Gambar halaman


XXX.–For an appropriation to complete the Point Douglas and Saint

Louis River Military Road,
ILIV.–For a Mail Route from Brownsville to Winona,

380 381




411, 461

461, 470



the construction
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

carecrate amount to u sued, not to ex-



$100,000 to he is.

tional ten miles


each company or said Companies not exceeding five millions of dollars, in man$5,000.000 altoge- ner following, to wit:

Whenever either of the said Companies shall produce to Manner or issť- the Governor satisfactory evidence, verified by the affida.

vits of the Chief Engineer, Treasurer and two Directors of Whenever ten said Company, that any ten miles of the road of said Commiles are graded

in pany has been actually constructed and completed, ready for sued

placing the superstructure thereon, the Governor shall cause

to be issred and delivered to such Company, bonds to the For every addi. amount of one hundred thousand dollars; and whenever there

son after, and as often as either of said Companies shall produce so graded $100.000 to be issued 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 Com

pany shall furnish like evidence that any ten miles of its road For every ten

is actually completed and cars running thereon, the Govermiles completed and cars thereon nor shall cause to be issued to such Company like honds 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 Proy to the amount of one hundred thousand dollars until the full

amount of the bonds hereby authorized shall be issued: ProTro-fifths of vided, That two-fifths, and no more, of all bonds issued to the bonds to SMRR Southern Minnesota Railroad Company, shall be expended in Co to be expended he construction and eau on La Crescent

"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 Transit Road provided by law. And further provided, that the Minneapolis M & CVR R to and Cedar Valley Railroad Company shall commence the concommence con

struction of their road at Faribault and Minneapolis, and struction at Fari. S bault and Minne- shall grade an equal number of miles from each of said

places. ResponsibILITY The said bonds thus issued shall be denominated “Minne

sota 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 theredemption of the principal thereof. They shall be signed To

by the Governor, countersigned and registered by the Treaspal on bondeurer, sealed with the seal of the State, of denominations, not Borm of state 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 tep and before time after ten and before the expiration of twenty-five years twenty-five years from the date thereof. Within thirty days after the Gover

nor shall proclaim that the people have voted for a loan of

State credit to Railroads, any of said Companies proposing CONDITION* OT

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


a polis




struction within


tion of their roads; and shall, within two years thereafter,

ter acceptance construct ready for the superstructure, at least fifty (50) ef act companies miles of their road. Each Company shall make provision for to the punctual payment and redemption of all bonds issued and siz

xty 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

graded within 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 SBCURI said interest, and a conveyance to the State of the first two. Net profite 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 conveyances of title to all or any of such lands, to purchasers agree-State of first $40

2. Conveyance to ing with the respective Railroad Companies therefor. Provi-sections of land ded, That before releasing the interest of the State to such proce

proceeds to be &

sinking fund 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

is roads lands and respective Companies, corresponding to the State bonds is-fo

franchises equal 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 of the interest or principal of the bonds issued to said Com-companies to per

interest or principanies 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 mortgaproceed in such manner as may be prescribed by law, to sell fes 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 I como 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

to be stayed of said company shall not be impaired to a further loan of to be 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 pas

into the state may then be due upon any of the Minnesota State Railroad; 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 litr 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

If oom paples pay

sury interest

leased from liabi

« SebelumnyaLanjutkan »