Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-07-24

Number ten O0) for $1,000 to be payable on
June 1St, 1925.
Number eleven (D for $1,000 to be payable
on June lSt. 1926
Number twelve (12) for $1,000 to be payable
on June 1St 1927.
Number thirteen (13) for $1,000 to be pay
able on June 1St. 1929.
Number fourteen Q4l for $1,000 to be pay
able on June LIST 1929.
Number ffteen d5 for $1,000 to be payable
on June 1St, 1880
Number sixteen (16) for $4,000 10 be payable
on June 1St, 1881.
Number seventeen 90 for $1,000 to be pay
able on June 1St 1882.
Each of said bonds to draw interest at the
rate of four and one-half [41l] 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
E1entS of interest on said bonds to be evil
denced by proper interest coupons. TO be ey-
eCuted by the proper officers of said town
of South Lancaster ana made payable to
said railway company or bearer. and at
tacned to each OF said bonds respectively.
All interest not paid when due TO draw in
terest 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 to the date when said railway
company shall become entitled to an ab-
SOlute delivery OF said bonds tO-wit. under
the terms of this proposition, shall be cred
tied and endorsed on said interest coupons
at the time of delivery of said bonds to said
railway company: the said railway company
to be entitled TO the interest only from the
time it becomes entitled to the bonds. All
said bonds shall be negotiable and their
issues snail in all respects comply with
the statutes of tins state authorizing them.
All said ponds snail be issued within thirty
800 days after the acceptance of this propo-
sition by said town of South Lancaster. At
such time as said railway company shall
have earned said bonds and become entitled
to an absolute delivery thereof and upon
their delivery to said railway COMPANY. the
said town of South Lancaster shall lawfully
pass an ordinance or resolution directing
that there shall be annually levied tax up
on the taxable property of said town. in ad-
ditiOn 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.
pany is to construct, maintain and operate
an ELF ctric railway of standard, ordinary
gauge. for the public use for the conveyance
of persons and property, with OYerhea1
transmission lines for its power and with
its central power plant located IN the CITY
of Lancaster, Grant county, Wisconsin,
such construction, maintenance ana Oper-
alton to be in several sections which snail
Ultimately connect ana cover the route
aforesaid. One of such sections shall COM
menCe at the city of Lancaster and extend
thence in an eaSterty direction TO the east
line of the snip OF EllenbOrO in said
Grant County, Wisconsin, said line being
the north and south lire dividing the town
ships of EIenl orc and Lima in said county.
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 north
and south line dividing the townships of
Euenboro and Lima. in said Grant County
by or before the first day of June 1918. and
as soon as said section of railway is so CON-
Dleted and in operation the said railway
company shall be entitled to all of said
bonds and to receive the same from the
trustee he1 einafter named upon the con-
ditiOns hereinafter mentioned.
THIRD: In consideration of the execution
and delivery of said bonds said railway
company shall issue and deliver to said
town of South Lancaster two hundred and
twenty (220) shares of the capital stock CT
said railway company, of the par value of
one hundred 600 dollars each, being a 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 hereia-
after named, for the use of said town, atthe
same times and in like amounts as deliver
les shall be made of said bonds to said rail-
way company, its successors or assigns. The
said stock and bonds so issued shall be de-
posted in escrow with The Union State
Bank of Lancaster, Wisconsin, as trustee,