River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-01-01
Proposition.

The Chicago, Freeport and St. Paul Rail-
road Company, railroad corporation duly
organized under the laws of the States OF
Illinois, Wisconsin and Minnesota, hereby
makes the following proposition to the town
of Clifton, in the county OF Pierce, state OF
Wisconsin, viz:
FIRST, That said town subscribe to and
for One Hundred 100l shares Ct the capital
stock OF said railroad company, of the par
value of One Hundred Dollars per share.
SECOND, That said town shall. fully pay for
said shares of stock so subscribed for, by duly
issuing and delivering tosaidrailroad company
its municipal bonds to the aggregate amount
of Ten Thousand 100000 dollars in denomi-
nations OF $500 each, dated on tue LIST day of
July, A. ID. 1885, and payable in current
money of the United States to said railroad
company or to the bearer Thereof, ON the LIST
day of July, A ID. 1905, or at the option of
said town, on the LIST day of july OF any year
prior thereto; each of said bondsto bear inter-
est from date at the rate OF six per centuru per
annum, payable semi-annually in current
money OF the United States, ard evidenced
by interest coupons thereto attached, paya-
bic to said railroad company or bearer, on
the LIST days OF January and July of each
year; both principal and interest being paya-
BILE 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 OF said bonds
of said town to said railroad company, said
railroad company hereby agrees and binds
itself to issue and deliver to said town One
Hundred (I00) full paid shares of its capital
stock, of the par value of One Hundred Dol
lars per share; which said stock shall not be
liable to any further payments or assess
ments whatever.
FOURTH, That Immediately upon the &C
ceptance OF this proposition by said town, its
proper officers shall subscribe for said stock
upon the books OF said railroad company,
and shall duly execute, issue, and deposit IN
escrow. with j. S. Copley, of said town, as
trustee, all of said bonds; and that said rail-
road company shall, at the sane 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 completed
and in operation by the passage OF cars con-
tinuously from the terminus thereof at Free
port, H., northward to its depot for the viii
lage OF River Falls, county of Pierce, state of
Wisconsin, at any time within three years
from the date of this proposition, said trus-
tee shall thereupon, and not before or 9TH
erwise, deliver all of said town bonds latter
having first detached theretrom and destroy
ed all interest coupons thereon which shall
have become due 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 afore-
said, said town may, at its 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 to said railroad
company, shall be full and complete payment
for said stock, and said town shall not be sub
ject to any assessment or further liability what
soever on account ofits acceptance of this prop
osition.
moves from the state, resigns or becomes other
wise inca pacitated the town board of said town
and said railroad company may agree upon an
other trustee TO act in his stead; and in case OF
their failure so to agree, such other trustee may
| be appointed by the Judge OF the Circuit Cour1
| for said county.
SEVENTH, The said town bonds shall not be
valid in the hands of said railroad company, OF
Of any other person or corporation, until the
said line of railroad shall be completed as above
| provided; and If the same shall not be so com
pleted within three years from the date hereof
| then the agreement to this proposition, and al
i bonds and stock certificates deposited In escrow
| in pursuance thereof, shall thereupon be anc
| become absolutely Aull and void
| EIGHTH, Said railroad company shall not bt
| consolidated with, nor lease or purchase, or d
| leased or purchased by, nor in any way beeom'
| owner of or control or become owned or con
/ frolled by any other railroad corporation which
| owns or controls a parallel or competing line
railroad.
Il
| lish and maintain one or more depots at suci
nofrt or points upon its line of railroad as vii
4 best accommodate the people.
1 IN TESTIMONY WHEREOF the said railroat
| company has caused this proposition
to be signed by its president and sec
| retary and its corporate common
| seal to be hereunto affixed, this lStl
| day of December A. d. 1854.
1 THE CHICAGO, FgEEPoRT a ST. PAU
SEAL RAILROAD COMPANY.
/ BY w. O. WRIGHT, President
/ Attest: NJ. II. WILcoxoN, Secretary
Now THEREFORE,, We. the undersigned bein
| actual residents Of said town, who were eae
assessed for taxes upon real or personal estat
therein as shown by the last assessment 70
| thereof. do hereby respectfully pray that sal
| nroposition may be accepted BY said town, an
carried into effect: and as in duty bound you
petitioners viii ever pray.