The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1850-02-08
EASTTENNESSEE AND GEOR.
GIA RAIL ROAD LAW.

Fast Tennessee and Georgia Rail Road
passed Jan. SO, 1850.
SECTION l. Be 1t enacted by the
General Assembly of the State of Ten.
nessee. That so much of the act of the
fourth of February. 1913, as authorizes
and requires the Governor of the State
to endorse and guaranty the bonds Of
the East Tennessee and Georgia Rail
Road Company, to the amount of three
hundred and fifty thousand dollars, be
and the same is hereby repealed. and
instead of said endorsement and guar.
anty, and for the purpose Of aiding in
the completion Of the East Tennessee
and Georgia Rail Road, it shall be
the duty of the Governor of the State
and he is hereby required. whenever
he is satisfied that said Rail Road
Company, has so far progressed in
the construction Of said road as to
make it prudent and proper, TO pro.
cure the iron rails and equipments for
completing the same in sections of
forty miles or more. Then and in
that case he is hereby authorized and
required to issue coupon bonds of the
State, for an amount sufficient to pay
for the iron rails and equipments to
be placed on the sections which have
been so far progressed with. The
bonds hereby authorized to be issued
shall mature in not less than thirty nor
more than forty years from date !;
payable in the United States wher-
ever directed, and bearing an interest
Of six per ccn1um per annum payable
semi.annually. And in like manner
whenever additional sections of not
less than twenty miles in extent. shall
likewise be SO far progressed with as
to make it prudent and proper to pro.
cure and pay for the iron rails and
equipments for completing the same,
it shall be the duty of the Governor,
to issue the bonds of the State, for a
sufficient amount to finish such addi-
tional section. until the whole line of
road from Dalton to the Tennessee
river has been completed under the
same rules and upon the same condi.
tions. as provided for to enable said
company to complete the first section.
Provided however, That the whole
amount of bonds which the Governor
of the State, is hereby authorized to
issue to said company. shall not exceed
the sum of three hundred and fifty
thousand dollars. the amount of said
endorsement and guaranty as aforc.
said, for the completion of said road
from Dalton to the Tennessee river.
Sec. 9. Be ii enacted, That the iron
rails to be used on said road shall
comply with the following requisi-
tons. If the U rail is used, the same
shall not weigh less than eighty tons
to the mile. 1.-THE II rail is used the
same shall not weigh less than one
hundred tons to the mile.
Sec. 3. BE it enacted, Tha! al! other
Rail Road Companies which have
been chartered or which may hereaf.
ter be chartered. shall have full power
and privilege of crossing said railway
and may connect with the same upon
the terms and conditions set forth in
the forlieth section Of the Nashville
and Chattanooga Railroad charter
And it shall not be lawful for said
company to refuse such connection,
or exact other terms and conditions
than those mentioned in the Nashville
and Chattanooga Railroad charter.
SEC. 4. Be it enacted, That the
Governor Of the State is hereby au.
thorized and required to appoint a
faithful agent whose duty it shall be
to control, so far the bonds of the
State, hereby authorized and required
TO be issued as to see that The same
are exclusively applied to the payment
far the said rail road iron and equip.
ments, including engines and cars for
the Rail Road tompany above named,
and for no other uses or purposes.
SEC. 5. BE ii enacted, That the ex-
press conditions on which any bonds
under this act shall be issued to said
company is. that. upon the issuance Of
said bonds to said company, the said
road with all its appurtenances. and
the interest of the individual stock
holders therein and the tolls. issues
and profits of said road shall be, and
is by force Of this act. vested in the
State for the security of the State
against the payment Of the debt au.
thorized by this act. and the interest
rhereupon accruing, and the State is
hereby declared to be vested with the
right to nave and to hold. upon the
Issuance of any bonds to said company
under this act, the entire road from
Dalton to the Tennessee river, and all
the appurteuanccs thereto belonging,
and all the tolls, issues and profits of
the stock for the security of the debt
and interest aforesaid, and the Gov.
ernor of the State. is hereby authori-
- LII ,1f e 81, :f