Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-11-20
PROPOSITION.

the following route, tO-Wit:
From and to the city of Lancaster. Grant
County, Wisconsin, extending through the
townships of south Lancaster, Beetown.
Hope. Mt. Ida. FennimOre, Liberty, North
Lancaster. EllenbOrO and Lima, and touch
ing the city of Lancaster, the villages of
North AndOver, Bloomington Patch Grove
Mount Hope, Mount Ida, Fennimore and
Sitter in said county, or as near thereto as
tnay be practicable. said line passing through
the township of Platteyille and the city of
Platteville. in Grant county. traverSing the
county of Lafayette through the townships
of Elk Grove, Seymour. Darlington. Shulls-
burg Monticello, New Diggings and Benton,
reaching the cities OF Darlington and ShullS-
burg and the village of Benton by proper
extensions or branch lines, theuce in a
soutneasterlY direction through the state of
Illinois to the city of Chicago, the terminus
of said railway.
desiring aid and being DESTROYS that said
town of EllenbOrO make a subscription to it's
capital stock pursuant to the statutes in
such case made and provided, to be paid in
municipal bonds to be issued by said town
of EllenborO, hereby makes the following
proposition to said town of Ellen borO, purSu-
ant 10 section 945 of the Wisconsin statutes
of 1898 and the several acts amendatorY
thereof and supplementary thereto:
First: That said town of EllenbOrO sub
scribe for two hundred t200) shares
of the capital stock of said railway company
of the par value of Twenty Thousand
! (20,00O Dollars in the manner and at the
time provided by statute under this agree
ment; such subscription to be payable ia
seventeen Q7) Understanding coupon bonds.
eight (8) of such bonds TO be of the de-
nomination and face value of Eleven humid
ing nine (9) bonds to be each of the
denomination and face value of Twelve
hundred $4,000 Dollars, making in all the
amount of Twenty thousand (20,000)
Dollars at par value, numbered con ecutive-
ly from one "a to seventeen ~ both in
elusive. not payable before maturity at the
option OF said town, to lie issued by said
town of Elenboro. m Lde payable to said
railway company or bearer. and 10 mature
as follows:
| Number one ~, for $115O to be payable on
June lSt 1916.
Number two (2), for $1150 to be payable on
June lSt 1917.
Number three 81, for $l15O to be payable
on June 1St. 1918.
j Number four (D, for $1150 to be payable on
| June 1St. 1919.
Number five (5) for S115O to be payable on
| June 1St 1920.
Number six (6). for $ll5O to be payable on
June lSt. 1921.
Number seven ca for $3.50 to be payable on
June 1St 1922
Number eight 90 for 81 so TO be payable on
! June 1st, 1923.
/ Number nine (9) for $1,000 to be payable on
| June 1St 1924
Number ten QO) for $1,000 to be payable on
! June 1St 1925.
Number eleven I'D for $1,000 to be payable
! on June 1St, 1876.
] Number twelve (12) for $1,000 to be payable
on June 1St, 1927.
Number thirteen Q3) for $1,000 to be pay
| able on June 1St, 1923.
Number fourteen IA for $1,000 to be pay
! able on June 1St, 1929
Number fifteen l5l for $1,000 to be payable
| on June 1St, 1880.
Number sixteen 1851 tor $1,000 to be pay
able on June 1st 1881
| Number Seventt en- II for $1,000 to be pay
able on June 1St 1892.
! Each of said bonds to draw interest at the
rate of four and one-half [4h] per centum
per annum, payable annually on the first
day of june in each and every year from
! date of issue until fully paid. All install
J mentS of interest on said bonds to be evil
delced by proper interest coupons, to be
i executed by the proper officers of said town
of EllenbOro and made payable to said
railway company or bearer, and attached
/ to each of said bonds respectively. All
| interest not paid when due to draw interest
at the same rate as the principal sum un-
| til paid. Both the principal and interest
of said bonds shall be payable at the First
! National Bank, Chicago, Illinois, in cash.
All interest earned or accrued upon said
bonds up to the date when said railway
company shall become entitled to an abb
| the terms of this proposition, shall be cred
| tied and endorsed on said interest coupons at
| way company; the said railway company to
| be entitled tOSthe interest only from the time
| it becomes entitled to the bonds. IL said
| bonds shall be negotiable and their issue
shall in all respects comply with the statutes
| of this state authorizing them. All said
bonds shall be issued within thirty 1901 days
| after the acceptance of this proposition by
| said town of EllenbOro. At such time as
said railway company shall have earned
said bonds and become entitled to an alb
! SOlute delivery thereof, and upon their
! delivery to said railway company. the said
town of Ellenboro shall lawfully pass an
| ordinance or reSOlu lion directing that there
shall be annually levied a tax upon ne
| taxable property of said town, in addition
to all otner taxes, SUFFICIENT to pay, when
! due, the interest to grow due on said bonds,
and also to pay and discharge the principal
thereof, as and by the time the same shall
become due.
Second: The purpose of said railway
company is to construct. maintain and oper-
| ate an electric railway of standard, ordina-
| ry gauge, for the public use for the convey
| anCe of persons and property, with overhead
Transmission lines for its power and with
its central power plant located in the city
of Lancaster, Grant county, Wisconsin, such
construction, maintenance and operation to
be in several sections which shall ultimate
| ~ connect and cover the route aforesaid.
One of such sections shall commence at the
eaSterly direction to the east line of the
county of Grant, state OF Wisconsin. the
line between the county of Grant and the
| county of Lafayette, in the state
Of Wisconsin Said railway company
ed and in operation by the passage of cars
| thereover continuously from said city OF
Lancaster to said north and south line
dividing the counties of Grant and La
Fayette, in the state of Wisconsin, by or
before the first day of June, 1915, and as
soon as said section of railway is so COM
pleted and in operation the said railway
company shall be entitled to all of said
bonds and 10 receive the same from the
trustee hereinafter named upon the condi-
tions her chatter mentioned
Third: In consideration of the execution
and delivery of said bonds said railway COM
lpany shall issue and deliver to said town of
EllenborO two hundred (200) shares
of the capital stock of said railway company,
of the par value of One Hundred (10OJ Dol
lars EACH being sum in all equal, at the par
value of said stock to the principal sum of said
| bonds; which stock shall be delivered to the
trustee hereinafter named, for the use of
said town, at the same times and in like
amounts as deliveries shall be made of said
bonds to said railway company, its success
sors or assigns. The said stock and bonds so
issued shall be deposited in escrow with The
Union State Bank of Lancaster, Wisconsin,
as trustee, within thirty (3O) days after de-
mand therefor by said railway company,
its successors or assigns; and whenever
said railway company, its successors or as
signs shall have earned or become entitled
to said bonds, said trustee shall deliver them
to said railway company, its successors or
assigns, forthwith upon being rendered GER
tihcateS for an equal amount of thu capital
nf "a "a lVUa