Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1875-04-01
Published March 10, 1881
CHAPTER LIZ

AN ACT to encourage the building of narrow
gauge railroads and to secure cheap transporta
ton to the people,
The people of the State of Wisconsin. represented
in Senate and Assembly, do enact as follows:
SECTION l. Any county, town, Incorporated city
or village in this State is hereby authorized and
empowered to aid in the construction of any mar
row-gauge railroad In this State to be constructed
by any company under and by authority of any
law of this State, as provided by an act entitled
=" An act to authorize municipal corporations to
aid in the construction Of railroads. approved
March 25, A. D. 1872, and all acts amendatory
thereof
SEC 3 Any municipal corporation named in the
foregoing section may, by agreement between the
railroad company and such municipality. take
frstmortgage bonds or capital stock, part first
mortgage bonds and part capital stock, the
railroad so aided, in lieu of the stock of such
company for the aid so subscribed. The agree
ment between such railroad company and such
municipality shall be arrived at provided in
Secs. three (3) and four az of the act aforesaid
and all the conditions, restrictions, provisions,
instructions, forms and requirements. of every
kind and nature IN the act hereinbefOre men
toned, shall apply to this act and be complied
with both on the part of the railroad company
and the municipality subscribing such aid,
said act approved March 25 A. ID. 1872, so to
thoriZe the receiving of first-mortgage bonds by
municipal corporations subscribing aid to narrow
gauge railroads, in lieu of the stock of such COM
pany, sthe better to secure such municipalities
against any possibility of loss in subscribing aid
to narrow-gauge railroad companies.
3.
against extOrtionate rates of freight and passen-
ger fare, all railroad companies before asking aid
under this act, SHALL by resolution of their Board
of Directors, fix the maximum rate Of passenger
fares and rates of freight of all classes to be
charged by such company for the period of ten
years from the date of such resolution: PrOG5de6
The passenger fare and rate of freight so fixed
shall at no time exceed the rates fixed by the laws
of this State and such company shall cause such
resolution to be recorded in the Recorders office
of each county i'll this State through which their
V or
shall be binding upon such company, It's success
sors or assigns for the time fixed in such reso
luton. That is to say such company shall not
exceed such maximum rate as determined by
their resolution, but may, at their option lower
or reduce either passenger fare rates upon
freight, and such resolution by the railroad COM
pany shall be made part of the proposition to
and agreement with the municipality subscribing
aid to said company.
SEC. T. And be it further enacted, That each
county, town, incorporated City or incorporated
village subscribing aid to narrow-gauge railroads
under this act shall from year to year. and each
year for the period of ten Q years, in proportion
to the aid each municipality shall subscribe for
the capital stock OF such railroad, receive from
the State Treasurer the money paid to the State
by the railroad SO aided for license or tax.
SEC. 5. 1t shall be the duty of the proper officer
of each municipality subscribing aid to narrow
gauge railroads under this act, at the time of is
suing their bonds to the railroad company, in
payment for the capital stock of such railroad
company, to forward to the State Treasurer
statement showing the number of each bond,
date, par value, interest 1t bears. and when pay
able. And it shall be the duty of the State Treas
urer to keep record of the same in a book kept
for that purpose in his Office, and each year for
the period of ten years from the date of such
bonds, and Immediately upon receiving the Ii
Cense or tax money from the railroad company
so aided, to ascertain the amount sub
scribed by each municipality in aid of such
company, and shall pay the amount SO
ascertaned to the proper officer of each munich
pality, taking therefor his receipt: PrOUided, No
county, city, town. village, school district or other
municipal corporation shall grant to SAID railroad
edness, in the aggregate exceeding per cent
UNI on the value of the taxable property therein
to be ascertained by the last assessment for State
and county taxes previous to the mourning of such
Indebtedness.
SEC. 6. This act shall take effect and be IN force
from and after its passage and publication.
Approved March 2, 1875. s-COP9.