Superior times. [volume] (Superior, Wis.) 1870-1912, 1872-05-04

and may contain a statement that such bonds NAV
be deposited IN escrow prior to delivery to the rail
road company; and such proposition shall also
contain statement that the said railroad com
pany will, in consideration of said bonds issue
TO the municipality from which it is to receive the
same, such number of the shares of its capital
stock as will at the par value Of such stock CORES
pond with the principal sum of such bonds; in
case such bonds are proposed to be deposited in
state that the certificates Of the stock to be ex-
changed therefor shall be placed with the same
depository, at the same tlme and in that case the
proposition shall set forth the full name and resi-
dence of the trustee trustees, who shall be the
custodians of the stock of said company and of the
bonds OF such city, village, town or county; the
clerk with whom any such proposition shall be
filed, shell Immediately endorse thereon the date
of its receipt by him, and transcribe the same into
the record book OF the county, town, city village,
as the case may be, of which he is such clerk.
Sec 5. The mode of arriving at such mutual
agreement as is hereinbetore specified, shall be
follows:
LIST. Upon receiving such proposition, the county
clerk OF such county, the town clerk of such town,
or the clerk of such incorporated city or village a.
the case may be, shall Immediately publish no
ce of an election to be held by the legal voters of
such county, town, Incorporated city or vii
Iil{5; at the usual place or places of
i;1s elections therein and at such
than thirty nor more than sixty days from the date
of such notices, which notice shall contain sub
stantial statement Of the proposition made by said
railroad company for the Issue of the bonds of such
municipality, and shall notify the legal voters
thereof to deposit a ballot upon which shall be
written or printed, for the railroad proposition"
or the words, against tile railroad proposition"
and such notice shall be posted in three public
places in each election precinct in the district in
IN which aid is desired, at least twenty
days before the day of such election and shall also
be published at least three times before such cleo
ton, IN one newspaper in such city, village or
town. if any is published therein and if the aid is
asked of a county, in one newspaper in each vii
lage and city in such county in which a newspaper
is published: and if there is no newspaper pub
liSl in ErTh oil Hoo
such notice shall be so published in a newspaper
published at the nearest place thereto in which one
is published.
81. Snch election shall be held and conducted
in the same man Ter that general elections in such
counties, towns Incorporated cities or villages are
by law required to be held and conducted, and the
votes cast at such election shall be counted. can
yassed and returned in the same ma ner as the
votes at such general election, and the canvassers
shall make, certify, sign and deposit with the
county clerk, town clerk clerk Of such incorpo-
rated city or village, as the case may be, state
ment of the result Of such election, and such GER
titled statement shall be prtHaa foc5e evidence of
the number of votes cast for or against such propo-
sition and also of the fact that such election was
regularly held and conducted according to law.
Sd. If IN any of said counties, towns, cities or
villages any election shall fail to be held on the
day appointed therefor or if the majority of votes
cast at any such election shall be against the rail
road proposition such county clerk, town clerk or
clerk of such city or village, shall at the written
request of the president of such railroad company,
at any time thereafter, call another election or
elections in the manner provided in this act, upon
the same or different proposition of such railroad
company, and such other election or elections sh9ll
be conducted in like manner and upon like notice
is provided in this act for the first election: pro
Jtdea, that not more than two elections authorized
by this act, shall be held in any one calendar year.
in the same town, county, village or city.
4th. If a majority of the legal voters who shall
vote upon the question, at any election TO be held
in any such county. town. city or village, in pur-
suance of the provisions Of this act shall as indi-
Gated byshe official returns ofany such election vote
strf.1l
agreement for the issue of bonds by such munich
pality, and of stock by such railroad company, as
provided in this act shall be deemed and consid-
cred to have been arrived at and perfected, and
thereupon such bonds and stocks shall be issued
and delivered by the proper officer, in conformity
with the trse intent and meaning of such PROPOSE
ton and with the provisions of this act: pT0Cided,
that if such bonds are to be issued by a county,
there shall also have been majority of votes cast
in favor of the railroad proposition, at a majority
of the election precincts within such county at
suchelection.
Sec. 6. No bonds shall be delivered to the COM
pany under such proposition until the road branch,
extension thereof, for the construction of which
the aid has been granted, shall have been compile
ted, ready for the passage Of cars, continuously
from terminus through, or 10 the district grant
ing the aid, or to the nearest point in its line to
such district, or from such terminus TO such point
as such company in its proposition shall have pro
posed to construct said road where the line of the
road shall not lie through the district.
Sec. T. The stock received by any such county,
town, city village, in pursuance of any such mu
tual agreement, sndll be entitled 10 all ana the
same rights benefits and privileges the stock Of
the same class held by any other person per-
sons and the municipality receiving any such stock
shall, so long as it shall hold the same any part
thereof be part owner of such railroad and its
franchises and the proper authorities of the mu-
inequalities holding such stock shall appoint
person to vote thereon in behalf of such munich
paltv. and such authorities may also sell and dis
pose of the said stock in such manner as shall TO
them seem best for the interest of such munich
palities.
Sec. s. Every county, town, city or village which
shall issue any bonds in pursuance of the prOyi-
sions of this act shall be seyerally liable III law,
faithfully, promptly and at maturity, to pay and
discharge the principal and interest upon every
such bond issued by It. and the faith of every such
county, town, city or village shall, by the issue of
such bond bonds, be and stard iTeyOcably
pledged to the prompt discharge of every such liza
bility, and every such county, town, city or village
shall annually levy and collect tax on all texable
property therein, indicated by the assessment
roll or rolls for the payment of all moneys TO be-
come due upon such bonds, whether for principal
interest in addition to all other taxes, and the
money raised shall be kept as a separate fund,
and strictly applied to that purpose and it may,
in the discretion Of the proper authorities, raise
greater sum in any one year than Is needed to pay
what shall become due in that year, and apply the
same to the purchase and discharge of such bonds
at the lowest practicable rate or price.
Sec. 9. If any officer, upon whom any duty is
imposed by this act, shall willfully fail faithfully
and promptly TO discharge the same, as by this
act required, he shall be liable to the party par
ties aggricved for all actual damages suffered by
such party or parties by reason of such failure.
Sec TO- For the purposes of this act the term,
proper officers, shall be construed and held to
intend and mean, in the of a county, the
chairman of the board of supervisors and the com
ty clerk of such county; in the case of town. the
chairman of the town board and the town clerk; in
the case of city, the mayor or the officer perform
ING the duties CT mayor and the city clerk, and in
the case ola village the president and clerk OF the
village and the term, proper authorities" shall
be construed and held to intend and mean, in the
case ola county, the county board of supervisors;
in the case of a town, the town board of supervi-
Of prrX hn MINOR nr
other authorities possessing the usual powers of
the common council of cities; and in the case of a
village the board of trustees other local govern
mental board, by whatever name 1t may be called.
which is vested with the power to levy taxes, and
any and all bonds issued under this act, by any
county, town, city or village, shall be officially
signed by the proper officers thereof as aforesaid,
and sealed with its corporate seal, If it have one
and in the case of town, II shall be the duty Of
the county clerk of the county in which such town
is situated if requested to do to add to each of
such bonds certificate under the seal of the Coun.
ty. to the effect that the town officers subscribing
the bonds in fact such officers, and that he be-
lieves their signatures thereto to be genuine.
Sec. II. If any county, town, city village
shall issue and deliver to any railroad company
any bonds N pursuance of the provisions of this
act it shall not thereafter issue o. deliver any
bonds or incur any liability in aid of the construc-
ton of the railroad Of such company by virtue of
the authority of any other law of this state.
Section y. 1t shall be lawful for any town,
county, city or village which shall have voted aid
TO any railroad company, which shall here
after vote aid to any railroad company without IL
hitting the time when such aid shall be earned by
the company by the authorities thereof to fix the
time when such aid shall be earned prOCided, that
The time SO fixed shall not be less than year