TOLEDO AND STATE LINE RAILROAD COMPANY
The organization of this company, which filed the required certificate thereof in office of Secretary of State June 20, 1872 (Record of Incorporation No. 10, p. 251), was rendered necessary from the undertaking by the Pennsylvania Company to complete and operate the road from Tiffin to Toledo, under a contract with trustees representing the city of Toledo, had assumed to build the Toledo and Woodville Railroad. But it was found their contracts were very complicated, and required the construction of road-bed, etc., of the five miles between the city line and the State line north of Toledo, which was not covered by any charter then existing.
The link thus constructed secures a connection between the Toledo, Tiffin and Eastern Railroad and the Toledo, Canada Southern and Detroit Railway, and in conjunction therewith perfects a line into Michigan and Canada.
In pursuance of the stipulation of a contract entered into September 9, 1872, the Pennsylvania company having furnished all the money and made all expenditures, on its own account and through its own agents, necessary to the furnishing and providing of the right of way, and to grade, bridge tie and fence the Toledo and State Line Railroad, this company, as full consideration thereof, transferred and paid the whole of its capital stack, amounting to $100,000, to, and now holds the property in trust for, the Pennsylvania company, for the uses and purposes of a railroad.
Subsequently, and in addition, the Pennsylvania company furnished the iron, spikes, etc., necessary to lay the superstructure over the greater portion on the line—4.17 miles-- and provided depot property in Toledo; but for this expenditure no compensation has been, or is to be, made by this company.
August 5, 1874, a lease for a term of 999 years was executed to the Pennsylvania company of the franchises and property of this company, whereby that company was vested with all the rights, privileges and profits accruing therefrom; conditioned upon its obligation to pay all taxes and assessments imposed upon said property, or accruing by reason of said railroad, and the further payment oa an rental of one dollar to this company.
