of new locks, &c. ring ordinary low water, steamboats drawing four feet of Construction Depere. Said company To pay out standing indebtedness. To change CHAPTER 112. with the approval of the governor of the state,; but in no vent shall any change reduce the size or capacity of the mprovements, or impair the character or quality of the work, or the materials used. 3 125 SEO. 2. To enable said company to perform the duties Lands to be equired in the preceding section, all the lands now un conveyed to old, granted by Congress in aid of said improvement, as trustees, dc. xplained by the same body, (and which grants are herey accepted), are hereby granted to the Fox and Wisconin Improvement Company, subject, however, to the erms and conditions of said grants by Congress, and to he further terms and conditions following: that is to зay: That within ninety days after the passage of this act, the said company shall make a deed of trust to three trustees, to be appointed as hereinafter provided, including and conveying to said trustees, and their successors, all the unsold lands granted to the state of Wisconsin by the several acts and the resolutions of Congress, to aid in the improvement of the Fox and Wisconsin rivers, and all the works of improvement constructed, or to be constructed on said rivers, and all and singular the rights of way, dams, locks, canals, water powers, and other appurtenances of said works, and all rights, privileges and franchises belonging to said improvement, and all the property of said company, of whatever name and description, for the uses, trusts and purposes following, with priority of lien, in the order in which they are named, that is to say: First. To secure to the state the faithful application of To secure the faithful appliall moneys or property arising from the sale of the lands or tatto water powers, or obtained on the faith of the same, as moneys. hereinafter authorized, to the construction and completion of the works of improvement contemplated in this act, as herein provided, and to the payment of all outstanding unpaid evidences of indebtedness issued on the part of the state, for or on account of said improvement, and the interest thereon, in accordance with the terms of this act. Second. For the payment of any bonds heretofore issued Payment of or that may hereafter be issued by said company, for or bonds. on account of said improvement. Third. To secure to the state the application of the Wing-dams. proceeds, or such part thereof as shall be necessary, of the lands claimed for the alternate sections along the Wisconsin river, to the improvement of the Wisconsin river upon E the plans commenced by the state, by the construction of wing-dams, or upon such other plans as may be hereafter Proviso. May issue bonds. CHAPTER 112. adopted by the said company and approved by the gov ernor; Provided, That nothing contained in this section shall be construed as granting or conveying to said company any right, title or interest whatever, either present or contingent to section number five, in township number twelve north, of range number nine east, of the fourth principal meridian. SEO. 3. For the purpose of raising funds from time to time for the construction, enlargement and completion of said works of improvement, as required by this act and for the purchase of materials to be used therein, and the payment of the evidences of state indebtedness above referred to, and interest thereon, and also for the payment and redemption of any outstanding obligations of said company heretofore issued; said company may issue its bonds, countersigned by the said trustees, in sums of not less than five hundred, nor more than one thousand dollars each, at rates of interest not exceeding ten per centum per annum, payable semi-annually; the principal of said bonds payable at a period therein to be named, not exceeding twenty years from their date, and at such place as the company shall designate. The payment of said bonds shall be secured by the deed of trust aforesaid of said lands, works, water powers, property and franchises as herein before provided; subject nevertheless to the prior lien of the state upon said lands and property herein before provided for; which said prior lien shall be Preferred to in such bonds so to be issued by said compa ny. The faith of the state shall be in no wise pledged for the redemption of said bonds. A portion not exceed ing one fourth of the cash proceeds of said lands and water powers, sold and conveyed by said trustees as hereinafter provided, may upon requisition of said company, from time to time, be applied by said trustees to the payment of interest on loans, or to provide for other expenditures, as the exigencies of the company may require.In case the said company shall fail to comply with any of the requirements of this act, or to pay the principal or interest of its bonds, issued as herein provided, the said trustees shall sell the said lands, in tracts not exceeding six hundred and forty acres, and shall apply the proceeds thereof to the purposes expressed in this act, in the order of priority of liens designated herein; and if the proceeds of said sales are insufficient to complete the intended works of improvement, pay all the evidences of State not hold. ing, &c. To sell lands in case com pany fail to comply with act. CHAPTER 112. 127 state indebtedness, and interest thereon, and redeem all the bonds and other obligations of said company, then the said trustees shall sell the water powers created by aid improvement, and thereafter all the corporate rights, rivileges, franchises, and property of said company in aid improvement, and all appurtenances thereto, to pay he same, and the purchasers thereof shall take, hold, and use the same as fully, as they are now held, used and enjoyed by said company, but it is understood that ntil the failure of said company to comply with the erms of this act, it shall retain possession and control of said works of improvement, and have the right to collect tolls thereon, and rents from the lesces of water powers, and to apply the same to the repair and mainte. nance of said improvement, and for other purposes. Such sales of the lands, water powers, and corporate rights and property contemplated in this section shall be made upon sixty days notice, published in every county in To publish which a newspaper is publishhd, lying adjacent to the sale of lands. Fox river, Lake Winnebago and the Wisconsin river.. below Portage City; said notice shall also be published sixty days in the "State Paper" printed and published at the capital of this state. In case of such sales by the trustees for non-compliance by said company as herein required, before all of said evidences of state indebtedness shall have matured, said trustees shall set apart [out] of the proceeds of said lands, water powers and improve ments, a fund sufficient to pay the interest on such re maining state iedebtedness and to sink and redeem the. principal thereof at maturity. Said deed of trust may provide for the safe keeping of moneys which may come into the possession of said trustees, and for the creation of sinking funds for the payment of all liabilities of said. company or for the redemption of its bonds before maturity, subject to the provisions of this act. SEC. 4. The said trustees may, on the requisition of said sale of lands company, proceed to sell the lands granted by congress and water in aid of said improvement, and may sell or lease the powers, &c. water powers created by said improvement, in such manner, and upon such terms, as to price, and time and place of payment as the company may direct; but none of said lands shall be sold for less than one dollar and twenty five cents per acre, and not less than twenty-five per cent of the purchase money for either said lands or water powers shall be paid at the time of sale. All payments for said W Proceeds-to lands and water powers shall be made in cash, or the said evidences of state indebtedness at par.-No deeds shall be made for said lands or water powers to the purchasers therereof, until full payment shall have been made as above. The trustees shall apply all moneys received on such sales, except one fourth thereof, above authorized to be reserved for payment of interest and for other purposes: 1st. To the payment of the said evidences of state inwhat applied. debtedness, and to the completion of said improvement as far as shall be necessary, and thereafter to the redemp tion of the bonds of the company in such manner as may be prescribed in the said deed of trust (which bonds shall be cancelled by said trustees and returned to said com. pany,) and said evidences of state indebtedness received on sales of lands and water powers, or redeemed with the proceeds thereof, or otherwise, shall be delivered by said trustees to said company, and deposited by said company with the state treasurer to be cancelled. On receiving the full price of such lands or water powers so sold, in money or state indebtedness as aforesaid, said trustees shall convey the tract or tracts or water power or powers, i so sold, by an absolute title in fee simple to the purchaser; which conveyance shall operate as a release or acquittance of the particular tract or tracts or water power or powers, so sold, from all liability or incumbrance on account of said deed of trust, so as to vest in the purchasers a complete and indefeasible title. No sales of said lands, or sales or leases of said water powers shall be made until after the execution and delivery of said deed of trust as above provided. Before sale trustees to make record, &o. SEO. 5. Before any sales shall be made of any of said lands, said trustees shall make a record thereof, describ ing each and every tract of land selected by the state or company, under the act of Congress of August 8th, 1846, and August 3d, 1854, and also under the resolution of Congress of March 3d, 1855; and shall file a certified copy of such record in the office of the secretary of state of the state of Wisconsin, which shall be recorded at the expense of the company, in a book to be provided for that purpose; and shall also file in the office of register of deeds of each county in which any of said lands may lie, a certified list of said lands lying in said counties respect ively. The said trustees shall make and keep a record as aforesaid of each and every tract of land sold, with the name of the purchaser, and the price for which the same |