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THE STATE OF OHIO.
GENERAL AND LOCAL LAWS
PASSED BY THE
SIXTY-FOURTH GENERAL ASSEMBLY
AT AN ADJOURNED SESSION THEREOF,
Begun and held in the City of Columbus, January 4, 1881.
[Senate Bill No. 206.)
To authorize certain incorporated villages to build railroads, and to lease or
operate the same.
(WASHINGTON C. H.] SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That whenever in any incorporated village which, by the federal census of 1870, had, and which by any federal census may have, a population of two thousand one hundred and seventeen, the village council thereof shall, by a resolution passed by a two-thirds vote of the members elected thereto, declare it to be essential to the interest of such village that a line of railway, to be named in said resolution, should be provided between termini designated therein, said village to be in the line thereof, it shall be lawful for the village council of such village to borrow as a fund for that purpose, not to exceed twenty thousand dollars, and to issue bonds therefor, bearing interest not to exceed six per centum per annum, payable semi-annually in such sums as shall be deemed best by said council; such bonds to be issued in the name of such village, under the corporate seal thereof, and payable in equal installments in one, two, three, and four years from their date; said bonds shall be signed by the mayor, and attested by the clerk of said village; and the said clerk shall keep a register of the same, and the faith of the village shall be pledged for the redemption of said bonds; and it shall be the duty of the council of such village, annually, to levy sufficient tax to pay the interest on and provide a sinking fund for the final redemption of said bonds; and said bonds shall not be sold or disposed of for less than their par value: provided, that no money shall be borrowed on bonds issued until after the question of providing the line of railway specified in said resolution shall be submitted to the qualified electors of such village, at a special election to be ordered by a resolution passed by a two-thirds vote of all the members of such village council, of which not less than twenty days' notice shall be given by posting up notices at not less than five of the most public places in such village, and by publishing a notice for three successive weeks in a newspaper published, and of general circulation in such village: and further provided, that threefifths of said electors voting at such election shall be in favor of