shall be signed by the mayor of said city and countersigned by the clerk of said common council, under the corporate seal of said city. SEC. 3. Before the issue to any such railroad company Railroad Comof any bonds mentioned in the first section of this act, pany to secure city by bond such railroad company shall execute to the treasurer of for its faithful said city, for the use and benefit thereof, the bond of payment of insaid company, under the authority of its board of di- terest, etc. rectors, signed by their president and countersigned by their secretary, under the corporate seal of said company, in a penal sum at least double the amount of the par value of the bonds proposed to be issued to such company, with the condition and covenant that such company shall punctually pay and discharge the principal and interest moneys of such bonds, as they shall severally become due, and fully indemnify and save harmless the said city against all payments, liabilities, losses, damages and expenses, which it may incur or sustain in consequence of the issue and delivery of such bonds or any portion. SEC. 4. To secure the performance of the covenants Mortgage to and conditions of the bond mentioned in the preceding city on road for performsection, such company shall at the same time execute ance of condiand deliver to the treasurer of said city, for the use and tions of bond. benefit thereof, a mortgage, executed in due form of law, of the first section or division of the railroad of the said railroad company, next to the city of Sheboygan; and if said bonds mentioned in the first section of this act shall be issued to aid in the construction of a branch of the Sheboygan and Mississippi Railroad, then upon the first section or division of such branch of said railroad company nearest to said city, in length not less. than ten miles nor more than forty-five miles, and not less than one mile in length for every seven thousand five hundred dollars of the bonds issued by said city in aid of such railroad company, which mortgage shall convey such portion of such railroad, its equipments, real estate, buildings, personal property and franchises, as well that thereafter to be acquired and constructed as that already acquired or constructed, and shall contain therein covenants of warranty of title thereto, and shall be the first lien or mortgage upon said property, subject only to a first and prior mortgage of the same property for a sum not exceeding twelve thousand five hundred dollars per mile for every mile of road em The Common ceive further braced therein, to be ascertained by dividing the aggregate amount of the par value of the bonds secured by such prior mortgage by the number of miles of the road embraced in the same. SEC. 5. It shall be the duty of the said common Council to re- council, and they are hereby authorized to require and security, etc. receive from any such railroad company, before the issue and delivery of any of the bonds mentioned in the first sections of this act, such further and additional security or securities, either personal or real, as may in the judgment of the common council be requisite to fully secure and indemnify said city against all liabilities on the bonds proposed to be issued to such railroad company, and in case of the default or neglect of any such railroad company to pay the whole or any part of the principal or interest moneys of the bonds issued to such company, the said common council shall have the power to collect or foreclose the bond and mortgage extended by such company to said city, and also to collect, sell, or dispose of all and every security received from such company, and apply the proceeds thereof, in payment of the interest or principal of such bonds, and said common council may from time to time surrender, release and discharge all and every such additional security, and receive such other securities in lieu thereof, as in the judgment of said common council may be safe and proper. When bonds SEC. 6. No bonds shall be delivered to any railroad shall be issued company until at least ten miles of that portion of road mortgaged to the said city, by such company to secure the payment of such bonds shall have been constructed by such company, nor thereafter shall they be delivered faster than the work of construction of such portion of said road shall progress, nor shall there at any time have been delivered to such company more than five thousand dollars in value of bonds at par, for every mile of such portion of road constructed, until the whole portion of said road so mortgaged shall be constructed; but such bonds of said city may be issued and delivered to said railroad companies, or either of them; Provided, Other equivalent securities shall be furnished therefor or in lieu thereof. Faith of city pledged. SEC. 7. The faith of the city of Sheboygan is hereby irrevocably pledged for the full and punctual payment of the principal and interest of every such bond which shall be issued in pursuance of this act, and the common council of the said city shall have the power to provide for the payment of the whole, or any part of said principal and interest, and it shall be their duty to provide for the payment of any portion thereof, which shall not be paid or provided for by any railroad company, for whose benefit the same were issued, by levying and collecting from time to time such special tax or taxes on the real and personal property in said city of Sheboygan liable to taxes as may be sufficient to pay and discharge the same, which taxes shall be levied and collected in the same manner as other city taxes. SEC. 8. Before the issue or delivery of any bonds to Vote on issue any railroad company in pursuance of this act, the or- of bonds. dinance providing for such issue or delivery, shall be submitted to and approved by the voters of the city of Sheboygan, at an election for that purpose, to be called by the common council of said city, of which at least two weeks notice shall be given, by publishing the same together with a copy of such ordinance in all the newspapers published in said city; such election shall be held at the usual places of holding city elections, and shall be conducted and the votes returned and canvassed in the same manner as at other city elections; the votes at such election shall be by ballot on which shall be written or printed the words "for the railroad ordinance," or the words "against the railroad ordinance," and if a majority of the whole number of votes cast at such election, shall be "for the railroad ordinance," then the bonds whose issue or delivery shall be provided for in such ordinance, may be issued and delivered, and not otherwise. SEC. 9. The common council of said city shall not Must vote on in the same ordinance or resolution, nor at the same issue of bonds meeting authorize the issue or delivery of any of its to one Compabonds to but one of said railroad companies, nor shall ny at a time. any ordinance or propostion providing for the issue or delivery of such bonds be submitted to the voters of said city for their approval within fifteen days after any other ordinance or proposition providing for the issue or delivery of any bonds to the same or any other railroad company, shall have been submitted.. SEC. 10. No ordinance shall be passed authorizing "Shall not be the issuing of any bonds by said city in pursuance of issued till this this act in aid of any railroad company until this act act is publish'd -shall have been published at least two weeks in the official papers of said city, and all ordinances for the issuing of any bonds, or changing the tenure of the securities offered by any railroad company, shall be 'passed by a majority of the votes of all the members elect of the city council of said city of Sheboygan, on at least one weeks notice of such intention to introduce said ordinance; and any railroad company in whose favor any bonds shall have been issued in conformity Annual report with this act shall report to said city council, under the of Company to oath of the president thereof, annually, on or before the first Monday in September of each year, and said west zo in preport among other things, shall contain the indebtedBio-ness of the same, discriminating between permanent and common coun cil. " floating debt, with each item of the same the name of the directors of said road, the cost of construction to date of report, and a list of stockholders in said road, together with the number of shares held by each. And also, whether any tax will be necessary to be levied by said city to meet either principal or interest on said bonds for the ensuing year. 1. : sal,,ars?t Repealing SEC. 11. All acts or parts of acts authorizing the city of Sheboygan, to aid in the construction of any railroad other than the Sheboygan and Mississippi railroad, or to loan its credit to any railroad, company other than "the Sheboygan and Mississippi Railroad Company, are hereby, repealed.). Judai 96 6002h 6.67 0 0 SEC. 12. This act shall take effect and be in force from and after its passage.. clause. Approved February 23, 1857. Corporators. od for [Lede Chapter 38. An Act to incorporate the Monroe and State Line Railroad Company. The people of the State of Wisconsin, represented in SECTION 1. William McDowel, J. V. Richardson, Thomas H. Eaton, Francis H. West, H. Ludlow, George Bit E. Dexter, John A. Bingham, James Bintliff, and J. W. Sherry, their successors and associates, to be determined Style. Powers Mof as hereinafter provided, are hereby made, constituted and appointed, and declared to be a body politic and corporate, by the name and style of the Monroe and State Line Railroad Company, and by that name shall have perpetual succession, and shall have and enjoy all the privileges, franchises, and immunities incident to a corporation; they shall be capable in law of purchasing, holding, selling, leasing and conveying estate, Company. either real or personal or mixed, and may take and hold such estates by gift, grant, purchase, devise, or lease; they may make, have, and use a common seal, and alter, break, and renew the same at pleasure, and by that name they may sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, contract and be contracted with, and generally do and perform all the acts and things which to any corporation it shall lawfully appertain to do and perform. books. SEC. 2. The capital stock of said company shall not Capital stock exceed five hundred thousand dollars, to be divided into and opening of such number of shares of one hundred dollars each as the directors shall from time to time determine; and the directors shall cause books to be opened, at such times and places as they may designate, to receive subscriptions to the capital stock of said company, under the direction of some one or more of them, or under the direction of such person or persons as they may designate, giving at least ten days' notice of such times and places by publishing the same in a newspaper printed at the village of Monroe, and shall require three dollars on each share of stock subscribed to be paid at the time of subscribing. SEC. 3. The said William McDowel, J. V. Richardson, First directors Thomas H. Eaton, Francis H. West, A. Ludlow, Geo. E. Dexter, John A. Bingham, James Bintliff, and J. W...ana Sherry shall be the first directors of said company, and shall hold their offices until other directors are elected by the stockholders, and shall possess all the powers conferred by this act upon the board of directors elected by the stockholders as hereinafter provided; and as soon as two hundred shares of the capital stock of said company shall be subscribed, and three dollars on each scription. share actually paid in, the said directors shall close the books of subscription until after the election of directors by the stockholders, and shall immediately give not When to close books of sub |