The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-25
flaw M. Sol


AN ACT TO authorize the City OF St Paul to
Loan its Bonds to the Saint Paul Bridge Com.
pauy
he 1t enacted by the Legislature OF the state Of
Minnesota
SrcrioN |. The Common Council Of the city
Of saint Paul shall issue bonds under ia corpo-
rate seal, and the signatures Of the Mayor and
Comptroller, to an amount not 10 exceed one
hundred thousand dollars, and shall loan the
same to the Saint Paul bridge Company; tho
said bonds 10 be issued In sums or not less than
live hundred dollars each, and to bear interest
at the rate OF twelve per cent. per annunl, pay
able semi annually in the city OF New York,
aud the principal reimbursable at the expra.
ton 0firom eight to ten years nom the time OF
issuing the same Provided that,
SEC. Z. No portion Of the above recited
bonds shall be issued or loaned Ia the sad com
pany until the following requirement shall have
been fully carried into effect viz:
The saint Paul Bridge Company shall execute
to the city Of saint Paul its mortgage to the
amour. Of one hundred thousand dollars, on
their real estate, bridge and appurtenanoes, TO
secure the payment OF the interest and princi
pal OF tie bonds OF the city herein authorized
to be issued.
Skc. 3. Upon the execution aud delivery 10
the Common Council Of the bond aud mortgage
As provided for IN the preceding section, the
Mayor of the city shall execute and deliver to
the saint Paul Bridge Company, the bonds Of
the city, as authorized by the first section Of
this act. The said bonds shall be issued from
time To time, as the same may be required by
the company, hut no issue shall be made at any
one time exceeding the sum Of twenty. five
thousand dollars: and after the first issue Of
bonds shall have been delivered to the compa
NY, no subsequent issue shall be demanded or
authorized until the company ha q furnished
/ satisfactory evidence to the Common Council
of said city that the proceeds vi the preceding
issue of bonds have been actually expended
for the construction Of their bridge, aud that
the additional issue called for il necessary for
! the further prosecution or completion Of their
work.
SsC. 1. The entire revenue OF the bridge
from tolls, after deducting necessary current
/ expenses and repairs. shall be pledged 10 the
I payment Vt the interest Ut said bonds, which
| said interest shall be PAID directly by said
/ Bridge Company TO the bond holders, aud no
| III, blends shall be declared or paid TO stock
I holders until each senii annual iustalment OF in
tcrest shall have been provided for.
$50. ). The saint Paul Bridge Company
shall, under the direction Of the Common Coau
/ ci invest all the proht> of the bridge over and
4 above fifteen per cent. per aunam IN bonds OF
the United States, III the States, or the city Of
I sain, Paul Tor the purpose Of creating q sink
| ing fund tor the pay meat Of the city bonds pro
| u1cd for in this act, and the said sinking fund
shall remain and continue invlolable tor the
| purposes herein prov lded.
I SAL, &. The totnmon Council Of the city Of
Sslnt Paul shall, after the ars, issue vi bonds
/ herein authorized, appoint oao Director Of the
saint Paul Bridge Company. The said Director
shall be resident and tree Aoldcr OF said city,
and When 81 appointed shat possess all the
powers now euloyed by ANY member VI the
present board and shall hold las Office during the
pleasure of the Common Couneil, and the pow.
I CT OF appointment hereby coalerred. shah con
tiuue until the mortgage OF the company exc
I ccg,ed 10 said city saAh have been paid and
/ satisfied.
( sse. !. The Bridge Company shall provide
tor the payment OF every lnstameni OF iatcre.,
/ on said bonds, and report the evidence Of the
same to the Commoa Council OF sam, Paul. AZ
Iess, SIXTY days before SAID lns,alment shall be
: conc due.
So. ). In case the Bridge Company shAil
TAI 10 provide Tor the prompt and fell payment
% any instrument Of sent annual interest, ~
provided for IN this set the Commoa Council
OF the City of saint raal SHAH make sGi.seie
provision 10 ensure the pAymen, Vi the same
when due.
sS ., And in case the Bridge Compsay