Imagens das páginas

description of the lands by meets and bounds, in whom the title is, and for what purpose and use the land is held; and if it shull appear to said court that such land is not subject to taxation according to the revenue laws of this State, then that part shall be certified by said court to the Auditor of Public Accounts, and the land shall remain exempt from taxation so long as it continues to be used exclusively for the purposes aforesaid.

APPROVED, March 2d, 1843.

In force, AN ACT to provide for the completion of the Illinois and Michigan Canal, Feb. 21, 1843.

and for the payment of the Canal debt.

Prenmble WHEREAS, it has been represented that certain holders of the

bonds of this State are willing to advance the necessary funds for the completion of the Illinois and Michigan Canal, upon being secured the payment of their said advances and of their said bonds, by a vested lien upon the said cana!, lands and revenues; for the purpose, therefore, of accomplishing an object so desirable and beneficial to the said bond holders

and the State: Gov. authori. Sec. I. Be it enacted by the People of the State of Illinois, sed to regno represented in the General Assembly, That for the purpose of ciate n loan or' $1.600.000 on raising a fund for the completion of the Illinois and Michigan credit or ca- Canal, the Governor of this State be and hereby is fully authomal &c.

rized and empowered to negotiate a loan solely on the credit and pledge of the said canal, its tolls, revenues, and lands, to be granted to trustees, as hereinafter provided, of one million six hundred thousand dollars for a term notexceeding six years, and ata rate of interest not exceeding six per cent. per annum, payable out of the first moneys to be realized from the said canal, its lands, tolls, and revenues; the payment of interest and reimbursement of principal to be at such place within or without the United States, and payable in such currency, as may be

agreed on. Who are en. Sec. 2. The holders of canal bonds and other evidences of titled first to indebtedness of this State, issued for the purpose of aiding in subscribe for the construction of the Illinois and Michigan Canal, or hereand take loan

"after to be issued for work done, per centage, scalcage or damages, shall be first entitled to subscribe in proportion to

the amount of bonds or other indebtedness held by them, and 2. class en litled to said take me whole

take the whole of the said loan; but if within a reasonable loan time, to be determined by thc Governor, any of the said hold

ers of canal bonds or indebtedness shall neglect or refuse to Not taken by subscribe as aforesaid, the whole of the said loan may be sub1st or 2d class inay be taken scribed for and taken by other holders of canal bonds or inby any other debtedness; but if within a reasonable time, to be determined pers0118 upon by the Governor, the holders of the said canal bonds or

other evidences of indebtedness aforesaid, shall not subscribe


ees esta

for and take the whole of the said loan, then and in that case, any other person or persons, body politic or corporate shall be entitled to subscribe for and take so much of the said loan as may remain unsubscribed for by the said holders of bonds or other evidences of debt aforesaid.. :

Sec. 3. After the said loan shall be subscribed for as afore. Board of trussaid, there shall be appointed three discreet persons to constitute a board, to be known by the style and description of the “Board of Trustees of the Illinois and Michigan Canal;” onec

Gov. to apof the said trustees shall be appointed by the Governor of this point one and State, and the other two shall be elected or appointed by the subscribers subscribers to the said loan, or the holders of the certificates two of said

trustees authorized by this act, in manner and form as hereinafter" mentioned. Whenever any vacancy shall occur in the said Vacancy how board of trustces, either by death or resignation, or from any filled other causé, said vacancy shall be filled by the Governor or holders of said certificates, to whom belonged the appointment of the trustees whose scat shall have become vacant as the case may be.

Sec. 4. The first election of trusices, by the subscribers to Time & place said loan under this act, shall be held at the canal office at of electing Lockport, at such time as the Governor of this State shall

snart subscribers appoint, under the direction of one of the judges of the Supreme Court of this Statc, who is hereby appointed inspector of the first election, and the two persons then elected as trustçes by the said subscribers, and the person appointed trus- Term of office tee by the Governor, shall hold their offices for two years from of trustees thç time of their said election or appointment and until others are clected.

Sec. 5. Subsequent elections shall be held every two years Subsequent at such time and place, and under the direction of such per-electione

conducted sons as a majority of the trustees for the time being, shall, by resolution, to be entered on their minutes appoint, and the shali hold their offices for two years and until others are elected in their stcad.

Sec. 6. At the election of trustees under this act each stock- Number of holder shall be entitled to one vote for each and every one

e stockholder thousand dollars of stock held by him, and in all elections votes may be given in person or by proxy.

Sec. 7. All elections shall be by ballot, and the two who Elections to shall have the greatest number of votes shall be the two trus. be by basto tees duly elected by the said subscribers or holders of said certificates. At all such elections, the said subscribers or holders of said certificates, shall designate upon their ballots one of the persons voted for as president; and the person having the greatest number of votes as trustee and president, shall be President one of the said trustees and president of said board. .

Sec. 8. The said board of Trustees of the Illinois and Mich- Powers and igan Canal, when duly appointed and elected as aforesaid, duties of shall apportion their respective duties among themselves, and so far as is not incompatible with this act, shall possess all the


[ocr errors]



said loan

powers and perform all the duties conferred upon the Board of

Commissioners of the Illinois and Michigan Canal by the act 'Trustees to entitled "an act for the construction of the Illinois and Michtake oath and igan Canal," approved January ninth, eighteen hundred and give bond

thirty-six,and the acts supplementary and amendatory thereto, and shall take an oath or affirmation, and gire bonds with security for the faithful discharge of the dutics imposed upon

them by this act. Disposition to Sec. 9. If the holders of any of the said canal bonds or be made of bonds &c. other evidences of indebtedness issued for the purpose of aid. when holders ing in the construction of the Illinois and Michigan Canal, become sub- shall become subscribers for the said loan or any part thereof, scribers for an they shall, at the time of subscribing, file or cause to be filed

with the Governor, a brief description of said bonds, or other evidences of indebtedness aforesaid owned by them, which description shall be deposited by the Governor in the office of Auditor of Public Accounts, in order that the evidences may be preserved to discriminate the holders who subscribed for the said loan and to identify the said bonds or other evi. dences of indebtedness aforesaid, that may in consequence be entitled to a priority of payment out of property and assets

granted to the board of trustees as hereinafter provided. Canal and ca- Sec. 10. Fur the purpose of placing in the hands of trustees omanied in full und ample security for the payment of said loan authorirustees as se-ized by this act, and the interest thereon, as well as for secu. curity for the ring a preference in the payment of such of the canal bonds payment of

boing and other evidences of indebtedness issued by this State for the bonds &c. the purpose of aiding in the construction of the Illinois and owned by the Michigan Canal as may be owned by the subscribers to the said loan ants to said loan, the State does hereby irrevocably grant to the said

board of Trustees of the Illinois and Michigan Canal the bed of the said Illinois and Michigan Canal, and the land over which the same passes, including its banks, margins, towpaths, feeders, basins, right of way, locks, dams, water power, structures, stone excavated and stone and materi. als quarricd, purchased, procured or collected for its construction; and all the property, right, title and interest of the State, of, in, and to the said canal, with all the hereditaments and appurtchances thercunto belonging, or in any wise appertain. ing, and also all the remaining lands and lots belonging to the said can: } fund, or which hercafter may be given, granted, or

donated by the General Government to the State, to aid in the Canal lands construction of the said canal and the buildings and erections and lots here

belonging to the State thereon situated; the said board of trus. exempied tees to have, hold, possess and enjoy the same as fully and as abfrom suid

solutely in all respects, as the State now can or hereafter could grant

do, for the uses, purposes and trusts hereinafter mentioned; but it is to be understood that all canal lands and lots hereto. forc sold by the board of commissioners upon which moneys are now due, or may hereafter become due, whether the said lands and lots be now forfeited or relinquished, or hereafter become forfeited or relinquished, shall be exempt from the


tolore sold

emert mi

with rnor


to pay

aforesaid provisions of this act, and the trustee herein provided to be appointed by the Governor, or any other officer, or officers, having the management of the affairs of the canal, until said trustce be appointed on the part of the State, is Accounts due hereby authorized and required to settle all nccounts due to contractors & contractors and others (except for such damages as are here others how

settled inafter provided for) by issuing certificates of indebtedress, which, together with the certificates of indebtedness, scrip, ard acceptances heretofore issued by the said canal commissioners, shall be reccived by said trustee, or other officer or officers aforesaid in payment for said lots and lands whenever they may be presented for that purpose. The said Jands and lots hereby reserved shall, within three months after the passage of this act, be appropriated as is provided in the thirteenih section of this act, and sold in accordance with the laws of this State regulating the sale of canal lands. Subscribers to . Sec. 11. The subscribers to the said loan shall execute an enter into a. agreement to and with the Governor of this State to pay the see amount respectively subscribed to the said board of trustees, at such times and in such proportions as said trustees shall direct, Terms of a., and said agrecment shall specify the manner in which said trus- greement tees shall give notice to the said subscriber of every call for a payment; Provided, that in case any subscriber under the pro

Forfeiture on visions of this act shall fail, neglect, or refuse to pay any instalment instalment at the time called for by said trustees, he shall forfcit all payments prcviously made and all benefits and advantages arising vinder the provisions of this act; Provided, however, that the said trustecs shall bc bound to make a call for at least one hundred thousand dollars per quarter for the first year after their appointment.

('ertificate to Sec. 12. Whenever and as often as the said subscribers to be issued to

stockholders the said loan shall make a payment of any portion of their subscriptions, in pursuance of a call of the said trustees, the said board of trustees by their president and secretary under the seal of said board, shall execute à certificate to each of the said Natur

certificate subscribers for the amount paid by them on their respective subscriptions with one year's interest at the rate of six per cent. added to the principal, stipulating for the payment of the saine within six years, with interest at the rate of six per cent. per annum, to be computed after one year from the date of said certificate, and to be paid semi annually thereafter, interese

Principal and the said principal and interest to be paid by the said trustces paid out of the first moneys to be realized by them from the lilinois and Michigan Canal, its assets, revenues, tolls, and lands granted to the said trustees by this act, which said certificate shall also be countersigned by the Governor, and the impress of the great seal of the State shall be affixed thereon by the Secret ry of Statc. .

Trustees to Sec. 13. The said board of trustécs when appointed are proceed to hereby authorized to take possession of the said canal, lands, complete che

nal and how property, and assets, granted to them by this act, and proceed to complete the same. They are hereby authorized to make


yeai e trustees

such changes and alterations of the original plan of said canal as they may deem advisable, without reducing its present

capacity, or materially changing its present location, having No lots, &c. due regard to economy, permanency of the work, and an to be sold till adequate supply of water at all seasons. None of the lots,

8 lands or water powers so granted to the said trustees after the completion of ca-shall be sold until three months after the completion of the Dal

said canal; the said lots, lands and water powers shall then be

offered for sale by the said trustees at public auction, in lots Lots &c. to be sold at public and leg

be and legal sub-divisions once or oftener in each year for the auction- four succeeding years; said sales to be made for cash or on Terms of sale credit in the manner prescribed in the act of the ninth of Jan

uary, eighteen hundred and thirty-six. The said lands, lots and Appraisment water power before they are offered for sale as aforesaid, shall of property be appraised by three disinterested persons, to be appointed to be sold

, by the judge of the circuit in which said lands, lots and water

power are situated, who shall take an oath faithfully and impartially to discharge the duty of appraisers. Said lands, lots

and water power, when so appraised, shall not be sold for less After four

than the appraisement. After the expiration of the said four may well lands years, the said trustees shall expose the residue of said lands, ac discretion which may remain on hand to sale at such times and in such

* manner as they may deem proper. The said board of trustees Trustees au

de are authorized to convey lands and water powers sold by them execute con- as aforesaid, after the purchase for the same be fully paid, but veyances not before; and the said lands and lots shall be exempt from

taxation of every description by and under the authority of Water power any law of this Štate until after the same shall have been sold not to be di- and conveyed by the said trustees as aforesaid; Provided, also, verted from th canal lands ne that in the construction of the said canal no change shall be

made in its location so as to direct the water power from canal Provision for lands; Provided, that in all cases where improvements were persons who made upon the said canal lands or lots previous to the first day of have made improvements February, eighteen hundred and forty-three, the owner of such on canal improvements shall be entitled to purchase the said lands or lands

lots on which said improvements are situated at an appraisement to be made as aforesaid without reference to said im

provements. ' Canal when SEC. 14. The said trustees shall proceed to the completion completed

be of the said canal in a good, substantial, and workman-like

manner, so that the same shall, if practicable, be ready for use Trustees re- and navigation within two years and six months from the time quired to this act goes into operation. The said trustees shall keep a keep account: of their trans. just, full and accurate account of all the costs and expenditures actions of completing and superintending the said canal, and of the Shall report to rents, issues, revenues and profits received by them from the said Governor canal, and from the property granted to them by this act, and

of of the amounts reccived by them under the said loan, and shall failure to com annually make a report to the Governor, in manner and form plete canal in specified in the forty-third section of the said act of January 3 years lands

ninth, eighteen hundred and thirty-six; Provided, that in to State case the subscribers, under the provisions of this act, shall fail


ow to U

« AnteriorContinuar »