River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-01-08
First publication Dec. %, 1884,
Notice of Petition for Railroad Aid.

Notice OF Petition Tor Kailroad AID.
To the Residents and Taxpayers of the Town
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.
ID. 1885, PETITION to the Town Board OF said
Town, praying that the Proposition OF TIL 4
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
a part OF this notice.
Dated at my office this Odd day of Deem
Der, A. ID. 1884.
c. r. MORSE, Town Clerk.
PETITION.
To the Town Board of the Town of River
Falls, in the County OF Pierce, State oil
Wisconsin:
WHEREAS, definite PROPOSITION in writing
to said Town has been duly delivered to the
Town Clerk thereof, by THE CHICAGO,
FREEPORT & ST. PAUL RAILROAD COM
PANY, which PROPOSITION is in the words
and figures following, viz:
PROPOSITION.
THE CHICAGO, FREEPORT & ST PAUL
RAILROAD COMPANY. a railroad corpora
ton duly organized under the laws of the
States OF 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 (2F0) SHARES OF
the CAPITAL STOCK of said RAILROAD Com
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 Tor, 10y
duly issuing ard delivering to said RAILROAD
COMPANY its Municipal Bonds to the aggre-
gate amount of Twenty-Five Thousand tS25, =
000) Dollars in denominations OF $500 each,
dated on the lst day OF July, A. u. 1880, 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. u.
1905, or at the option oil 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 1st days ct 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 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 Two
Hundred aud Fifty ESQ 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
ar assessments whatever.
FOURTH, That Immediately upon the ac-
ceptance OF this Proposition by said Town,
its 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 X. 3. 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 tor 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 Thereon at
Freeport, ILL.,, 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 thereupou, and not before or otherwise,
deliver all of said Town Bonds latter having
first detached therefrom and destroyed ell
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 paving the amolint 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 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 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
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 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
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 ii 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 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 peual 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
IsRAL common Seal to be hereunto athxed
this 22d day OF December, A. ID.
1884.
THE CHICAGO, FREEPORT AND ST.
PAUL RAILROAD COMPANY,
BY W o. WRIGHT, President.
Attest: III II. 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 assessmen mt
roll thereof, do hereby respectfully pray that
said pronnsition NAV lie accepted by said