The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1880-01-22
LAWS OF
BONDS, RAILRoAD-LARAMIE COUNTY.
CHAPTER II.

AN ACT to Authorize the Board of County Commissioners of Laramie County to
and Pacific Railroad Company.
BE ii enacted By the Council and House of Representatives. Of
The Territory Of. Wyoming:
SECTION 1. That the board of county commissioners,
ofthe county ofLaramie, Wyoming Territory, be and they
are hereby authorized and required to issue bonds of the
said county of Laramie, to the amount OF four hundred
thousand dollars, par value, to the Wyoming, Montana
q racine railroad company when the saidc company snail
have completed and equipped ready for the running of
trains, and trains running thereon, one hundred miles of
railroad from the City of Cheyenne, in said county, in a
northwesterly direction by the most practicable line to
the Territory of Montana, and upon such route as best to
facilitate the construction of a branch thereof to the
Black Hills, and shall also have erected at said City of
Cheyenne, machine shops for the use of said Wyoming,
Montana and Pacific railroad company, at a cost of not
less than twenty-five thousand dollars.
SEC. 2. Said bonds shall be of the denomination of
one thousand dollars each (par valueG shall bear interest
at the rate of eight per cent. per annum,s shall be made
payable, principal and interest, at some place in the city
Of New York, to be designated in said bonds by said
county commissioners; said bonds shall be made payable
in thirty years from the date of their issue, or sooner, as
hereinafter in this act provided; and before being issued
shall be registered in the office of the county treasurer
of Laramie county, and countersigned by the treasurer
of said county, shall be signed by the chairman of the
board of county commissioners of said county, and
attested by the county clerk of said county, under the
seal thereof.
Sec. 3. Said bonds shall have coupons attached,
representing the annual interest on each of said bonds,
the payment of the said coupon, which coupon shall be
forthwith cancelled by cutting out with a stamp the word
"paid," across the face thereof
DEC. 4. SalQ DOnQS Wnen issued TO SAID company In
accordance with the provisions of this act, are hereby
declared to be, and are hereby constituted valid and
binding obligations on said county.
Sec. 5. There shall be annually levied by the board
of county commissioners of said county, on all taxable
property therein, an assessment sufficient to pay off and
discharge the interest due on said bonds and for the pur-
pose of paying the principal of said bonds when the same
shall become due and payable, and said tax shall be
collected in the same manner as other county taxes, and
paid into the county treasury by the collector of taxes.
SEC. 6. The said tax shall be payable only in the
lawful money of the United States, and shall be used in
paying the principal and interest on said bonds and for
no other purpose; and if in any year a balance shall
remain in the hands of the county treasurer after
payment of the principal and interest due in said year,
the same shall be invested as a sinking fund for the
demption of the principal and interest of said bonds.
SEC. Z. The principal and interest on said bonds shall
be payable on the first day of January in each year, as
the said principal and interest may become due and it
shall be the duty of the county treasurer to notify the
holder of the bonds to be redeemed, by advertisement in
some newspaper published in said county, and also in
some newspaper published in the city of New York, for
ten consecutive days, or BY. personal notice, that the
designated place in the city of New York; if said bonds
are not presented for payment within thirty days from
such personal notice, or the completion of such advertise
ments, they shall cease to draw interest thereafter.
SEC. 8. Said bonds shall be redeemable after the
expiration of ten years, in amounts to be designated by
the board of county commissioners in each year, which
amount shall not be less than twenty thousand dollars
annually, the bonds so to be redeemed in each year,
to be selected by lot from all the bonds outstanding at the
time of such selection the drawing of the bonds for
redemption to be under such rules and regulations, and
at such time and place, as may be prescribed blythe board
of county commissioners of said Laramie county.
SEC. 9. None of the bonds provided for in this act,
shall be issued to the said Wyoming, Montana & Pacific
railroad company, unless the issue thereof shall be duly
sanctioned by a vote of the electors of said Laramie
county, in the manner provided for in this act, nor unless
the said Wyoming, Montana & Pacific railroad company
shall first obtain from the Colorado Central railroad
company, a full, complete and absolute surrender and
release from the said Colorado Central railroad company,
to the said county of Laramie, and to the board of county
commissioners of the said county of Laramie, of any and
all claim or right which the said Colorado Central
railroad company makes, or may make, to the
bonds authorized to be issued under the act entitled,
can act to authorize and empower the board of
county commissioners of Laramie county to issue
the bonds of said county to the Colorado Central
railroad company, and for other purposes approved
December IA, 1877, and shall file such surrender and
release with the board of the county commissioners of
said Laramie county, nor shall the bonds, authorized by
this act, be issued to said Wyoming, Montana & Pacific
completed and equipped its railroad in the direction
contemplated by this act, and trains are running thereon
for a distance of one hundred miles, and the machine
shops provided for in section one of this act have been
erected at the said Cheyenne City; but in case all the
conditions precedent to the issuance of the bonds provided
for in this act have been performed and complied with,
then and in that event it shall be the duty of the board
of county commissioners of said Laramie county, to issue
such bonds to the said Wyoming, Montana & Pacific
railroad company, within ninety days thereafter.
SEC. 10. That before the aforesaid bonds shall be
issued to said railroad company herein mentioned, a
majority of the electors of said county, voting. shall sane
ton said issue at an election to be called for that purpose
by the said board of county commissioners of said
county; such election shall be called by publication of,
or notice of the holding of said election in some newspa-