Smyrna times., 1855-03-07
Act of Assembly Delaware Railroad.
AN ACT concerning the Delaware Railroad

AN ACT concerning the Delaware Railroad
Company.
WHEREAS, The Delaware Railroad Comma
ny, having provided iron and other materials
for building their road, and expended large
sums in its construction, are unable 10 finish
the road without further funds;
AND WHEREAS, The State has subscribed
one hundred and thirty thousand dollars to that
work, which will be unproductive until it is
finished, and which the Company has the abil-
ty to secure by leasing the road at a certain
rent, together with any further subscription
that may be made by the State:
AND WHEREAS, The interest on the said fund
now unproductiVe, will under such lease, in less
than twenty years, pay the additional subscrip-
tion now to be made, through which the said
unproductlve fund will be made available; there
fore,
BE 1t enacied by the Senate and House of
Representatives. Of the State Of DeIaoare, in
General Assembly met, SEcTIsN |. To aid
the said Company by loan of this States credit
the State Treasurer be- and he is hereby au-
thorized and required to issue and deliver to
SAID Company the bonds of the State, to an
amount not exceeding in the whole the sum of
one hundred and seventy thousand dollars
The said Bonds shall be duly prepared and
!
the Secretary OF State, and sealed with the
Great Seal, and shall be made payable in twen-
ty-One years. with interest at the rate of six
per cent, per annum, payable semi-annualy at
the office OF the Delaware Railroad Company
IN Philadelphia, with interest warrents annex
ed to said bonds.
SECTION = 10 secure the payment of the
said bonds by the said Delaware Railroad Com.
pany, with the interest thereon, as the slme
falls due, the said Delaware Railroad Compa-
ny shall dcpoSlie with the State Treasurer, as
collateral security for such payment by saiC
company, certificate for six thousand eigh,
hundred shares Of the capital stock ofsaid com
pany, assigned TO the State and also the bond,
OF SAID company to the amount of two hundred
thousand dollars, guaranteed by the Philads
phla, Wilmington and Baltimore Railroad Com
pany; and shall also execute and deliver {,
, SAID Treasurer second mortgage on all III,
property and estate of the said company: th
SAID bondsand mortgage to be made to the State
aud The said bonds to provide for the paymen
ot interest thereon seml-annually at the afore
said Office OF SAID company, and to have inter
est warrents thereto attached. Both the bond
Of the State and those of the aforesaid Della
8 ware Railroad shall bear date on the same da
aud be payable both interest and principal IA
the same lime. The aforesaid mortgage shal
r be made payable on demand Ifthe SAID Drla
ware Railroad Company shall fail to paw tn
interest on the said bond so to BE- issued by tn
State as aforesaid, or any part thereof the
= the State Treasurer shall dispose of the sal
: interest warrants annexed TO said collater;
[ bonds to an amount sufficient to pay the samC
S for payment thereof; and in case of failure l.
: said company TO pay the principal Of said Stat
bonds or any part thereof at maturity, the Stat
" Treasurer shall dispose OF the said hypothecar
II ed or collateral bonds to Il sufficient amour
: for that purpose.
! SECTION 3. To enable the said Delawar
. Railroad Company to comply with the engage
ments of sand company in this behalf, and
insure the completion fthe said Delaware Raj
e road, the State hereby releases, for the perc
IS OF twenty-sne years from the date hereof,
II the SAID Delaware Railroad Company all nte
est income and dividends upon the capital stoc
of said company heretofore subscribed for /
q the State; it being distinctly understood al
i agreed that the said Delaware Railroad Con
" pany shall not directly or indirectly ask ii
State tor any further pecuniary aid within tt
said period of twenty-one years.
)" SECTION A. The mortgage and bonds of ii
ID Delaware Railroad Company, before provide
l. for shall be approved by the Governor
re SECTION D. whenever tue company IncO
Il porated by the State of Maryland, called Il
- Maryland and Delaware Railroad Compan
~ shall have constructed and completed the Raj
t, road contemplated by their charter, to son
4 point on the western line of this State in Mu
derklln or Dover Hundreds, in Kent Count
shall be the duty of the said Delaware RAJ
road Company, by the time such road shall
completed, to construct and complete branC
l. from the main trunk of their road to the sa
K point; or to permit and suffer the said Mar,
Il land and Delaware Railroad Company to NAL
the said branch to to connect said road Wi
the Delaware Railroad and to form such col
necton upon terms equally favorable as tho
Is upon which the Delaware Railroad, connc
with the Philadelphia, Wilmington and Bait
ID more Railroad Company.
!, Passed at Dover, Feb. 2S, 1855.