Year: 1875

AN ACT to encourage the building of narrow
gauge railroads and to secure cheap transporta-


The people ofthe State of Wisconsin, represented
in Senate and Assembly, do enact as follows: &


SECTION 1. Any county, town, incorporated city


or village in this State is hereby authorized and
empowered to aid in the construction of any mar
row-gauge railroad in this State to be constructed
by any company under and by authority of any
law of this State, as provided by act entitled
|" An act to authorize municipal corporations to
aid in the construction of railroads. approved
March 25, A. ID. 1872, and all acts amendatory
thereof. s. E08as


SEC. 2. Any municipal corporation named in the
foregoing section may, by agreement between the
railroad company and such municipality take
irstmortgage bonds capital stock. part first
mortgage bonds and part capital stock, on the
railroad so aided, in lieu of the stock Of such


company for the aid so subscribed. The agree
ment between such railroad company and such
municipality shall be arrived at as provided in


Secs. three (3) and four IA of the act aforesaid,
and all the conditions, restrictions, provisions,
kind and nature, in the act hereinbefore men
toned, shall apply te.this act and be complied
with, both on the part OF the railroad company
and the municipality subscribing such aid,


meaning and intending hereby only to change


said act, approved March 25 A. D. 1872, as to au
thorize the receiving of frst-mortgage bonds by


municipal corporations subscribing aid to narrow


gauge railroads in lieu of the stock of such COM


pany, the better to. secure such municipalities


against any possibility of loss in subscribing aid
to narrow gauge railroad companies.


SEC. 3. And to further secure the people


against extortionats rates of freight and passen-


ger fare, all railroad companies, before asking aid


under this act, SHALL by resolution of their Board


of Directors, fix the maximum rate of passenger


fares and rates of freight of all classes to be


charged by such company for the period of ten


years from the date OF such resolution: ProU5ded


The passenger fare and rate of freight so fixed


shall at time exceed the rates fixed by the laws


of this State; and such company shall cause such


resolution to be recorded in the Recorders ONCE


of each county in this State through which their


road shall pass, and the rates and fares so fixed


shall be binding upon such company, It's success


sors assigns for the time so fixed in such reso-


luton. That is to say, such company shall not


exceed such maximum rate as determined by


their resolution, but may, at their option, lower


orlreduce either passenger fare or rates upon


freight and such resolution by the railroad COM


pany shall be made part of the proposition to


and agreement with the municipality subscribing
aid to said company u


SEC 4. And be it further enacted That each


county, town, incorporated city or incorporated


village subscribing aid to narrow-gauge railroads


under this act shall, from year to year. and each


year for the period of ten Q0 years. in proportion
to the aid each municipality shall subscribe for
the capital stock of such railroad, receive from
the State Treasurer the money paid to the State
by the railroad so aided for license or tax.


SEC. 5. 1t shall BE the duty of the proper officer
of each municipality subscribing aid to narrow


gauge railroads under this act at the time OF Is
suing their bonds to the railroad company, in
payment for the capital stock of such railroad
company, to forward. to the State Treasurer a
statement showing the number OF each bond,
date, par value interest it bears, and when pay


able. And it shall be the duty of the State Treas
urer to keep record of the same in a book kept
for that purpose in his office, and each year for


the period of ten years from the date of such
bonds, and immediately upon receiving the IL
cense or tax money from the railroad company
so aided, to ascertain the amount sub
scribed by each municipality in aid of such
company, and shall pay the amount SO


ascertained to the proper officer of each munich
pality taking therefor his receipt: Proyided, No


county city, town, village school district or other


municipal corporation shall grant to said railroad
edness in the aggregate exceeding per cent
un on the value of the taxable property therein.


to be ascertaned by the last assessment for State


and county taxes previous to the incurrng Of such
indebtedness.


SEC. 6. This act shall take effect and be In force
from and after its passage and publication.


| Approved March 2 1S75.44 ~ E-COPY.