Gambar halaman
PDF
ePub

Number.

XXXIII.-For an appropriation to complete the Point Douglas and Saint

Louis River Military Road,

XXXIV. For a Mail Route from Brownsville to Winona,

CONSTITUTION OF THE STATE,

INDEX TO THE GENERAL LAWS,

INDEX TO THE CONSTITUTION,

Page,

380

381

382

411, 461

461, 470

GENERAL LAWS

An Act proposing an amendment to Section ten, Article
nine of the Constitution, and providing for the sub-
mission of the same to the people.

SECTION 1. Amendment to Sec. 10, Art. 9, of the Constitution, proposed for publication

and approval.

SEC. 10. The credit of this State shall never be given or

loaned in aid of any individual association or corporation, CREDIT
except that for the purpose of expediting the construction of Credit of the
the lines of Railroads, in aid of which the Congress of the state never to be
United States has granted lands to the Territory of Minneso-loaned--exception
ta, the Governor shall cause to be issued and delivered to
each of the Companies in which said grants are vested by
the Legislative Assembly of Minnesota, the special bonds of For expediting
the State, bearing an interest of seven per cent. per annum, of the land grant
payable semi-annually in the City of New York, as a loan of railroads special
public credit, to an amount not exceeding twelve hundred bonds may be is
and fifty thousand dollars, or an aggregate amount to all of ceed $1,250,000, to

the construction

,sued, not to ex-

each company or

said Companies not exceeding five millions of dollars, in man$5.000.000 altoge- ner following, to wit:

ther

Whenever ten miles are graded

sued

For every additional ten miles

so graded $160.000 to be issued

Whenever either of the said Companies shall produce to MANNER OF ISSU the Governor satisfactory evidence, verified by the affidaING BONDS vits of the Chief Engineer, Treasurer and two Directors of said Company, that any ten miles of the road of said Com$100,000 to be is- pany has been actually constructed and completed, ready for placing the superstructure thereon, the Governor shall cause to be issued and delivered to such Company, bonds to the amount of one hundred thousand dollars; and whenever thereafter, and as often as either of said Companies shall produce to the Governor like evidence of a further construction of ten miles of its road, as aforesaid, then the Governor shall cause to be issued to such Company further like bonds to the amount of one hundred thousand dollars for each and every ten miles of road thus constructed; and whenever such Company shall furnish like evidence that any ten miles of its road is actually completed and cars running thereon, the Goverand cars thereen nor shall cause to be issued to such Company like bonds to $100,000 to be is the amount of one hundred thousand dollars; and whenever thereafter, and as often as either of said Companies shall produce to the Governor like evidence that any further ten miles of said road is in operation as aforesaid, the Governor shall cause to be issued to such Company further like bonds SPECIAL PROVI to the amount of one hundred thousand dollars until the full

For every ten miles completed

sued

SIONS

Two-fifths of

on La Crescent

amount of the bonds hereby authorized shall be issued: Provided, That two-fifths, and no more, of all bonds issued to the bonds to 8 MRR Southern Minnesota Railroad Company, shall be expended in Co to be expended the construction and equipment of the line of road from La to junction with Crescent to the point of junction with the Transit Road, as provided by law. And further provided, that the Minneapolis M & CVRR to and Cedar Valley Railroad Company shall commence the concommence construction of their road at Faribault and Minneapolis, and bault and Minne- shall grade an equal number of miles from each of said

Transit Road

struction at Fari

apolis

OF STATE

for payment of in

pal on bonds

Form of state

bonds

places.

RESPONSIBILITY The said bonds thus issued shall be denominated "Minnesota State Railroad Bonds," and the faith and credit of this Faith and credit State are hereby pledged for the payment of the interest and of State pledged the redemption of the principal thereof. They shall be signed terest and princi. by the Governor, countersigned and registered by the Treasurer, scaled with the seal of the State, of denominations, not exceeding one thousand dollars, payable to the order of the company to whom issued, transferable by the endorsement of Bedeemable after the President of the said Company, and redeemable at any ten and before time after ten and before the expiration of twenty-five years from the date thereof. Within thirty days after the Governor shall proclaim that the people have voted for a loan of State credit to Railroads, any of said Companies proposing CONDITIONS OF to avail themselves of the loan herein provided for, and to accept the conditions of the same, shall notify the Governor thereof, and shall, within sixty days, commence the construc

twenty five yeaIN

LOAN

struction within

graded within

tion of their roads; and shall, within two years thereafter, After acceptance construct ready for the superstructure, at least fifty (50) of act companies miles of their road. Each Company shall make provision for to commence conthe punctual payment and redemption of all bonds issued and sixty days delivered as aforesaid, to said Company, and for the punctual Fifty miles on payment of the interest which shall accrue thereon, in such each road to be manner as to exonerate the Treasury of this State from any two years advances of money for that purpose; and as security there- Each company to for, the Governor shall demand and receive from each of said provide for the Companies, before any of said bonds are issued, an instru- interest on bonds ment pledging the net profits of its road, for the payment of LOAN said interest, and a conveyance to the State of the first two 1. Net profits of hundred and forty sections of land, free from prior incum-roads brances, which such Company is or may be authorized to sell in trust for the better security of the Treasury of the State from loss on said bonds, which said deed of trust shall authorize the Governor and Secretary of State to make convey-, ances of title to all or any of such lands, to purchasers agree-State of first 240 ing with the respective Railroad Companies therefor. Provi-sections of land ded, That before releasing the interest of the State to such proceeds to be a lands, such sale shall be approved by the Governor, but the proceeds of all such sales shall be applied to the payment of interest accruing upon the bonds in case of default of the payment of the same, and as a sinking fund to meet any future default in the payment of interest and the principal thereof when due ; and as further security, an amount of first 3. First mortgage mortgage bonds on the roads, lands and franchises of the bonds on the respective Companies, corresponding to the State bonds is- franchises equal

2. Conveyance to

sinking fund

roads lands and

interest or princi

If companies pay

sued, shall be transferred to the Treasurer of the State at to the loan the time of the issue of State bonds, and in case either of said Companies shall make default in payment of either For default o f the interest or principal of the bonds issued to said Com-companies to pay panies by the Governor, no more State bonds shall there- pal lands to be after be issued to said Company, and the Governor shall sold and mortga proceed in such manner as may be prescribed by law, to sell ges foreclosed the bonds of the defaulting Company or Companies, or the lands held in trust as above, or may require a foreclosure of the mortgage executed to secure the same: Provided, That if any company so in default, before the day of sale, shall pay all interest and principal then due, and all expenses in-up before day of curred by the State, no sale shall take place, and the right sale proceedings of said company shall not be impaired to a further loan of State credit: Provided, If any of said companies shall at any Companies may time offer to pay the principal, together with the interest that at any time pay may then be due upon any of the Minnesota State Railroad treasury interest Bonds, which may have been issued under the provisions of and principal of this section, then the Treasurer of State shall receive the bonds and be resame; and the liabilities of said company or companies, in respect to said bonds shall cease upon such payment into the State Treasury, of principal, together with the interest as aforesaid: Provided further, That in consideration of the loan

to be stayed

into the state

leased from liabi

lity

« SebelumnyaLanjutkan »