Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1910-03-18

Railroad from q Point on the
500 Railway to the Village Of
Pierz.
WHEREAS The Pierz Railway
Company made to this village q
proposition duly executed stating
| that it desired the village Of Pierz to
Tissue its bonds for Five Thousand
Five Hundred Dollars rs, 500. 00) to
aid IN the construction OF q railroad
from point on the 500 Railway to
and through the village Of Plerz. such
bonds to be payable twenty (20) years
from date thereof and to bear interest
at the rate OF five (5) per cent per
annum; the railway company to issue
! to the village OF Pierz such number of
shares of capital stock as will at par
value Of such stock correspond with
! the principal sum of said bonds,
namely eleven hundred (1,10O) shares ;
the bonds above mentioned and the
certificate stock to be exchanged
therefor to be deposited IN escrow
! with the First National Bank of Little
Falls, the bonds to be delivered to the
Plerz Railway Company and the stock
to be delivered to the village Of Pierz
| when said railroad shall have Eeen
completed ready for the passage of
, cars from point on the 500 Railway
to and through. the village of Pierz,
and -..-- -,
WHEREAS. pursuant to law a
special election of the legal voters of
the village of Pierz was duly called
and held at the village hall in said
, village October Z, 1909. between tho
hours of 10 O'Clock in the forenoon
and 4 O'Clock IN the afternoon to vote
upon said proposition, and
WHEREAS. the certified statement
of the canvassers at such election
shows the mutual agreement for the
issuance of such bonds by the village
of Pierz and of such stock by the Plerz
: Railway Company as provided by law
was duly arrived at ana perfected,
The village Council of the village of
Pierz do ordain as follows:
That the p-oper officers be and they
hereby are authorized and directed to
Issue to the Pierz Railway Company
Five Thousand Five Hundred Dollars
| is, 500. 00) in and of the bonds Of the
village of Pierz, executed in such
form as required by law, in denomina-
tions of Five Hundred Dollars
($500.00) each, and each bearing date
April l, 1910, and bearing interest at
the rate of i've Is; per cent per
annum, payable annually: the said
bonds and a certificate for eleven
hundred 1,100) shares of the capital
stock of the P1erz Railway Company
issued to the village of Pierz to be
deposited in escrow with the First
National Bank of Little Falls. the
bonds to be delivered to the .Pierz
Railway Company and the stock to be
delivered to the village of Plerz when
the railroad described in the PROPOSE
ton and mutual agreement above
mentioned shall have been completed
for the passage of cars from the 500
Railway to and through the village
of Pierz.
. The said bonds are to be issued
under and pursuant to the mutual
agreement between the village OF Pierz
and the Pierz Railway Company
arrived at and perfected at the special
election duly called and held
October Z, 1909, as above set forth, as
provided for and authorized by chap. |!
ter 106 general laws Of 1877 and Acts
Thereto !
II.
That the notice and calling Of the !
special election above mentioned and
the various proceedings, ana each and
very one of them, in calling and con-