River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-04-30
PROPOSITION.

PkOBOSIIlIN.
The Chicago, Freeport & ST. Paul Railroad
Company a railroad company duly organized
under the laws OF the States of illinois, Ntscon-
sin and Minnesota, hereby makes the following
Proposition to the Town of Spring Lake, in the
County of Pierce State of Wisconsin, viz:
FIRST, That said Town subscribe to and for
Fifty (50 shares of the Capital Stock of said Rail
road Company, of the par value OF one Hundred
Dollars per share.
SECOND That said Town shall fully pay for said
shares of stock subscribed for, by duly issuing
and delivering to said Railroad Company its
Municipal Bonds to the aggregate amount OF
Five Thousand 5000 Dollars i'll denominations
of $500 each, dated on the st day of July, A. ID.
1885, and payable i'll the current money OF the
United States to said Railroad Company or to the
bearer thereof, the LIST day OF July, A ID. 1903,
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 centum per annum, payable semi annu-
ally in current money of the United States and
evidenced by interest coupons thereto attached,
PAYABLE to said Railroad Company or bearer on
the list days of January 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 ofthe due accept
ance 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 de-
liver to said Town, Fifty 50 full paid Shares OF
its Capital Stock, of the par value of One Hun
bred Dollars per share; which said stock shall
not be liable to any further payments or assess
ments whatever.
apce 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 aud deposit in escrow, with John
A. Martin 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 completed and in operation by the passage
liz TORI fhaV.a If
at Freeport ILL.,, northward to its depot in the
Eau Gala river valley in the Town Of Spring
Lake, County of Pierce, State Of Wisconsin at
any time within three years from the date OF TINS
Proposition, said trustee shall theTeuponi and
not before or otherwise, deliver all OF said Town
Bonds after having first detached therefrom and
destroyed all interest coupons thereon which
shall have become due to said Railroad Compa-
nv and all of said Stock Certificates to the said
Town PROVIDED, always, that when SAID rail-
road shall have been completed as aforesaid,
said Town may, at its option, redeem said Bonds
by paving 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 lien thereof, to said Railroad Com
pany shall be full and complete payment for
| said stock, and said Town shall not be subject
TO any assessment or further liability whatsoever
| on account of its acceptance OF this PROPOSE
| ton. ..
moves from the State, resigns or becomes other
wise fncapacitated, 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
| NAV 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
AN Bonds and Stock Certificates deposited in
/ escrow in pursuance thereof, shall thereupon be
and become absolutely null and void.
| In Testimony Whereof, the said Railroad Com
pany has caused this Proposition
to be signed by its President and
Secretary and its corporate com
mon Seal to be hereunto affixed,
TsEAI.l this 10th day of April, A. d. 1888.
THE CHICAGO, FREEPoRT d ST.
PAUL RAILROAD COMPANY,
By W. o. WRIGHT, President.
| Attest: NJ. II. WILCo8oE, 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 said
Proposition may be accepted by said Town, and
carried into effect; and as in duty bound your
| netitioners will ever pray 51-3w