Sauk Rapids frontierman. [volume] (Sauk Rapids, M.T. [i.e. Minn.]) 1855-1860, 1858-04-08

The $s .ooo. oo4 LOAN niLI.s Aa, AMENDED
AND PASSED By TIE LEGISLATURE,
s Isr AuIHosirr,
A Bill Propssing an .dmendsRsnt 70 See. 10. /
.drt Of az CaSstitslios. 6ad Psorjding forl
fAe Ssbmsssioa 9f ne sams y ~ People. 1
BB A. ENAcrED nv THE sLRG1sL ArURE OrI
THE SrArE Or MINNESOTA MI
sEcrros. l.. Tho fallowing an,sadin,,sn,s toI
the Constitution Of this Stale are hereby proposed
for publication, and approval Of rejection ~ the
u, of tho Constitutiop that i 10 say, that Sac
ton 70 Of Article cf the Consultation shaA bs|
Sec. 10. m. credit &c hi. s,a,e shall .ev..|
be given or loaned in aid of any individual, assO-
citation OF corporation, except that for the purpose
OF expediting the construction ofths lines Of Rail-
roads, ia aid Of which, the Congress Of theI
United States has granted lands to the Territory
of Minnesota, the Governor shall cause 10 be Il
sued and delivered to each Of the companies in|
which said grants are vested by the Legislative
Assembly Of Minnesota. the special bonds Of the
State, bearing an interest Of seven per cent. per
annam, payable semi-annnally ia the city Of New
York. az a loan Of public credit to an amount no,
exceeding twelve hundred and fifty thousand dol
jaIs; or an aggregate amount TO all Of said conn
panies not exceeding five millions Of dollars, in
manner following, to wit: tas ID
Whenever either Of the said companies shall
produce to the Governor. satisfactory evidence,
verified by the atfidavits Of tbs Chief Engineer,
Treasurer, and two Directors Of said Company,
that any ten miles OF tho road Of said Company
has been actually constructed and completed,
ready for placing the superstructure thereon, the
Governor shall 10 DO issued and delivered To-
such Company, bonds TO the amount Of one hua-
dred thousand dollars and whenever thereafter \
and as often as either Of said Companies shall
produce to the Governor like evidence Of q fur
,her construction Of ten miles Of its road as aore-
said. then the Governor shall cause to be issued
to sach Company further like bonds to the amount
OF one hundred thousand dollars for each and
every ten miles Of road thus constructed, and
whenever such Company shall furnish like evil
dence that any ten miles Of its road ID actually
completed and cars running thereon. the Governor
shall cause to be issued to such Company like
bonds 10 the amount Of 3 1000 and whenever
thereafter, and as often as either Of said Compa-
aies shall produce to the Governor, like evidence
that any further ten miles Of said road is in ope-
ration az 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: Proutded, That two-afths and
nc. more Of all bonds issued to the Southern Mn
nesosa Railroad Company shall be expended in
the construction and equidment Of the line Of road
from LaCrescent to the point OF junction with
the Transit road, as provided by law I; find fur
ther Provided, That the Minneapolis and Cedar
Valley Railroad Company shall commence the
construction Of their road at Faribault and Min
neapolis, and shall grade an equal number Of
miles from each Of said places.
The said bonds thus issued shall be denominat-
ed " Minnesota Stn.e Railroad Bonds, - and the
faith and credit Of this State are hereby pledged
for the payment Of the interest and the redemp-
tion Of the principal thereof They shalt be
signed by the Governor, countersiyned and regis
tered by the Treasurer, sealed with the seal of
the State, of denominations not exceeding one
thousand dollars, payable to the order Of the
Company to whom issued, transferable by the
endorsement Of the President Of The said Com
pany, aad redeemabie mt any time after ten and
before the expiration Of twenty five years from the
date thereof. Within thirty days after ltheI
Governor shall proclaim that the people have
voted for loan Of State credit to Railroads an
OF said companies proposing to avail themselves
OF the loan herein provided for and to accept thbl
conditions Of the same shall notify The Governor
thereof and shall, within sixty days, co,nmence|
the, construction Of their roads, and shall within
two years thereafter construct, roady for the sd 4
psrstructure, least fifty (55 miles Of their roads,
Each company shall make provision for The
pnnctIal payment and redemption Of all bonds
issued and delivered. as aforesaid, to said com
pany, and for punctual payment Of the interest
which shall accrue thereon, in such manner as to|
ex 'nerate the Treasury Of this State from any
advances Of money for that purpose and rs Sc
curity therefor, the Governor shall demand andl
receive from each Of said companies, before any
of said bonds are issued, an instrument pledginr|
the nett profits Of its road. for the payment ofi
SAID interest, and conveyance to the State of the
6rst two hundred and forty sections Of land free
from prior incuabrsnces. which such company IL
or may he authorized to sell, n trust for The better
security Of fhe Treasury Of the State from loss
on said bonds, which said deed sc trnst shalt
authorize the Governor and Secretary DC State 10
make conveyances Of title to all or any of such
lands to purchasers agreeing with the respective
Krailroad Companies therefor: Propided, That
before releasing the interest Of tia State 10 such
landss snch bale shall be approved b. the Covers
nor, but the proceeds of all such sales shall bel
applied to the payment Of interest, accrung uponI
the bonds IN Case fdefault of the payment Of fhe
same, and az a sinking fund to meet any tature
default IN the payment Of nterest and the prncipAl
thereof when due; and a. further security, anil
amount Of hrst mortgage bonds, on the roads. 4
landsand franchises, ofthe respective companies
corresponlns to the State bonds issued, shaif 6si
transferred 70 the Treasurer Of the State at rfei
time ct the issue Of State bonds. ana III easel
either Of said companies shall make defaultin
payment " either Tho interest 81 prncipai Of he
bondsissatd " mid companies 81 me Governor /
NO more 8tate bonds shall sbsreates be issued ,1
said 6otnPaht and the g vssnpr shall proceed in
sach manner q may Be psesc1bed BY law. to SELL
the bonds 81 the delaulting cornpany Or compapies
Or tina An3a N " ~ - ".