The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-04-07

ucle nine OF the constitution, and providing tor the
submiieaof the same to the people.
Be it enacted by the Legislature Of the State Of Mime
SECTION /. The following amendment to the Con-
stitution Of this State is hereby proposed for publica.
tion, aud approval or rejection by the people in accord
ance with Section l Of Article IA Of the Constitution 4;
that is say, that Section 10 Of Article 9 Of the Con
stitution shall be as follows -
Sec. 10a The credit Of this State shall never be given
or loaned in aid of any individual, association or cor
poration, except that for the purpose Of e~xpediting the
construction Of the lines Of railroads, in aid of which
the Congress Of the United States has granted lands to
the Territory Of Minnesota, the Governor shall cause to
be issued and delivered to each of the companies in
which said grants are vested by the Legislative Assem-.
bly, Of Minnesots, the special bonds Of the State, bearing
an interest of seven per cent. per annun, payable semi
annually in, the city Of New York, as q loan of public
credit, to- an amount not exceeding twelve hundred and
afty thousand dollars; or an aggregate amount to all of
said companies not exceeding FIVE million Of dollars, in
manner following, to wit: .sr- ga
Whenever either of the said COMPANIES shall produce
10 the Governor satisfactory evidence, verified by the
afadavits Of the Chief Engineer, Treasurer, and two
Directors OF said Company, that any ten miles Of the
road Of said Company has been actually constructed
and completed, ready for placing the superstructure
thereon, the Governor shall cause TO be issued and de-
.ivered 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
zen 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 whichever such Company shall furnish like evidence
that any ten miles Of its road is actually completed and
cars running thereon, the Governor shall cause to be
issued to such Company like bonds to the amount Of
one hundred thousand dollars; and whenever thereafter. !
and soften rs either of said Companies shall produce
20 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 to the amount Of one hundred thousand dollars |
until the full amount Of the bonds hereby authorized
shall be issued Provided, That ~two-ffths and no more
of ali bonds issued to the Southern Minnesota Railroad
Company, shall be expended in the construction and
equipment Of the line Of road FROM La Crescent to the
point Of junction with the Transit Road, as provided by
Law and further provided, that the Minneapolis and
Cedar Valley Railroad Company shall commence the
construction of their road at Faribault and Minneapolis,
and shall grade an equal number Of miles from each Of
said places. .'9la 80, aq 3.e 1A-,-.4 r" i
The said bonds thus issued shall be 'denominated
Minnesota State Railroad Bonds and the faith and
credit Of this State are hereby pledged for the payment
Of the interest and the redemption Of the principal
thereof They shall be signed by the Governor, coun.
~tersigned and registered by the Treasurer, sealed with
the seal Of the State, Of denominations not exceeding
one thousand dollars, payable to the order of the Com.
pany t1whom issued, transferable by the Enforcement
Of the President of the said Company, and redeemable
ct anystAno after ten and before the expiration Of
twenty-five years from the date thereof. Within thirty
days a4br the Governor shall proclaim that the people
have vctsdaf for i loan Of State credit to railroads, any Of
said coupanless proposing to avail themselves of the
loan herein provided fol-, and 70 accept the conditions Of
the same, shall notify the Governor thereof, and shall
within sixty days commence the construction of their
road, and shall within two years thereafter, construct
r0cHn n n ltrAr1 Ni,0tSV~o ~ on~ Ec- xEnN e
their road. Each company shall make provision for
the punctuai payment and redemption of all bonds is.
sued and delivered as aforesaid, to said company, and
tor the punctual payment Of the interest which shall
accrue thereon, in such manner as to ~exonerate the
Treasufy7o If this State from any advances Of money for
that purpose; and as security therefor, the Governor
shall demand and receive from each Of said companies.
before any of said bonds are issued, an Instrument
pledging the net profits of its road, for the payment of
aald interest, and 4 conveyance to the State of the first
swo hundred and forty sections of land, free from prior
ineunabrances,a which such company is Of may be au-
thorlzed 70 sell in trust for the better security Of the
Treasury Of the Stste from loss on said bonds, which
said deed Of trust shall authorize the Governor and Sec
retary-cf State to make conveyances Of title to all or any
Of such1ands to purchasers, agreeing with the respective
zailroad companies therefor. Provided, That before re-
leasing the interest of the State to such lands, such sale
shall be'approved BY the Governor, bat the proceeds Of
all such. sales shall be applied to the payment Of interest
~ A0A0K uPVu WAX tWbVS III d u OCa8u " y tuS pay.
ment Of the same, and as a sinking fund to meet any
future default IN the payment Of interest and the, prin-
cipal thereof when due; and Is further security, an
amount Of first mortgage bonds, on the roads, lands and
franchises, of the respective companies, corresponding to
the State bonds issued, shall be Transferred 1.-THE Treas
nrer Of the State st the time II the issue of State bonds,
and n'cascs either Of said companies shall make default
il payment of eieher the interest or principal Of the
bonds Issued TO Said companies BY the Governor, no
more State bonds shall thereafter be issued TO said COM
pany ; and the Governor shall proceed in such manner
as may h prescribed by law, to sell the bonds Of the
defaulting company or companies, or the lands held in
trust IS above, o. may requires foreclosure Of the mort
gage executed TO secure the same Provided, That if
any company 80 in default, before the day Of sale, shall
pay all interest and principal then due, and all expenses
incurred by the State, no sale, shall take place, and the
right Of such company shall not be impaired to a further
loan Of State credit. Provided, if any of said companies
shall az amy time offer to pay the principal, together
with the interest that may then be due upon any Of the
Minnesota State Railroad Bonds, which may have been
issued under the provisions Of this eection, then the
Treasurer Of State shall receive the same, and the La
blllt!es Of sad company or companies, in respect to said
bonds, shall cease upon such payment into the State
Treasury, Of principal, together with the interest. "A
ahse111&,g Provided further, That IN consideration Of
re L. Of State credit herein provided, that the com.
pany s accompanies which may accent tie bonds Of the
Htates& The manner herein specified, shall. az : condi.
800 r. %, each complete not less than fifty miles oil
$3.50 . zlso hocfs before the expiration Of tie year 1891.
kIGcDslss@tasu ons ahsa lfssd 1slaa before the yeafl