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FURTHER coxd:- 01 Sta
of State credit herein provided, that the company or compaTIONS OF LOAN nies which may accept the bonds of the State in the manner
herein specified, shall, as a condition thereof, each complete i company not less than fifty miles of its road on or before the expiramiles of road be- tion of the year 1861, and not less than one hundre miles fore expiration of before the year 1864, and complete four-fifths of the entire year 1861 2. To complete
te length of its road before the year 1866, and any failure on 100 miles before the part of any such company to complete the number of year 1864 miles of its road or roads, in the manner and within the sev. 3. Four-fifth of entire road to be
be eral times herein prescribed, shall forfeit to the State, all the completed before rights, title and interest of any kind whatsoever in and to
any lands, together with the franchises connected with the
same not pertaining or applicable to the portion of the road FAILURE ON CON
va by them constructed, and a fee simple to which has not ac
crued to either of said companies, by reason of such conForseits all the struction, which was granted to the company or companies, franchises and lande pertaining thus failing to comply with the provisions hereof, by act of to the portion of the Legislature of the Territory of Minnesota, vesting said the roads not con- land in said companies respectively. structed
Sec. 2. The foregoing amendment shall be submitted to the electors of the State, at an election to be held on the fifteenth day of April, one thousand eight hundred and fiftyeight, in the several elective districts of this State. The ballots at such election shall be written or printed as follows : those in favor of the amendment “ Loan of State Credit for Railroads-Yes." Those against the amendment, "Loan of State Credit for Railroads--No." The polls at said election shall be opened between the hours of eight and ten o'clock A, M., and closed at six o'clock P. M., and the said election shall be conducted and the returns thereof made and certified, in the manner provided by law for returning votes for Territorial Delegate to Congress, except that the said returps shall be addressed to the Governor, by whom the same shall be canvassed within twenty days after said election ; and if it shall appear that a majority of voters present and voting at said election have ratified the proposed amendment, the Governor shall incorporate the foregoing amendment in the Constitution, and shall make proclamation of the result, and deposit the election returns in the office of the Secretary of State.
Sec. 3. Besides the publication prescribed by existing laws, this Act is hereby directed to be published in all the newspapers of this State, for which publication the same rate of compensation is hereby fixed as for similar insertions in the official paper of the Legislature.
Sec. 4. This Act shall take effect from and after its passage.
RICHARD G. MURPHY,
APPROVED—March niuth, one thousand eight hundred and fifty-eight. SECRETARY'S OFFICE, Minnesota, 2
March 9, 1858. I hereby certify the foregoing to be a true copy of the original on file in this office.
Chas. L. CHASE, Secretary.
An Act proposing an Amendment to the Constitution of
the State of Minnesota.
SECTION 1. Proposed amendment to Sec. 7, Article 5, of Constitution.
2. Submission to the people.
Be it enacted by the Legislature of the State of Minnesota:
Section 1. The following amendment to Section seven of Article five of the Constitution of this State, is hereby proposed for publication, to be approved or rejected by the peo. ple, pursuant to Section one of Article fourteen of said Constitution, said Section seven to be amended so as to read as follows:
Sec. 7. The term of each of the Executive officers named in this Article, shall commence on taking the oath of office Amendment to on or after the first day of May, 1858, and continue until the sec 7 art 5 of confirst Monday of January, 1860, except the Auditor, who shall stitution continue in office till the first Monday of January, 1861, and until their successors shall have been duly elected and qualified; and the same above-mentioned time for qualification and entry upon the duties of their respective offices shall extend and apply to all other officers elected under the State Constitution, who have not already taken the oath of office and commenced the performance of their official duties.
Sec. 2. The proposed amendment shall be submitted to the people of the several districts of this State, for their ap- Time of submisproval or rejection, on the 15th day of April, 1858, and said sion to vote election shall be governed and returns thereof made in accordance with the present law pertaining to elections.
Sec. 3. The ballots used at said election, shall be writ
Form of ballot
ten or printed as follows: "For amendment to Section 7 Ar. ticle 5," or "Against amendment to Section 7 Article 3," as the case may be.
Sec. 4. No action shall be taken by the people on the .
RICHARD G. MURPHY.
President pro tem of the Senate. APPROVED—March eight, one thousand eight hundred and fifty-eight.
CHAS. L. CHASE,
March 8, 1858.
Chas, L. Chase, Secretary.
An Act to authorize a loan of two hundred and fifty thousand dollars to defray the current expenses of the State.
SECTION 1. Governor and Treasurer authorized to borrow $250,000, for the carrent ex
penses of the State for the first fiscal year.
Be it enacted by the Legislature of the State of Minnesota :
SECTION 1. That the Governor and Treasurer of the State Loan of $250.000 of Minnesota be, and they are hereby authorized to borrow,
at any time within six months from the passage of this Act,
on the credit of the State, the sum of two hundred and fifty thousand dollars, at a rate of interest not exceeding ten per cept. per annum, payable semi-annually in the City of New York, which loan shall be paid and reimbursed in nine years from the time on which the same is negotiated—which money so borrowed shall, on first being duly appropriated therefor, be applied in addition to whatever money may be in the Treasury unappropriated to the defrayment of the current expenses of the State for the first fiscal year, commencing on the second day of December, A. D, 1857, and for the indebtedness of the State already accrued.
SEC. 2. That the loan mentioned in section first of this Act, shall be made upon State Bonds, with coupons attached, s,
W, State bonds to be issued and signed by the Treasurer, and countersigned by issue I therefor the Secretary of State, which bonds shall specify the rate of interest, and time when the principal and interest shall be paid, and each bond so issued shall not be for a less sum than five hundred dollars, and shall specify therein to whom the same shall be made payable.
Sec. 3. The State shall annually, in addition to the taxes levied for the current expenses of the State, levy a tax sufficient to pay the interest of the loan provided for in this Act. Inter
Sec. 4. There shall also be levied the annual tax of twen. ty-seven thousand seven hundred and seventy-seven dollars and seventy-seven cents, to be held and retained as a sink- Principal tax ing fund with which to cancel the bonds mentioned in this Act, at the time the same shall become due.
Sec. 5 The tax above mentioned in Section four of this Act, shall be invested annually by the Treasurer of the State of Minnesota in United States and Minnesota State stocks, Anne or in case the same cannot be obtained at par or under, then vested in other State stocks on which the interest is regularly paid, which stocks shall be equal to six per cent, stocks, and which he shall procure at as low rates as the same can be purchased which stocks shall be held and retained by the Treasurer until the time the loan mentioned in this Act shall become due, and shall then be disposed of, and the proceeds of the sale of such United States stocks shall be appropriated to the payment of the loan authorized in this Act.
Sec. 6. That whenever the interest on the above mentioned bonds shall become due, the same shall be paid by the Treasurer of the State, upon presentation at such banking Payment of inhouse in the City of New York, as the Treasurer shall designate, of the coupons for the interest then due.
Sec. 7. The Treasurer of the State is hereby authorized, and it is made his duty, to obtain blank bonds with suitable devices to prevent counterfeiting, and of such material as he may deem proper.
Sec. 8. The credit of the State is hereby pledged to the payment of the interest and principal of the bonds mentioned Credit of the in this Act, as the same inay become due.
Annual tax'for AS, principal to be in
Sec. 9. This Act shall take effect from and after its passage.
RICHARD G, MURPHY,
President pro tem. of the Senate. APPROVED—March thirteenth, eighteen hundred and fifty eight.
CHAS. L CHASE, Acting Governor. SECRETARY'S OFFICE, Minnesota,
March 13, 1858. T I hereby certify the foregoing to be a true copy of the orig. inal on file in this office.
Chas. L. Chase, Secretary.
An Act for the Relief of the Creditors of the State.
SECTION 1 Authorizes the issue of Treasury Drafts for the State indebt dness for next
Be it enacted by the Legislature of the State of Minnesota:
Section 1. That the State Auditor is hereby authorized Blank treasury
and required to cause to be lithographed or engraved and drafts to be pro- printed in the best manner, to guard against counterfeiting, cured
such quantity of warrants or drafts against the State Treasurer, in blank, of different denominations not less than one dollar, nor more than twenty dollars, as shall be equal in amount to the present indebtedness, and the probable additional expenditure of the State for the next twelve months.
Sec. 2. The warrants or drafts so to be lithographed or engraved and printed, of the denomination of one dollar, shall be printed and made in such convenient manner as will best admit of the fractional parts of a dollar, being inserted and written by the Auditor after the words "one dollar."