Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1882-03-11
The Railroad Bond Bill.


80 SA 1900
The following il the full text Of the
railroad bond bill as prepared by the
committee and submitted to Custer
county members:
AN ACT AUTHORIZING II COUNTIES OF
A wRENCE, BENNINGTON AND CUSTER, IN
DAKOTA TERRITORY TO ISSUE IN
AID OF RAILROAD:
BE II enacted by the Senate and House of
Representatives Of the United States of
america in Congress assembled:
SECTION l. That the board Of county
commissioners Of the respective coun-
ties of Lawrence, Pennington and Gus
ter, in the territory of Dakota be, and
they are hereby authorized and empow-
cred to issue the bonds of their respect
i've counties to an amount not to exceed
ten per centum ofthe assessed valuation
Of the taxable property of each Of said
counties to aid in the building and
operating Of a railroad or railroads. But
no bonds for such purpose shall be is
sued until ONE definite proposition in
writing shall first be made by the com
pany, corporation or association propes-
ing to build and operate such railroad
or railroads, and fled with the county
clerk together with a plat or profile
showing the actual surveyed route OF
said railroad or railroads through the
county, and which route shall not be
materially changed thereafter in the
construction ofsaid road.
SEC. =. Before any bonds shall be is
sued by the board Of county commits
sion"rs Of either OF said counties for the
purpose stated in section |, the question
of issuing the same shall be first sub
united to the qualified electors of the
county at a general or special election to
be held therein. of which election and
the amount and purpose of the bonds
proposed to be issued public notice of
not less than thirty days shall be given
by posting not less than three of said
notices in each of the precincts in said
county in public and conspicuous places
and also by causing such notice to be
published in n or more newspapers i'm
said county for thirty days prior to said
election; and if, ut such election a
majority of the votes cast shall be in
favor of the issuing of the proposed
bonds, then it shall be lawful for the
board of county commissioners of the
county in which such election was held
to issue said bonds rs hereinafter pro-
vided.
SEC. 3 Whenever o%ne-fOnrth Of the
qualified electors of either Of said coun-
ties shall petition the board of county
commissioners to call an election for the
purpose Of submitting the question of
voting aid to any railroad company, it
shall be, and is hereby made the duty
Of board of county commissioners to call
an election for the purpose of determin-
ing whether the bonds Of the county
shall Issue rs proposed by the petition
ers, and no election shall be called by
said board for such purpose unless at
least o%ne-fourth Of the qualified electors
shall petition for the same, and for the
purpose of determining whether Il suli-
cient number of qualified electors have
80 petitioncd, the vote of the last gener-
al election shall he taken as the basis.
SEC. 4. All bonds issued as hereinbe-
fore provided for in aid Of the building
and operating of any railroad to or
through either of said counties shall run
for thirty years from the date of their
issue and bear seven per cent interest
per annum, and after the lapse of ten
years a sinking fund shall be raised an
nnally by taxation to pay at least me
twentieth of the principal; both princi-
pal and interest to be payable in the
city of New York. And in no case shall
the bonds to be voted and issued as
herelnbeforc directed be delivered until
the railroad company, corporation or
association shall have completed and in
full operation its proposed railroad or
railroads in the manner stated in its
written proposition.
SEC. 5. This act shall take effect and
be in force from and after its approval
by the president.