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

payable on June 1st, 1918.
Number four "a, for 100000 to be
payable on June 1st 1919.
Number five (5) for 100000, to be
payable on June 1st, 1920.
Number six 60, for 100000, to be
payable on June LIST, 1921.
Number seven ID, for 100000, to be
payable on June 1st, 1922.
Number eight (S), for 100000, to be
payable on June 1st, 1928.
| 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 LIST, 1926
| Number twelve (12), for 100000, to
| be payable on June 1st, 1921
Number thirteen d3), for 100000. to
| be payable on June 1st, 1923.
Number fourteen 14), for 100000.
to be payable on June 1st, 1929.
Number fifteen Q5), for 100000, to
be payable on June 1st. 1880.
| Number sixteen (16), for 100000 to
| be payable on June LIST, 1881,
| Number seventeen CID, for 100000.
| to be payable on June 1st, 1892
Each of said bonds to draw interest
at the rate of four and one-haIf per
centum Az 20, per annum, payable an
nually on the first day of June in
each and every year from date of issue
until paid. subject. however, to the
6Q.
installments of interest on said bonds
to be evidenced by proper interest
coupons, to be executed by the proper
officers Of said town of North Lam
caster ana made payable to said rail
way company or bearer, and attached
to each of said bonds respectively. All
interest not paid when due to draw in
terest at the same rate as the prin-
clpal sum until paid. Both the princi-
pal 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 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 1T 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 500 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
it's 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 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
($100.00) each, being a sum in all equal,
nf col CT fn
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 500 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
pany, It's successors or assigns, forth
with, upon being rendered certificates
Tor an equal amount of the capital
stock of said railway company.
Fourth: The fact OF construction
completion and operation of said
section of railway may be proved
~ AOSO4ALLOAA u IAC lOWA UOdEQ Oh SdIQ
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
seal, this 9th day of January, 1914.
THE CHICAGO SHORT LINE RAIL
WAY COMPANY,
BY JOSEPH T. BENNETT,
President
and r. P. BARNETT,
Secretary