Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1914-05-27

Mount Ida, Fennimore, Liberty, North
Lancaster, El!enboro and Lima, and
/ touching the city of Lancaster, and the
villages Of North Andover, Blooming
ton, Patch Grove, Mount Hope, Mount
| Ida, Fennimore, and Sitter in
said county, or as near thereto as may
| be practicable, said line passing
through the township of PlatteviIle and
! the city of Platteville in Grant County
traversing the county of Lafayette
through the townships of Elk Grove,
seymour, Darlington, ShullSburg,
Monticello. New Diggings and Benton,
/ and reaching the cities of OAR
lington and Shullsburg and the vii
| !age OF Benton, by proper extensions or
branch lines, thence in a southeasterly
| 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 North Lancaster
make subscription to it's capital stock
| pursuant to the statutes in such case
made and provided, to be paid in mu-
niclpal bonds to be issued by said town
OF North Lancaster, hereby makes the
| following proposition to said town of
North Lancaster, pursuant to Section
| 945 OF the Wisconsin Statutes of 1898
and the several acts amendatory there
OF and supplementary thereto:
First: That said town of North Ian
| caster subscribe for one hundred eighty
| (18O) shares of the capital stock of
| said railway company of the par value
| of Eighteen Thousand dollars (S18OOO,-
:OO)s IN the manner and at the time
| provided by the statute under this
| agreement; such subscription to be
payable in seventeen CD interest
bearing coupon bonds, sixteen of such
bonds to be of the denomination and
race value of One thousand dollars
($1,0OO.O0), and the remaining one bond
| to be of the denomination and face
value of Two thousand dollars
($2,O0O;OO), making in all the amount
oil
100000, at par value, numbered con-
| secutively from one ID to seventeen
| CD both inclusive, not payable before
maturity at the option of said town,
| to be issued by said town of North
Lancaster, made payable to said rail-
| way company or bearer, and to mature
as follows:
Number one ~, for 100000, to be
payable on June 1st. 1916.
Number two (2). for 100000 to be
payable on June 1st, 1917.
Number three (3). for 100000, to be
payable on June LIST, 1918.
Number four (4), for 100000 to be
payable on June 1st. 1919.
| Number five go for 100000, to be
| payable on June 1st, 1920.
| Number six co. for 100000, to be
payable on June 1st, 1921.
Number seven %, for 100000, to be
payable on June 1st, 1922.
Number eight (S), for 100000, to be
payable on June 1st, 1923.
Number nine co., for 100000, to be
payable on June 1st, 1924.
Number ten (10), for 100000 to be
payable on June 1st, 1925.
| Number eleven CID, for 100000, to
| be payable on June 1st, 1926.
Number twelve 12), for 100000, to
| be payable on June 1st, 1927.
Number thirteen 13), for 100000, to
| be payable on June 1st, 1928.
| Number fourteen (1D, for 100000,
to be payable on June 1st, 1929.
Number fifteen (15), for 100000, to
| be payable on June 1st, 1880.
Number sixteen (16), for 100000 to
| be payable on June 1st, 1881,
Number seventeen CD, for 100000,
| to be payable on June LIST, 1892
| Each of said bonds to draw interest
at the rate of four and one-half per
centum (4h 20, per annum, payable an
nually on the first day of June in
until paid. subject. however, to the
| provisions hereinafter contained. All
| lnstallments of interest on said bonds
to be evidenced bv proper interest
| coupons IN be executed by the proper
officers Of said town of North Lam
caster and made payable to said rail
way company or bearer, and attached
to each of said bonds respectively. All
F, interest not paid when due to draw in
terest at the same rate as the prin-
cipal sum until paid. Both the princi-
| pal and interest of said bonds shall be
payable at The First National Bank,
|
earned or accrued upon said bonds up
to the date when said railway company
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 company
| to be entitled to the interest only from
the time it becomes entitled to the
bonds. All said bonds shall be negoti-
able and their issue shall in all re-
spects comply with the statutes of this
state authorizing them All said bonds
shall be issued within thirty (3O) days
after the acceptance of this PROPOSE.
ton by said Town of North Lancaster.
At such time as said railway company
shall have earned said bonds and be-
come entitled to an absolute delivery
thereof; and upon their delivery to said
railway company, the said town of
North Lancaster shall lawfully pass an
ordinance or resolution directing that
there shall be annually levied a tax
upon the taxable property of said town,
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 rail-
way company is to construct, maintain
and operate an electric railway of stand
ard ordinary gauge for the public use for
the conveyance of persons and property
with overhead transmission lines for
its power and with it's central power
plant located in the city of Lancaster,
Grant County, Wisconsin, such con-
struction, maintainence and operation
to be in several sections which shall
| ultimately connect and cover the route
aforesaid One of such sections shall
commence at the city of Lancaster, in
said county, and extend thence in an
easterly direction to the north and
south line dividing the counties of
Grant and Lafayette in the state of
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 north and south
| line dividing the counties of Grant and
| Lafayette, in said state, 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 rail-
way company shall be entitled to all
| of said bonds and to receive the same
| from the trustee hereinafter named
upon the conditions hereinafter noen-