Year: 1870

AN ACT to encourage the construction of railroads


IN this state.


The people of The state of Wisconsin, represented


in senate and assembly, do enact as follows:


Section l. Whenever any railroad company in
this state shall have located its line into through
any county. it shall be the duty of such company to
cause such fact. together with such description of
the line SO located to be recorded or filed in the
office of the register of deeds of such county as
will show clearly, each and every quarter section
or at least eve quarter section of land over which
the same passes, and no change shall be made in
such location after any town, city or village therein
shall have voted to subscribe to the capital stock of
such railroad company, and to create bonded in
debtedness for the payment OF the same, except by
consent of such town, city on village expressed by
similar vote.


railroad into near TO, or through any town, incOr-
porated city village, 1t shall be lawful Tor such
town. incorporated city village to subscribe for
the capital stock of such railroad company, and to
issue bonds for the payment of the same prOUided,
the legal voters of such town. city or village, at any
annual or special election duly called under the
provisions Of the existing laws of this state,
majority of them voting at such election in such
town city village shall be in favor of making such
subscription and issuing snch bonds. The town
clerk or clerk Of the city village, as the case
may be, shall upon the same requ1sluon, give the
same notice of any such election, and of the busi-
iness to be transacted thereat and in the same man.
ner is provided for by law in case of special
business at special town meetings. Said notice shall
also specify the amount of the subscription to be
made and of the bonds proposed to be issued, the
length of time they to run. the rate of interest
they shall bear the railroad for whose stock they
are to be used when to be delivered. when 10 be
made payable. and hen the railroad is to be COM
pleted to certain point. At such election, those
voting in favor OF the proposition shall deposit a
ballot containing the Words for the railroad, and
those voting against it, shall deposit ballot con-
tanning the words against the railroad" The
election shall be conducted and the votes shall be
canyassed and certified and recorded in the same
manner as the votes given at the annual town, city
or village elections and subscriptions shall there
upon be made to the capital stock OF said company
by the chairman of the board of supervisors of the
town. the mayor of the city or the president of the
village as the case may be. 1t shall not be lawful
to strike from any such town, city OF village, any
of its territory while such bonds shall be outstand
ing and unpaid, and the issuing of such bonOs
shall be deemed contract that territory of such
town, city village shall not be diminished while
such bonds shall be unpaid III whole or in part.


Sec. 3. Such bonds shall according to the pur-
pose for which their issue is authorized as in the
preceding section and elsewhere in this act, be de-


vered in payment at par, for shares Of stock sub
scribed for by any such own, incorporated city OF
village when all the conditions precedent on the
mart of such company, as in this act provided
snail have been performed. They shall be slgneo
by the chairman OF the board of supervisors ano
town clerk of the town. the mayor and clerk OF the
citv or the president and clerk of the village, as
the case may be, voting the same Each shall be
of the denomination of ole hundred dollars, with
annual seni-annual interest coupons attached in
the usual form. All the conditions upon which
they are issued shall be stated therein. There
shall also be endorsed upon the Dack OF edcn Ger
tifcate OF registry, 70 be signed as hereinafter pro-
gided, by the secretary Of state The shares Of
stock in such railroad company thus taken by said
towns, cities villages and all dividends arising
therefrom are hereby pledged while they remain
the property of such town, city village, for the
payment of the principal and interest of the bonds
delivered for such stock: and the supervisor, mayor
or president, when authorized by vote of his
town. city village, at any annual special elec
tion thereof may sell such stock aud transfer the
same to any purchaser and the proceeds OF such
sale shall be applied TO the payment of the interest
and principal OF such bonds, and for that purpose
tbe same shall be Immediately deposited by the of
fcar receiving the same, with the state treasurer
and said town city village credited therefor, tC
beused by him in connection with, or in lieu of the
otf,er fuuds standing to the credit of such town
citv or village. The board of supervisors of the
town common council of the city or trustees o
the village. as the case may pc, sHal alhuaiIy O
as often as there shall be vacancy appoint on
railroad commissioner whose duty 1t shall be atte
the bonds have been issued TO the rallroad com
pauy TO attend the meetings Of the stoekpolders 0
such company and he shall be entitled TO cast on
vote for each share of stock owned Dy such loWi
city or village in the election of directors and OF
all questions, and shall in all other respects
treated st. TX holder therein while he so repre-
sents such town city or village,


Sec. 4. Whenever any town. incorporated cit
or village shall hereafter create debt under tn
provisions Of this act, or under the provisions 0
any law of this state for subscription to the capi
taI STOCK OF any railroad company whose lines shal
Pc located IN this state, as herenbefore provided
y shal pc lawful for the state treasurer and he i
hefeDy required Immediately upon receiving tn
revenue for each year, for and durip0 such tern
OF years as may be necessary to place to the credi
OF any such town, incorporated CITY or village s.
haFIns -Ho'iiLe1 ~ such indebtedness in the stat
treasury annually thereafter during the term af0re
said, all OF the special taxes collected and Maid int
the state treasury the increased yanati6n ~ a.
taxable property o1 such town, Incorporated city