River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1884-12-25
PROPOSITION.

| ton duly organized under the laws Of the
States OF Illinois, Wisconsin and Minnesota,
hereby makes the following PROPOSITION
to the Town of River Fails in the County OF
| Pierce, State of Wisconsin, viz
| FIRST. That said Town subscribe TO and
for Two Hundred and Fifty (2F0l SHARES of
the CAPITAL STOCK Of said RAILROAD COM
PAEY, OF the par value of One Hundred Dol
| lars per share.
! SECOND. That said Town shall fully nav
for said shares OF stock so subscribed for, by
duly issuing ara delivering to said RAILROAD
! COMPANY its Municipal Bonds to the aggre-
| gate amount of Twenty-Five Thousand ISIS, =
| 000l Dollars in denominations of $500 each,
dated on the LIST day of July, A. D. 1885, and
| PAYABLE in the current money of the United
| States to said RAILROAD COMPANY or to the
| bearer thereof, on the LIST day Of July, A. d.
| 1905 or at the option OF said Town, ON the LIST
| day of July OF any year prior thereto; each of
said Bonds to bear interest from date at the
rate of six per contum per annum, payable
semi.annually in current money OF the Unit
ed States, and evidenced by interest coupons
thereto attached, payable to said RAILROAD
COMPANY or bearer, on the lst days OF Janu-
airy and July in each year; both principal
and interest being payable at the office OF the
AMERICAN LOAN AND TRUST COMPANY in the
City OF New York
THIRD. That in consideration OF the due
acceptance OF this Proposition, and the due
execution issue and delivery or said Bonds
of said Town 70 said RAILROAD COMPANY. said
RAILROAD COMPANY hereby agrees and binds
itself to issue and deliver to said Town Two
Hundred and Fifty t250) Full Paid Shares of
its Capital Stock, OF the par value OF One
Hundred Dollars per share; which said stock
shall not be liable to any further payments
or assessments whatever.
FOURTH. That Immediately upon the ac-
ceptance OF this Proposition by said Town,
its proper officers shall subscribe for said
abs 1fca Th oil
pany. and shall duly execute, issue, and
deposit in escrow, with K. s. Burhyte OF said
Town. as trustee, all of said Bonds; and that
said Railroad Company shall, at the same
time. issue and deliver to the said trustee the
certificates for the said full paid shares OF its
CAPITAL Stock; and that when the railroad OF
said Railroad Company shall have been COM
pleted and in operation by the passage OF cars |
continuously from the terminus thereof at |
Freeport, ILL.,, northward to It's depot at the |
village of River Falls, county OF Pierce, state |
OF Wisconsin, at any time within three years |
from the date OF this proposition, said trustee
shall thereupon, and not before or otherwise, |
deliver all OF said Town Bonds latter having |
first detached therefrom and destroyed all |
interest coupons thereon which shall have
become duel to said Railroad Company, and
all of said Stock Certificates to the said Town;
Provided, always, that when SAID railroad
shall have been completed as aforesaid, said
Town may, at It's option, redeem said Bonds
by paying the amount OF the principal thereof
in cash to said Railroad Company.
FIFTH, The delivery of said Bonds, or in
case the same are redeemed as aforesaid, the
said sum OF money IN lieu thereof, 10 SAID
Railroad Company, shall be full and COM
plete payment for said stock, and said Town
Shall not be subject to amy assessment or fur
Their liability whatsoever on account OF its
acceptance Of this Proposition.
SIXTH, In case said trustee refuses to act,
~ 1a.an NnC
otherwise incapacitated, the Town Board of
SAID Town and said Railroad Company may
agree upon another trustee to act IN his stead;
and i'm case of their failure so to agree, such
other trustee may be appointed by the Judge
OF the Circuit Court for said county
SEVENTH, The said Town Bonds shall
not be valid in the hands OF said Railroad
Company, or of any other person or corpora
ton. until the said line OF railroad shall be
completed as above provided; and II the
same shall not be so completed within three
wears from the date hereof, then the agree
ment to this Proposition, and all Bonds and
Stock Certificates deposited in escrow In pur-
snance thereof, shall thereupon be and be-
come absolutely null and void.
Provided always, that said Town Bonds
shall not be delivered by said trustee until
said Railroad Company, its successors or as
signs, shall execute and deliver to SAID Town
q Bond with good and sufficient sureties, in
the penal sum OF Twenty-Five Thousand
Dollars. conditioned that the regular freight
tariff of said line of railroad between River
Falls, Wis, and Chicago and other eastern
points upon said line, shall not, at any time
during the period of twenty years from the
date thereof, be higher than it shall be at the
same time between St Paul or Minneapolis,
and such points, for like classes OF freight;
and that Tor each and every violation OF such
condition the obligors in said Bond shall Tor
felt and pay to said Town, as fixed and llqul-
dated damages therefor, the sum OF Five
Hundred Dollars; which said amount may he
recovered by said Town by action upon said
Bond from time to time as violations OF such
condition may occur until the full amount OF
said penal sums shall have been recovered
by said Town.
In testimony whereof, The said Railroad
Company has caused this PROPOSE
ton to be signed by its President
and Secretary, and its corporate
IsEAL.1 common Seal to be hereunto affixed
this 22d day OF December, A. d,
1884.
THE CHICAGO, FREEPORT AND ST.
PAUL RAILROAD COMPANY,
BY w o. WRIGHT, President
Attest; NJ H. WILCoXoN, Secretary,
Now. therefore, we, the undersigned, being
actual residents of said Town, who were each
assessed for taxes upon real or personal es-
tate therein, as shown by the last assessment
roll thereof, do hereby respectfully pray that
said Proposition may lie accepted by sad
Town. and carried into effect; ana as IN outy
bound your petitioners will ever pray