Page:Federal Reporter, 1st Series, Volume 8.djvu/798

 784 FEDEEAL BEPOBTEE. �These actions are brought to recover tho amoimt of coupons which •were attached to bonds issued by the towns of Elgin and Plainview, in this district, the plaintiffs being owners of the bonds and coupons, and also to recover the amount of coupons owned by them taken from bonds held by other parties, to whom the plaintiffs had sold them. The bonds and coupons were issued to the Plainview Eail- road Company by the town of Plainview, March 16, 1879, and by the town of Elgin about Jamiary Ij 1879, under chapter 106, Gen- eral Laws of Minnesota, 1877, and were purchased by the plaintiffs July 9, 1879, for value, and without notice of any of the matfers relied on as defences, eicept such as appear on their face. I �Section 3 of the act referred'ito provides that no bonds shall ,be issued until a mutual agreement in relation to the c:^nstruction qf a railroad shall have been arrived at. �Section 4 enacts that a rallroad company desiring aid in the con- struction of its road shall make a proposition in, writing Vhich shall ctmtain a statement of the amount of the bouds of the town desired, and when they are to be delivered, which shall be filed.with the audi- tor or clerk. �Section 7 declares that one mode of arriving at the mutual agree- ment required shall be : , �'^First That within three months after filin? a proposition the railroad company shall cause notice to be given that after a day named a petition to the proper authorities, asking them to agree to such proposition, will be pre- sented to the resident tax-payers, and to the petition shall be appended a eopy of the proposition. Second. If, within four months after the flling o£ such proposition with such clerk, * * * the railroad company shall deliver to such clerk a substantial copy, or copies, of such proposition so filed, with such petition, to the proper authorities- of such town, asking such; authorities to agree to such proposition appended thereto, bearing the signatures of a major- ity of the persons residing in such * * * town, * * * who were assessed for taxes upon real or personal estate in such * * * town, * desired, which signatures shall be verifled by the affldavit of some person wit- nessing such signatures, then such mutual agreement, for the issue of bonds by such municipality, and of the stock of such railroad company, shall be deemed and considered to have been arrived at and perfected, and thercupon such bonds shall be issued and delivered, in conformity with the true intent and meaning pf such proposition, and with the provisions of this act," �Each bond contains the following recital : �"This bond is issued in pursuance of a mutual agreement between said town and said railroad company, which agreement was made in accordance with the laws of the state of Minnesota, and through and by a proposition made by said railroad company, and duly accepted by said town, upon petition ��� �
 * * as shown by the last assessment roll of the district of which aid ia