Huntington advertiser. [volume] (Huntington, W. Va.) 1874-1921, 1875-03-25
Interesting Railroad Legisfafion in
Richmond

Richmond
The Senate Yesterday passed bill
to authorize the CITY of Richmond to
appropriate 81, 900. 900 in bonds 10 be
used IN making subscriptions or assis
ting in the constructions OF railroads
designed to connect the Chesapeake
and Ohio railroad with the western
system of roads. These bonds shall
not be taken into account IN estlma-
ting the Indebtedness of this city III
reference 10 the limit now prescribed
by It's charter. The subscription OF
the Bonds shall not be made unrl
she. sense of che qualified voters bas
bcen taken, as authorized by the
present hw.
The Senate Yesterday passed q bill
authorizing the city of Richmond to
subscribe 81 900, 200 in 5on<s to the
RichnNaa and Trans Allegheny Mar
row .Gaage railroad, # deemed ex'
! pedient by the Council. The result
Shall be ascertained according to the
provisions of the city charter The
/ Trans Allegheny Company rs au-
thorized in this bill TO contract with
any existing railroad terminating in
Riclsntnd for temporary or perma
nent use Of Its track from any point
Of intersection of sand railway. The
subStri otion under this act shall con-
sti,ute Especial liability ct the city
Of Ricl,mOnt9. not to he considered or
taken as part OF the eighteen per
cent of the assessed value oi property
in the city, which under the present
charter is the limit of the city's
Indebtedness, but shall be excluded
from the eighteen per cent computa-
ton
A bill was also passed IN this body
arthorizing the James River and
Nanawha Company to execute a.
mortgage and to'suhscri6e to the CAPT
tai stock of the Buchanan and Gilt
ton Forge Railway Company, and to
authorize the city OF Richmond TO
guarantee such subscription in whole
or liz part. This bill authorizes the
president anf directors OF the James
River Company to execute a mort
gage 10 secure 4 loan to an amount
nd exceeding the som of $3.50. 1000.
The company may subscribe to the
capi al stock q the Buchanan and
Clifton Forge Railway Company, and
authorize the city of Richmond to
guarantee the payment OF the bonds
which NAV be issued under SAID inert
gage, or to guarantee the payment OF
interest on said bonds, or to exchaage
the bonds of the city for the bonds To
BE- iss1ed under said mortgage, or any
part, upon such terms as may be
agreed upon between this city ana the
James River and kauawha Company.
Before these bonds arr guaranteed,
however, the sense ot'the qualified
voters of Richmond shall be taken on
the subject; aud if the bonds are
guaranteed (and they shall be used
for no other purpose than that men
toned in the bib the city may ex
ceed the limis imposed on its banded
or Understanding debt, aud sfrall not
be taken into account in estimating
the debt in reference to the eighteen
per cent limit.
The kindred bill to the ahoye--viz
10 authorize the formation OF The
Buchanan and Clifton Forge PARKWAY.
has already passed both houses Of the
General Assembly. 1t provides that
the city Of Richmond, the James
River and kanawha Company, and
others. may construct railroad from
some point ut or near Buchanan to
some point on the Chesapeake and
Ohio railroad at or near Clifton
Forge. The capital stock of the com
panY shalI be 81 900, 900, to be divi
ded into shares of sl0o each.
Subscriptions to the capital stock
of the company may he made by in |
dividuals, or bv any county, city, or
Incorporated town, except the city OF
Norfolk, in the manner prescribed by
chapter 81 of the Code of 1873, not
withstanding such subscriptions, in
the clse OF Il city or incorporated
town, may exceed the limit of in
debtedneSS now prescribed by law, or
nv the res rective charters Of said |
cities and Incorporated towns; and
sueh subscriptions shah not be taken
INTO account IN estimating the indebt |
edneSs ofsuch municipal corporations
in reference to the limit OF indebted |
ness now prescribed by their respee
tive charters.
The railroad Is to be commenced !
within two and completed within five
wears frorr tue passage Of this act
P;cLD,ouG L;.,,Tfr(