River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1885-04-16

Germ, tnat after the lILn QAy OF May A. ~ 1000 Il
Petition to the Town Board of said town, pray
ing that the Proposition of The Chicago, Free
port d st. Paul Railroad Company TO said town
may be accepted by said town and carried into
effect, will be presented 70 the Resident Iaxpay-
ers thereof for their signatures
Said petition, embracing copy of said propo-
sition, is hereunto appended and made part OF
Dated at my office this 10th day Of April, A; D.
1885. S. BROWN, Town Clerk.
PETITION.
To the Town Board of the Town of Spring Lake,
in the County of Pierce, State of 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 Company, which Proposition is in
the words and figures following, viz:
PROPOSITION.
The Chicago, Freeport & St. Paul Railroad
Company, railroad company duly organized
under the laws of the States of Illinois, Mlscon-
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 70 ana LOT
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 so subscribed for by duly issuing
and delivering to said Railroad Company Its
Municipal Bonds to the aggregate amount of
Five Thousand Is. 1000 Dollars in denominations
of $500 each, dated on the LIST day of July, A. d.
1885 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 u l9Oo.
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
i'll 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
dred Dollars per share which said stock shall
not be liable to any further payments or assess
ments whatever.
FOURTH. That Immediately upou 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 snail duly
execute, issue, and 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
of cars continuously from the terminus thereof
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
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 Compa-
n.y. 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 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 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 incapaeitated, the Town Board of said Town
and said Railroad Company may agree upon
another trustee to act IN ms stead; ana 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 pe SO COM
pleted within three years from the date hereof,
then the agreement to this Proposition, and
all Bonds and Stock Certificates deposited in
escrow in pursuance thereof snail thereupon be
and become absolutely null and void
In Testimony Whereof, the said Railroad COM
pany has caused this Proposition
to be signed by US PRESIDENT ana
Secretary, and its corporate COM
mon Seal TO be hereunto affixed,
TsEAL1 this 10th day of April, A. D. 1885.
THE CHICAGO, FREEPoRT d ST.
PAUL RAILROAD COMPANY,
ByW o. WRIGHT, President
Attest NJ H. WILcoXoN, 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 rol!
thereof, do hereby respectfully pray that said
Proposition may be accepted by said Town, and
carried into effect; and as in duty bound your
petitioners viii ever pray. ol-5W