The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1899-05-03


District in Monongalia county have Pc
and asked this court to submit
TO the voters OF said Morgan District the
question Of subscribing and appropria-
ting money or bonds TO aid in the con
struction OF the railroad, telegraph and
telephone lines proposed to be construct
ed and operated in and through said
District, as part OF the railroad afore-
said, by the said Morgantown and King
wood Railroad Company, and the Court
deems it desirable Tor said District to
appropriate money for the purposes
aforesaid;
Therefore il is ordered by the County
Court OF Monongalia County that vote
of the legal voters OF said Morgan Dis
triet shall be taken at special election
which shall be held on
Saturday, the 10th bay of June, A. d.,
1899,
at the several places of voting now es-
tablshed in said District, upon the
question of subscribing and appropra-
ting by and on behalf of said Morgan
District, the sum of $45, 900 to the pre-
ferred 5 per cent. per annum dividen ]
bearing capital stock OF the Morgantown
and kingwood Railroad Company, upon
condition that not more than sixty
Thousand dollars OF SUI preferred stock
shall be at any time iss.sd. The vote
aforesaid shall be taken in manner and
form and the result aseertained and Ger.
tilted and returned as prescribed by Sec
ton "a Of Chapter 80 of the Code Of
West Virginia, and notice shall be pub
lished OF said election as required by
said Section, and by publishing the
same for one month in the Morgantown
Post and the New DOMINION, weekly
newspapers published in this county.
The ballots used at said election and in
taking said poll shall have written or
printed thereon the words "For Sub
scription," or Against Subscription, y
or any other words which will show how
the voter intended to vote upon the
question OF appropriation and subscrip-
ton aforesaid. Said appropriation and
subscription when made shall be subject
TO all the terms, limitations and eendi-
tons imposed by law ,andsto the further
terms, limitations and conditions, which
are herein imposed and made a part OF
said appropriation and subscription.
If three-fifths $50 or more of the
voters OF said district who shall vote
upon the question OF such proposed APP
preparation and subscription are in favor
of same, the said sum of $45, 900 shall
be subscribed to the capital stock Of
said Railroad Company in the name Of
said District by an agent or agents who
shall be appointed by this court. Such
subscription shall be payable in the
coupon bonds OF said District, bearing
interest at the rate of five (5) per centun
per annnm, payable semi annually,
which said bonds shall be received by
said corporation at par in exchange fol
and in payment OF am equal amount o.
the per cent preferred dividend bear
ing stock of said Corporation. SAID
bonds shall be issued and signed by the
President and Clerk OF the County
Court aforesaid under the seal OF sale
court, and shall be delivered to the sale
Railroad Company or its agent as fol
lows, viz: Upon the completion of eacf
mile of said proposed railroad in Nor
gan district ready for the rolling stock
and in actual operation, beginning at &
connection with the Farmont, Morgan
town q Pittsburgh Railroad, or with
the Monongahela River in Morgantown
there shall be delivered to the said Rail
road Company the sum OF 81 800 in sale
bonds at their par value until the whole
of said subscription shall have been
paid in the said bonds. At the same
time that the said bonds are delivered
to the said Company an equal amount
at par value OF the 5 per cent. per an,
mum preferred dividend bearing stock
certificates of said company shall be de-
iivered by said Company to the Clerk Of
this Court. The total issue of preferred
5 per cent. dividend stock aforesaid to
be issued by said Railroad Company
shall never exceed 100000 par value
and shall be preferred and entitled tc
receive in each year out of the net earn
ings of such year dividend OF pei
cent. upon the par value thereof which
shall be declared ard paid before any
dividends shall be declared or paid
upon any other stock of said Rail
road Company. The coupon bonds
aforesaid, shall be issued in denomina
tons of $500 each, and shall be number
ed consecutively with forty semi annual
coupons Of the denominations OF $12 SO
each attached to each bond, and bear
ing the number of the bond and the fac
simile of the signature OF the Clerk oil
said Court. Said bonds shall be re-
deemable and payable on and after the
3lst of December, 1904, and on or before
the 3lst day of December, 1919, at the
option OF the said county court. A di
rect annual tax is hereby expressly PRO
vided which shall be annually ascer-
tanned, levied and assessed by said
court, and collected according to law, or
the taxable property of said District
sufficient to pay the annual interest on
the said bonds from the LIST day OF July
1899, to the 3lst day OF December, 1904
and sufficient after that date to pay an
nually the interest and such part OF the
principal OF said bond, so that the same
may be fully paid off and extingnished
on or before the 3lst day OF December
1919, by annual levies and payment o.
interest and principal as nearly equal in
amount as practicable in each OF sale
years from 1904 to 1919 inclusive. The
bonds to be redeemed and paid in eact
year shall be ascertained by the sale
court impartially by lot; and publica
ton of the number OF the bonds
SO to be redeemed and paid shall
be made by said court in some newspa
per published in said county, for foul
successive weeks, after which all inter-
est on said bonds so published shall
cease. The interest and principal d
the bonds aforesaid, when due. shall bl
paid by the Sheriff OF said County, upol
presentation, out of the levies and a3
sessments herein provided. The amount
of the subscription aforesaid shall bI
expended in the construction OF sal
Railroad within the said District an
not elsewhere.
Ii three fifths of the voters APPROX
this becomes a contract binding til
railroad to give preferred per CEN
stock for the District bonds bearing ii
same rate of interest, and to give
preferred stock to any one else.
other stockholders must stand back
wait till the preferred stock has rece
ed its dividends before common sto
can get anything.
No money is to he paid, or bonds
livered to Railroad until the road
tually built and running, in sect
not less than one mile. In NV
no railroad no Eopdsin