Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-23
TERMS OF THE SALE.
IMPORTANT ACTION OF THE CITY
COUNCIL Of PETERSBURG.
Conditions Upon which tho Purchase Of
the Richmond, Petersburg and Caro-
lima Road Can Be Made.

PETERSBURG. VA. October 22.-At an
adjourned meeting of the Common Coun-
ell held tonight for the purpose OF con-
fidering the sale Of the Richmond. Peters
burg and Carolina railroad the following
resolutions were adopted
he Il resolved by the common Council
of the city of Petersburg, That this Com
mon Council, acting for and In behalf OF
said city, is willing to convey by proper
assignment TO II. b. Davis. A. A. Hutch
inson. Paul r. Mohr. o. w. Barnes, VIII
liam c. Dacey. and James II. McCreery
all of Its rights and title TO the property
and unfinished work and stock OF the
Richmond Petersburg and Carolina rail-
road, including the franchise of the said
railroad company, on the following terms
and conditions ants for the following con-
| siderations:
That X. j. Davis and his above-named
| associates shall enter into a contract
! and agree to acquire all the necessary
rights OF way and to build and equip In
| substantial manner. and put In operation
| the Richmond, Petersburg and Carolina
railroad from Petersburg to the present
I terminus. Warren Plains Of the present
route In North Carolina. by or before the
LIST day OF July. 1896.
STANDARD GAUGE.
The road to be a standard wide-gauge
road, properly graded. not less than four
feet eight and one-half inches in width,
and equipped with steel rails weighing not
less than 60 pounds to the yard. and that
| the shops and depots are TO be built, To-
Gated and kept in the city Of Petersburg;
the said Davis and his associates 10 agree
! TO begin the building Of this railroad on
or before January L. 1896, starting at the
| city OF Petersburg and continuing south
to its terminus.
1t shall be further agreed that the said
| Davis and his associates aboVe-naihed
shall give to the city OF Petersburg No"V
first mortgage bonds OF the Richmond
Petersburg and Carolina Railroad Com
pany of a series of bonds, secured by a
mortgage which shall he a prior Hen 10
all other indebtedness of the ROAD whethei
created by the same mortgage or other-
wise until said railroad shall be com
pleted and equipped as aforesaid.
A DEPOSIT
II is further agreed that the said DAVIS
| and his associates at the date or the exc
cution Of this contract shall deposit II
bank. in money or securities approNed 10y
thu Common Council. 5000. both money
and bonds to be held by a bank or banK'
to be named by the city. II Is iur'he'
agreed that the above 10000 OF hrst-moTt
gage bonds and the $1,000 in money Of
securities shall be held by the bank II
trust as a forfeit TO secure the compile
ton OF the railroad. and If the rallioa'
shall not be built and equipped in SUD
stential manner and put In running orde
as above described by the LIST of July. los'
or If the building Of this road should D.
abandoned at any period before jury
1896 the said bonds and money snah %
turned over to the city OF Petersburg d!
the bank or trustee that holds said mons!
and bonds rs liqudated damages for III
failure to comply with this contract.
If, on the contrary, it should be Duii
and equipped in substantial manner an
put in running order as above describe
, by the LIST of July. 1895, the city VIII asrs
that the So go of bonds or money apoN
named shall be turned over and surren
= dered TO the said r. +. Davis and hi
associates above named. the same ROAD l
h. boudod at not over $4,000 Il mile o
) per cent. bonds
Ii shall be further agreed that III
bonds named shall bear interest at Re
cent from the LIST of July, 1879.
a CONTRACT.
The Finance commute % TN 49,
authorized 70 prepare such con'r''
! embodying all the provisions above state
. and the legal papers carrying OUT u
same shall be prepared by the CITY n
' torney. and the said contract SHAH l
5 submitted to the Common Council Tor II
/ approval. .,-
, on motion. Messrs. 4. Wright, liartle
+ | Roper. r. b. Vaughan. r. T. ArrinRtol
t and Pascal Davie, live citizens, were az
a / pointed by the council committ-e
1 act In concert with the Finance Comm
tee In tie formation Of contract th'
would he satisfactory 10 all the citlZeh
| and the City Attorney was empower
10 engage the services Of another laWye
If he saw ht. to assist him in the drawn
n NJ Il the contract.
E The action OF the Council at IFS III
, meeting in the formation Of comIa
> for the Richmond. Petersburg and car
/, lima Railroad Company and all resolution
n passed at that meeting were rescIhd'
i, and declared null and void.
= The Council further created ten shar
az the capital stock Of the IHchmon
s Petersburg and Carolina railroad OF L
o Ear value Of 500 per share.