The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-01-20

anu 'ie ACTS supplementary and amenda-
tory thereto; and shall take the oath or
affirmation, and give bonds. with security.
for the faithful discharge of the duties i'm
posed upon them by this act, in manner
and form provided by The twelfth section
of the said recited act.
Sec. 0. If the holders Of any of the said
canal or internal improvement bonds shall
become subscribers for The said loan. or
any part thereof, they shall at the time of
subscribing, file or caused TO be filed with
,'e governor, brief description Of said
o"',us owned by them, which description
snail he deposited by the governor in the
ounce OF the auditor Of public accounts, in
order that the evidence may be preserved.
TO discriminate the bond holders who sub-
scribed Tor the said loan, and to identify
the said bonds that may in consequence
be entitled to priority of paymen, On, If
property and assets granted 10 the board
OF trustees, as hereinafter provided.
Sec. 10. For the purpose of placing in
the hands of trustees full and ample seen.
rlIy Tor the payment of said loan, author
ized by this act, and the interest thereon.
as wei! as for securing preference in the
payment of snch of the canal or internal
Improvement bonds, heretofore issued bv
this state, as may be owned by the sub
scr'bers to the said loan, the state does ir-
revocably gran, TO the said board of trus-
tees OF the Illinois and Michigan canal, the
bed of the said Illinois and Michiran ca.
nal, and the land over which the same
passes, including its banks, margins, tow
paths, feeders, basins, right OF way, locks,
dams, water power, structures, stone cx-
cava,ed, and stone and materials guarded,
purchased, procured or collected for its
construction; and all the property, right,
title and interest Of the state, of, and to the
said canal, with all the Entertainments and
appurtenanceS thereunto belonging, or in
any wise appertaining and also all the
remaining lands and lots belonging to the
canal fund, or which have been or hereaf.
Ter may be given, granted or donated by
the general government to the state, to aid
in the construction Of the said canal, and
the buildings AMI erections belonging
to the state thereon situated. Also, the
one-half or moiety Of the two hundred and
ten thousand acres Of land recently recci-
we'd by this state from the general govern.
ment under the distribution act. The said
board of trustees to have, hold, possess
and enjoy the same as fully and as abso-
luely in all respects, as the state now
can or hereafter could do, for the uses,
purposes and trusts hereinafter mentioned.
Sec. |. The subscribers to the said
loan shall execute an agreement to and
with the governor of this state, TO pay the
amount by them respectfully subscribed,
to the said board OF trustees, al such times,
and in such proportions as said trustees
shall direct; and said agreement shall
specify the manner in which said trustees
shall give notice TO the said subscriber of
every call for payment.
Sec. IL. Whenever and as often as the
said subscriber to the said loan shall make
apaymen, Of any portion of their subscri p
tons, in pursuance of a call of the said
trustees, the said board of trustees, by
their president and secretary, under the
seal OF said board, shall execute cerliii-
cate to each Of the said subscribers for the
amount paid by them on their respective
subscriptions, with one years interest at
the rate of per cent. added to the prln-
cipal, STIMULATING for the payment oil the
same within years, with interest at the
rate of per cent. per annum, to be com
putcd after one year from the date Of said
certificate, and to be paid annually there
after. The said principal and interestto
be paid by the said trustees out Of the first
moneys to be realized by them from the
Illinois and Michigan canal, its assets, re.
venues, tolls, and lands granted to the SAID
trustees by this act which said certificate
shall also be countelsigncd by the COVER
nor, and the impress of the great seal OF
state shall be affixed thereon by the Sec
rotary Of state.
Sec. 10. The said board of trustees
when appointed, are hereby authorized to
take possession of the said canal, lands,
property and assets granted to them by
this act, and proceed to complete the same.
They are hereby authorized 10 make such
changes and alterations Of the original
plan of said canal, as they may deem adj
visablc without reducing It's present capa-
city, or materially changing its present
location, having due regard to economy
permanency of the work, and an adequate.