New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-02-04
THE RAILROAD BOND BILL.
Full Text Of the Bill Which Passed
the Minnesota Legislature.
SENATE FILE, No. 100.

Of the city Of New Ulm in Brown coun-
ty to issue the bonds Of said city in aid
to the st. Paul, New Ulm and South
western Railway.
Be it enacted by the legislature ofthe
state Of Minnesota:
Sec. l. That the city council of the
city of New Ulm in Brown County is
hereby authorized and empowered 10
issue the bonds Of said city with inter
est coupons thereto attached in the sum
Of twenty. four thousand ($24, OOO) dol
lars, which bonds shall be used for the
purpose of aiding the ST. Paul New
Clm & Southwestern Railway Compa-
ny in the construction of its line of rail-
road into the said city OF New Ulm.
Sec. 2. Said bonds shall be issued in
sums not less than one hundred ($1OO)
dollars nor more than one thousand
(S1.0oo) dollars each, payable to
the ST. Paul, New Ulm & South
western Railway Company or bear.
er, and nay bear interest at any rate
not exceeding five per cent per annum,
payable annually, and the principal
shall be payable at such time or times
not less than twenty nor more than
thirty years after the date of said bonds,
and said bonds may be made redeem &
able ny the city at its pleasure at any
time after twenty years and before
their maturity, as said city council
may by resolution determine. Said
bonds and the coupons thereto attached
shall be signed by the mayor and attest
ed by the city clerk Of said city; and
the bonds sealed with the seal of said
city and be payable in lawful money
at such place or places as said CITY
council shall designate.
Sec. 5. Said bonds, when issued, shall
be placed in escrow with some suitable
person to be selected BY said city coun-
Gil and who is resident of said city Of
New Ulm, there to remain in safe ems
tody and not to be delivered to said
company until the railroad of said ST..
Paul, New Ulm & Southwestern Rail-
way Company is constructed and com.
pleted from its northern terminus into
the city of New Um, when the said
bonds shall be delivered by the custo-
dian thereof to said company. Provid-
ed. that if the said railway company
shall fail to SD construct and complete
said portion of its line of road within
two years from the date the said bonds
are placed in escrow, then the custo-
dian thereof shall re-deliver the same
to the city council of said city for can.
collation., and said bonds shall thereafter
be null and void.
Sec. 4. Said city council is hereby au-
thorized and empowered and it is hereby
made their duty to levy tax from time
to time upon be taxable property of,
said city. sufficient to meet the pay
ment OF the in crest coupons as they
shall become due and until the pay-
ment of the principal and interest of
said bonds is fully provided for, which
taxes shall be payable in money and
shall constitute fund for the payment
of said bonds and interest thereon and
shall not be applied to any other pur-
pose whatever until said bonds and in
terest are fully paid, after which any
surplus proceeds of such taxes shall be-
placed in the general fund of said city.
Sec. 5. Before any bonds shall be is-s.
sued under the provisions of this act.
the question of issuing such bonds shall
be submitted to the qualified voters Of
the city of New Ulm alta general or
special election, in the discretion of the
city council of said city of New Ulm.
If at a special election, ten (1O) days
notice of such election shall be given
by the citIclerk of said city. The bal
lots to BE- Jed at such election shall
have wrl 0nprinted or partly writ
ten and partly printed thereon '.For
the issuance OF 1924, 900 of bonds to aid
in the construction Of the 81. Paul, New
Ulm s. Southwestern Railway Com
pany Yes. No. And each voter
voting thereon shall erase, mark, cross
or scratch ont one oflsaid words Eyes
or no. and leave the other on the bal.
lot, when deposited in the ballot box;
1n11 r~k alo L.. \