The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-04-03
So, OOO,OOOLOAN BILL
TBY AUTHORITY.l

~ N
"A MENT TO THE CONSTITUTION.-An Act pao-
posing an amendment to Section ten Article nine of
oonsason, and providing for the submission Of
Hes0tG. WV '~'o i"
SECTION l. The following amendment to the Consti-
tuition OF this State hereby proposed for
with Section Of Article ID the Constuton that is
to that Section 10 Of Article Of the Constution
shall be as follows:
SEC. TO- The credit of this State shall never b ;ven
loaned in aid Of any individual association or corno
ration except that for the purpose of the
struction of the lines o: railroads. in AID of Which the
Congress of the United States has granted Ia nds 20
Territory of Minnesota the Governor shall cause IN he
issued and delivered to each Of the Companies In which
said grants vested by the Legislative ASSEMBLE Of
Minnesota the special bonds Of the State beariny N
interest of per cent per annum Ia yabe
nually in the city Of New York, as loan Of public cred
it, to an not exceeding twelve hundred and
thousand dollars; aggregate amount all of said
companies exceeding five millions Of dollars in man
following, to wit:
Whenever either of the said companies shall produce
to the Governor satisfactory evidence, verified by the
adayts of the Chief Engineer Treasurer and two Dr.
rectors of said Company that any ten miles Of the road
peted ready placing the tereon the
Governor shall be issued and delivered to such
company bonds the amount Of one hundred thousand
doars and whenever thereafter and as often as either
of said companies shall produce to the like
idence of further construction of ten miles Of its road
Aforesaid then the Governor shall cause to be issued
to such company further like bonds to the amount Of
hundred thousand dollars for each and every ten
miles of road thus constructed and whenever such
pany shall furnish like evidence that any ten miles OF tt
road is actually completed, and cars running thereon
the Governor shall to be issued to such company
like bonds to the amount of hundred thousand dol
lars and whenever thereafter and often as either OF
said companies shall produce to the Governor like evil
dence that any further miles of said road is in ope
ration as aforesaid the Governor shall to be issu
ed 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 twOfths and more Of all bonds issued to the
Southern Minnesota Railroad Company, shall be expen-
ded in the construction and equipment of the line OF
road from La Crescent to the point of junction with the
transit road, provided by law and further provided
that the Minneapolis and Cedar Valley Railroad Compa-
shall commence the construction of their road at Far
ibau and Minneapolis, and shall grade equal num-
Der of miles from each of said places.
The said bonds thus issued shall be denomnated "SIn-
nesota State Railroad Bonds and the faith and credit
of this State hereby pledged for the payment of the
interest and the redemption of the principal thereof
They shall be signed by the Governor, countersgned
and registered by the Treasurer, sealed with the seal
the State of denominations not exceeding thousand
dollars, payable to the order of the company to whom
issued, transferable by the endorsement of the Pres
dent Of the said company and redeemabe at any time
after ten and before the expiration of
from the date thereof Within thirty days after the Gov
shall proclaim that the people have voted for
loan of State credit to railroads, any of said companies
proposing avail themselves of the loan herein prov
ded for and to c.pt the condit ms Of the same shall
notify the Governor thereof and shall within sixty days
commence the construction of their roads, and shall
within two years construct ready for the
persructure, at least fifty (5O) miles Of their road
Each company shall make provision for the punctua
payment and redemption of all bonds issued and delv
ered aforesaid to said company and for the puncu
al payment of the interest which shall thereon
in such manner to eXonerate the Treasury Of ths
State from any advances of money for that purpose
and security therefor the Governor shall demand
receive from each of said companies before of said
bonds issued instrument pedglng the net profits
of its road for the payment of said interest," and
veyance the state OF the first two hundred aud
Srrfio a trtef M u hrt
such company is may be authorized to sell in
better security of the Treasury Of the State from
said bonds, which said deed of trust shall authorize
the Governor and Secretary Of state TO make convey
of title to all any Of such lands to
agreeing with the respective railroad companies there
for Provided That before releasing the interest of the
State such ands such sale shall be approved by
Governor but the proceeds of all such sales shall ap.
piled to the payment of interest accrung upon the
in of default of the payment of the same, and
sinking fund to meet any future default in the payment
of interest and the principal thereof when due and
further security an amount of first mortgage bonds,
the roads, lands and franchises of the respective
panies corresponding to the State bonds issued shall
transferred to the TIE of the State the time
the ISSUE of State bonds either of said com
panes shall make default in payment of either the in
terest or principal of the bonds issued said companies
BY the Governor more State bonds shall thereafter
be issued to said company and the Governor shall pro
coed in such manner as may be prescribed by law,
sell the bonds of the deaulting company companies
or the lands held in trust above, require
closure of the mortgage executed to the
Provided, That if any company in default before thu
day of SALE shall pay all interest and principal then due
and all expenses incurred by the State sale shall
place, and the right of such company shall be
paired TO further loan of State credit. Provided
any of said companies shall any time offer to paw tn
principal, together with the interest that may then b.
due upon any of the Minnesota State Railroad bonds
which have been issued under the provisions of thi
section, hen the Treasurer of State shall receive tn
same and the liabilities of said company or companies
in respect to saiu bonds shall upon such
into the State treasury of principal together with tn
interest," as aforesaid Provided further, Tha; in
sderatiOn of the loan of State credit herein provided
that the company or companies which may accept tn
bonds OF the State in the manner herein specified, shall
as condition thereof each complete not less than if
miles of its road on or before the expiration of the
1861, and less than hundred miles before tn
year 1864, and complete fourths of the entire lengt
OF its road before the 1866, and any failure tn
part of any such company to complete the number O
lies of its road roads, in the and within tn
several times herein prescribed shall forfeit Stat
all the rights title and interest, of any kind whatsoeve
in and to any lands together with the franchises
ted with the same not pertaining applicable to tn,
portion of the road by them constructed and fee sim
pie to which has not accrued to either of said com
panies by of such construction which grant
ed to the company companies thus falling to comply
with the provisions hereof by act of the Legislature
The Territory OF minnesota, vestng said land in SAID
companies respectively.
SEC. g The foregoing amendment shall be submitted
to the electors of the State election to be held
the 18th day of April thousand eight hundred and
in the several election districts of this State
The ballots at such election shall be written or printed
follows: those in favor of the amendment loan OF
amendment, 'Loan of State Credit for Railroads-No
The polls at said election shall be opened between the
hours of eight and ten O'Clock A. NJ and closed SIX
O'Clock p NJ, and the said election sha be conducted
and the returns thereof made and certified the
provided by law for returning votes for Territorial
Delegate to Congress, except that the said shall
be addressed to the Governor, by whom the shall
be canvassed within twenty days after said election
and If it shall appear that majority of voters present
and voting at said election have ratified the proposed
amendment, the Governor shall incorporate the forego.
ing amendment in the Constitution, and shall make proc
a alton of the result and deposit the election returns
in the Office of the Secretary of State.
SEC. 3. Besides the publication prescribed by exist
ing laws this Act is hereby directed to be published all
the newspapers of this State for VIII ch publication the
rate of compensation is hereby fixed similar
insertions in the official paper of the Legislature.
SEC. 4. Tn Act shall take effect from and after its
passage. GEORGE BRADLEY,
Speaker pro tenn. of the House of Representatives.
RICHARD G. MURPHY,
President pro tenn. Of the Senate.
Approved March g. 1858.
CHAs L. CHASE, Acting Governor.
SEcRETARY's OFFICE, Minnesota,
March 0, 1885, {
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