Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-08-07
PROPOSITION.
To the City of Lancaster, CT

i
! operating a standard ordinary gauge electric
| railway, with overhead transmission lines
for its power. with it's central power plant to
be located in said city of Lancaster for the
public use in the transportation of persons
and property within the counties of Grant
| and LAFAYETTE, in the State of Wisconsin
| and within the State of Illinois, over the fol-
| lowing route. tO-Wit:
From and to the City of Lancaster, Grant
/ County. Wisconsin extending through the
| township of South Lancaster and the town.
| ships of BeetOwn, Glen Haven't lOOmingtO
Patch Grove, Mount Hope, Mount Ida. Fenni-
| more Liberty, North Lancaster. EllenbOrO
| and Lima and touching the city of Lancaster,
| the villages of North AndOver. Bloomington,
Patch Grove MountHOpe Mount Ida Fenni-
| more and Sitter in said county. or as near
| thereto as may be practicable, said line
| passing through the township of Platteyille
| and the city OF Plattevllle In Grant County,
| traversing the county of Lafayette through
| the townships of Elk Grove, Seymour. Darl-
ington. ShullSburg. Monticello, New DiggingS
| and Benton, reaching the cities of Darlington
and ShuIlshurg and the vii age of BENTON by
proper extensions or branch lines. thence in
| a south-eaSterly direction through the State
| terminus of said railway, desiring
! aid, and being DESTROYS that said city
of Lancaster make subscription to its
| capital stock. pursuant to the statutes IN
| such case made and provided. to be paid in
| municipal bonds to be issued by said city of
| Lancaster, hereby makes the following pro-
position to said city of Lancaster. pursuant
| to Section 945 of the Wisconsin Statutes of
! 1898 and the several acts amendatOry thereof
i supplementary
First: That said city Of Lancaster sub
! scribe tor five hundred (500) shares of the
| capital stock of said railway company of the
! par value of fifty thousand ($50, 000) dollars
| in the manner and at the time provided and
| authorized by statute unoer this agree
| ment: such subscription to be payable in
| seventeen Q7) Understanding Cou Don
| bonds. one a. of such bonds to be of the de-
! nomination and face value of two thousand
$4,000 dollars, and the remaining six
/ denomination and face value of three
thousand $4,000 dollars making IN sz all
utively from one Cd to seventeen 40 both in
elusive. not payable before maturity at the
option of said city, to be issued by said city
| of Lancaster, made payable to the said rail-
wav company or bearer, and to mature as
Number one III for $4,000 to be payable on
Number two ri for $4,000. to be payable on
Number three [3l for $4,000, to be payable
Number four [4I for 5000 to be payable on
! June ] 1919.
Number asrG six E6l for $1,000 to be payable on
June 1, 1921.
! Number seven II Tor S3.OOO TO be payable
| on June [, 1922.
| U Number eight Isl fOfhS3,OOO TO be payable
| on June 1. 1928
| Number nine VI Tor S3,UUU 10 be payable on
| June /, 1924
Number ten [101 for SO 600 to be payable on
June l, 1925.
| Mum Der eleven IL Tor S3,UUO 10 De pay a ole
| on June 1. 1926.
| Number twelve I12J for $1,000 to be pay
| able on June 1927
Number thirteen [l3l for 5000 to be pay
| able on June l. 1928,
Number fourteen IA for $4,000 to be pay
| able on June 1. 1929.
| Number fifteen, ll5l for 50 900 to be payable
/ on June l, 1890.
Number sixteen 1851 for $1,000 to be pay
| able on June I. 1881.
| Number seventeen III for $4,000 to be pay
! able on June 1, 1882
Each of said bonds to draw interest at
| the rate OF four and One-half per centum
| az per annum. payable annually on the
| first day of June in each and every year
| from date of iSs e until fully paid. All in
| StalmentS of interest on said bonds to be
| evidenced by the proper interest coupons,
| to be executed by the proper officers of said
city of Lancaster and made payable to said
| railway company or bearer. and attached to
| each of said bonds respectively. All inter-
| est not paid when due to draw interest at
| the same rate as the principal sum until
| 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 10 the date when said railway com
pany shall become entitled to an absolute
| delivery of said bonds. to-wit, under the
terms of this proposition, shall be credited
| and endorsed on said interest coupons at
| the time of delivery of said bonds to said
| railway company the said railway COM
/ OdQy TO be enClLl6Q Inc interest only from
| the time it becomes entitled to the bonds.
! All 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 (30)
| days after the acceptance of this PROPOSE
| ton by said city of Lancaster. At such time
| as said railway company shall have earned
| said bonds and become entitledtO an absolute
delivery thereof, and upon their delivery
| to the said railway company, the said city
| of Lancaster shall lawfully pass an Ordi-
| nance or resolution directing that there
| shall be annually levied tax upon the tax
| able property of SAID city, in addition to all
other 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 COM
pany is to construct, maintain and operate
| an electric railway Of standard, ordinary
| gauge for public use for the conveyance of
| persons and property with overhead trans
| mission lines for its power and with its
| central power plant located in said city of
| Lancaster, such construction, maintenance
| and operation to be in several sections which
| shall ultimately connect and cover the route
! aforesaid. The first section shall commence
| in SOuthWeSterly direction to the west line
of Section eighteen Q8) township four az
! North. Range four (4) West of the 4th D. M,
| in the town of BeetOWn in said Grant county,
| Wisconsin. The said railway company shall
! have the said section completed and in
| operation by the passage of cars thereOver
| continuously from said city of Lancaster to
said west lire of said Section eighteen Q81
| Town of Beetown, by or before the first day
| of June 1918. and as soon as said section of
| railway is so completed and in operation the
| said railway company shall be entitled to all
| of said bonds and to receive the same from
| the trustee hereinafter named upon che con-
| ditiOnS hereinafter mentioned.
| TRIRD: In consideration of the execution
| and delivery of said bonds said railway COM
| pany shall issue and deliver to said city of
| Lancaster five hundred (500l shares of the
] capital stock of said railway company. of the
par value of one hundred Q00) dollars each.
being sum in all equal, at the par value of
said stock. to the principal sum of said
| bonds; which stock shall be deliv-
cred, to the trustee hereinafter, named.
for the use of said city, at the same
| times and in like amounts as deliveries shall
be made of said bonds to said railway COM
| pany. it's successors or assigns. The said
stock ana bonds SO issued shall be deposited
in escrow with The Union State bank of said
| city of Lancaster, as trustee. within thirty
(3O) days after demand therefor by said rail
way company, its successors or assigns; and
whenever said railway company. its sue
/ CeSsOrS or assigns, shall have earned or be-
come entitled to said bonds, said trustee
shall deliver them to said railway company.
it's successors or asst ns. forthwith upon
| being rendered certificates for an equal