An Act to authorize the City of Sheboygan to aid in the construction of a

Railroad.

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

Chap. 1.

ers.

SECTION 1. Asahel P. Lyman, John S. Harvey, William CommissionW. King, Henry Otten and Thomas Fagan, are hereby appointed a board of commissioners, for the purpose of aiding in the construction of a railroad, authorized to be made from the city of Sheboygan, westwardly by the way of Fond du Lac, to the Mississippi River.

SEC. 2. Said commissioners shall, previous to the trans- Officers. action of any other business, elect one of their number president, and one treasurer; and shall also appoint a secretary. The president, when present, shall preside at all meetings of the board for the transaction of business; and the secretary shall keep a record of all doings of said board. All meetings of said commissioners shall be at Sheboygan, at such time and place as shall be designated by a majority of them.

ney.

SEC. 3. The said commissioners are hereby authorized to Commissionborrow one hundred thousand dollars, upon the credit of ers authorized the city of Sheboygan, for twenty years or less, in such to borrow mo sums as they may deem proper, at a rate of interest not exceeding ten per cent. per annum, payable annually in the city of New York, for the purpose of investing the same in the capital stock of a railroad company authorized to construct a railroad from the city of Sheboygan, westwardly by the way of Fond du Lac, to the Mississippi River,

and to issue therefor the bonds of the city of Sheboygan, as hereinafter mentioned; and in case the said money, or any part thereof, shall not be so borrowed to subscribe for so many shares of said capital stock, of said railroad company, that the amount of the same, at their par value, shall be equal to one hundred thousand dollars, and to pay for the same in the bonds of the said city, payable as above specified. In lieu of investing the said sum, or any part thereof, in the capital stock of said railroad company, the said board of commissioners are hereby authorized to lean the credit of the said city, to the said company, to the amount of one hundred thousand dollars, for a length of time not exceeding twenty years, and at a rate of interest not exceeding ten per cent. per annum, and to receive the convertible bonds of said company to secure the said city, and such other security as shall be agreed upon and approved by the said board of commissioners.

Stock pledged SEC. 4. The shares of stock in said railroad company, or for payment. the bonds and other securities of said company, thus taken by said city, and all dividends and interests arising from the same are hereby pledged for the payment of the principal and interest of said city bonds: Provided, however, That the board of commissioners may sell such shares of stock, or such bonds and other securities of said company, but the proceeds thereof, and interest, shall still be pledged to pay the interest and principal of said city bonds.

City shall levy tax,

SEC. 5. The city council, of the city of Sheboygan, shall annually levy a tax upon all the taxable property of said city, sufficient to pay the interest of such bonds, after deducting the dividends received by said city of said shares of stock, or the interest on said bonds of said company, and in any year when said bonds shall become due, the said city council shall levy a tax as aforesaid, sufficient to pay said bonds so becoming due, after deducting any and all sums received by said city on the sale of shares of stock, or of the bonds of said company, or dividends not expended in the payment of interest.

Railroad comSEC. 6. The said board of commissioners shall annually missioners to appoint one railroad commissioner, who shall attend the be appointed. annual or special meetings of the stockholders of said railroad company for the election of directors thereof, or for transacting any other business, and shall be entitled to cast one vote for every share of stock which said city shall hold in said railroad company, and in case of his absence, or inability to attend, to appoint in writing under their hands some other person who shall have the same power.