River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-01-01
First publication Dec. Is, 1884

l rHSt puDltCatlOn Zee. 20, loof.
Notice of Petition for Railroad Aid.
To the Residents and Taxpayers of the Tow
OF River Falls. County of Pierce, State o
Wisconsin:
| Notice is hereby given to all whom it may
concern, that after the 22d day of January, A
d. 1885, PETITION to the Town Board Of said
| Town, praying that the Proposition of TIL
| CHICAGO, FREEP0RT x ST. PAUL RAIL.
ROAD COMPANY to SAID Town may be &C
cepted by said Town and carried into effect,
will be presented to the RESIDENT TAXPAYERS
thereof for their signatures.
Said PETITION, embracing copy OF said
| PROPOSITION, is hereunto appended and made
part OF this notice.
Dated at my Office this 22d day of Deem
Der, A. d. 1884.
G. Z. MORSE, Town Clerk.
PETITION.
To the Town Board of the Town OF River
Falls, in the County OF Pierce, State OF
/ Wisconsin,:
i WHEREAS, definite PROPOSITION in writing
to said Town has been duly delivered to the
Town Clerk thereof, by THE CHICAGO,
FREEP0RT & ST. PAUL RAILROAD COM
| PANY, which PROPOSITION is in the words
| and figures following, viz:
PROPOSITION.
THE CHICAGO, FREEPORT & ST. PAUL
RAILROAD COMPANY railroad corpora
| ton duly organized under the laws of the
States oil Illinois, Wisconsin and Minnesota,
hereby makes the following PROPOSITION
| to the Town of River Falls 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 CON-
PANY, of the par value of One Hundred Dol
/ lars per share.
| SECOND, That said Town shall fully pay
| for said shares Of stock so subscribed for, by
l duly issuing ard delivering to said RAILROAD
/ COMPANY its Municipal Bonds to the aggre
/ gate amount of Twenty live Thousand lS25,-
| 000) Dollars in denominations OF 600 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 lst day OF July, A. u.
| 1905, or at the option OF said Town, on the 1st
/ 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 LIST days OF Janu-
airy and July in each year; both principal
and interest being payable at the Office OF the
AMERIcAE LOAN AND TRUST COMPANY in the
City OF New York
Third, Jnat IN CONSIDERATION OF the que
acceptance OF this Proposition, and the due
execution, issue and delivery or said Bonds
OF said Town to said RAILROAD COMPANY. said
RAILROAD COMPANY hereby agrees and binds
itself to issue and deliver to said Town Two
Hundred and Fifty (250l 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,
it's proper officers shall subscribe for said
stock upon the books of said Railroad Com |
pany, and shall duly execute, issue, and |
deposit in escrow, with R. 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 ter 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, H., northward to its 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 oil
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 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 i'll lieu thereof. to said |
Railroad Company, shall be full and COM |
plete payment for said stock, and said Town
Shall not be subject to any assessment or fur |
Their liability whatsoever on account of its |
acceptance of this Proposition.
SIXTH, In case said trustee refuses to act,
removes from the state, resigns or becomes |
otherwise incapacitated, the Town Board of |
SAID Town and said Railroad Company may |
agree upon another 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 Court tor 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 If the |
same shall not be so completed within three |
years from the date hereof, then the agree
ment to this Proposition, and all Bonds and |
Stock Certificates deposited in escrow in pur-
suance thereof, shall thereupon be. aud 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 aud deliver to said Town |
a 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 il shall be at the
same time between st. Paul or Minneapolis,
and such points, for like classes of freight;
and that for each and every violation OF such
condition the obligors in said Bond shall for
felt and pay to said Town, as fixed and liqui-
dated damages therefor, the sum OF Five
Hundred Dollars; which said amount may be
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 whereos, The said Railroad
Company has caused this PROPOSE
ton to be signed by its President
and Secretary, and its corporate
IsEAL. 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 Ii. WILcoxoN, Secretary.
Now. therefore, we, the undersigned, being |
actnal 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 said |
Town. and carried into effect; and as in duty |
bound your petitioners will ever pray.