River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-01-08
PROPOSITION,


The Chicago, Freeport L. St Paul Railroad
Company, a railroad corporation duly organized
under the laws of the states of Illinois, Miscon-
sin and Minnesota, hereby makes the following
proposition to the town of Martell, in the county
of Pierce state of Wisconsin, viz:
FIRST, That said town subscribe to and Tor
One Hundred 400 shares of 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 tor by duly
issuing and delivering to said railroad company
its Municipal Bonds to the aggregate amount Oi
Ten Thousand $4,000 Dollars i'll denominations
of $500 each, dated on the LIST day OF July, A. d.
1888, and payable i'll the current money OF the
United States to said railroad company or to the
bearer thereof on the list day OF July, A. ID. 1900
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 pei
centum per anuum, payable seml-annually III
current money OF the United States, ana eVldenc'
ed by interest coupons thereto attached payable
TO said Railroad company or bearer on the nFsl
DAYS of January and July in each year; both
principal and interest being payable at the OF
fee OF the American Loan ana trust company
in the city of New York,
THIRD, That in consideration OF the due ac-
ceptance of this proposition, and the due execu,
ton 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 tl0Ol iull
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 accept
ance 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 Ill.
Halvorson 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 trus-
tee 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 thereol az Free
port, ILL., northward to its depot III the town OF
MarteI 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 due to said railroad company
and all of said stock certificates to the SAID town.
PYoUdsd, 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 III cash to
said railroad company.
FIFTH, The delivery of said bonds, or in
case the same are redeemed as aforesaid the
road company shall be a full and complete pay
ment for said stock, and said town shall not be
subject to any assessment or further nablIity
whatsoever on account of its acceptance of this
proposition.
moves from the state, resigns or becomes other
wise incapaeitated, the town board OF SAID town
and said railroad company may agree upon an
other trustee to act i'll 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 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, ana all
bonds and stock certificates deposited in escrow
in pursuance thereof. shall thereupon be and be-
come absolutely null and void,
EIGHTH Said railroad company shall not
be consolidated with, nor lease or purchase, or
be leased or purchased by, nor in any way be-
come owner OF or CONTROL or become owned or
controlled by, any other railroad corporation
which controls parallel or competing line of
railroad.
NINTH, Said railroad company shall estab-
lish and maintain one or more depots i'll said
town at such point or points upon its line of
railroad as will best accommodate the people.
In TESTIMONY WHEREOF, The said railroad
company has caused this proposition
to be signed by its President and Sec
retary and its corporate common
Seal to be heTeunto affixed, this 10th
day of December, A. D. 1884.
THE CHICAGO, FREEPoRr, AND ST.
SEAL. PAUL RAILROAD COMPANY.
- BY W. o. WRIGHT, President
Attest: NJ. IL. WILCoX0N, Secretary.
Now THEREFORE,, We, the undersigned, being
actual residents of said town, who were each
assessed for taxes upon real or personal estate
therein as shown by the last assessment roll
thereof, do hereby respectfully pray that salq
proposition may be accepted by said town, and
carried into effect; and as In duty bound your
petitioners will ever pray.