Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1914-06-10

North Lancaster shall lawfully pass an
ordinance or resolution directing that
there shall be annually levied 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
ara 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-
|StructlOn, malntainence 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
p1eted 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 men
toned.
Third: In consideration of the ex-
ecution and delivery of said bonds said
railway company shall issue and de-
liver to said town of North Lancaster,
One hundred eighty (180) shares of the
capital stock of said railway company
OF the par value of One hundred Dollars
(S1OO.0O) 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
hereinafter named, for the use of said
town, at the same time and in like
amount as delivery shall be made of
SAID bonds to said railway company,
its successors 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 600 days after demand
therefor by said railway company, it's
successors or assigns; and whenever
said railway company, it's successors or
assigns shall have earned or become
entitled to said bonds, said trustee
snail deliver them to said railway COM
with, upon being rendered certificates
for an equal amount of the capital
stock of said railway company.
Fourth: The fact of construction,
complexion ana operation OF said
section of railway may be proved
by resolution of the town board of said
town of North Lancaster, or in such
other manner as may be agreed upon
by said town board and said railway
company.
IN WITNESS WHEREOF, the said
THE CHICAGO SHORT LINE RAIL
WAY COMPANY has caused this pro-
position to be executed by it's president
and secretary, and under it's corporate
In ID
THE CHICAGO SHORT LINE RAIL-
WAY COMPANY.
BY JOSEPH T. BENNETT,
President
and T. p. BARNETT,
Secretary
corporate SeaD