The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-03-31

for each and every Ten miles Of road thus constructed
and whenever such Company shall furnish Ike eyidenc
that any ten miles Of its road is actually completed an,
cara running thereon, the Governor shall cause to b
issued 70 such Company like bonds to the amount Q
ono hundred thousand dollars; and whenever thereafter
and ~ oiten ~ either of said Companies shall produc
to the Governor like evidence that any further ten mile
Of said road is in operation a. aforesaid, the Governo,
shall cause to be issued 70 such Company further lk,
bonds to the amount OF one hundred thousand dollars
until the full amount Of the bonds hereby authorized
shall be issued Provided, That two-fAhs and no NOR,
Of oil 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 TIL
point Of junction with the Transit Road, ~ provided BY
law and further provided, that tho Minneapolis and
Cedar Valley Railroad Company shall commence the
construction Of their road 1t tarhault and Minneapolis
and shall grade an equal number Of miles from each Of
said places.
The said bonds thus issued shall be .denominated
8 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
~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 to whom issued, transferable by the endorsement
Of the President Of the said Company, and redeemable
at any time after ten and before the expiration Of
twenty-five years from the date thereof. Within thirty
days after the Governor shall proclaim that the people
have voted for q loan Of State credit to railroads, any Of
said companies proposing to avail themselves Of the
loan herein provided for, and to 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
ready for the superstructure, at least fifty (5O) miles of
their road. Each company shall make provision for
the p~unctual payment and redemption of all bonds is
sued and delivered as aforesaid, to said company, and
for the p~unctual payment Of the interest which shall
accrue thereon, in such manner ~ to ~exonerate the
Treasury Of 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
said interest, and a conveyance to the State Of the first
two hundred and forty sections Of land, free from prior
membranes, which such company is or may be au-
thorized to sell in trust for the better security Of the
Treasury of the State from loss on said bonds, which
said deed Of trust shall authorize the Governor ana Sec
rotary of State to make conveyances Of title to all or any
Of such lands to purchasers, agreeing with the respective
railroad companies therefor. Provided, That before re-
leasing the interest Of the State to such lands, such sale
shall be approved by the Governor, but the proceeds Of
all such sales shall be applied to the payment Of interest
accruing upon the bonds in case Of default Of the 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 as 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 to the Treas
urer of the State at the time Of the issue Of State bonds,
and in case either Of said companies shall make default
in payment Of either the interest or principal of the
M Soo,so6 <o cold onnnnonIoo hu iho Nnwo-~oo No
more State bonds shall thereafter be issued to said COM
pany and the Governor shall proceed in such manner
as may be prescribed by law, to sell the bonds Of the
d~efaulting company or companies, or the lands held il
trust as above, or may require q foreclosure of the mort
gage executed to secure the same Provided, That If
any company 50 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 at any 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 section, then the
Treasurer Of State shall receive the same, and the Es.-
hlEfies Of said nA.~r~.yv oouPanies, IN respect TO said
bonds, shall cease upon such payment into the State
Treasury, Of principal, together with the interest, =
aforesaid. Provided further, That in consideration Of
the loan Of State credit herein provided, that the COM
papy or companies which may accept the bonds Of the
0VSSO - WA NSSsA~\ A~AVA PS~Ao~N OAeSsl - . OOUN4
ton thereof, each complete not Jess than Fifty miles Of
its road on or before the expiration Of the year 1861,
and not less than one hundred miles before the year
1864, and complete four-ifths Of the entire length Of
its road before the year 1866, and any failure on the part
of any such company to complete the number Of miles
Of its road or roads, In the msnper and within the several
times herein prescribed, shall forfeit to the State all the
rights, title and interest Of any kind whatsoever in and
to any lands, together with the franchises connected
with the same not pertaining or applicable to the por.
ton Of the road by them constructed, and q fee simple
to which has not accrued to either Of said companies,
by reason of such construction, which was granted to
the company or companies, thus failing to comply with
the provisions hereof, by act of the Legislature of the
Territory Of Minnesota, vesting said land in such com.
panies respectively.
Sec. 2. The foregoing amendment shall be submitted
to the electors Of the State, at an election to be held on
the 18th day Of April, ope thousand eight hundred and
6fty-eight, in the several elective districts Of this State.
The ballots at such election shall be written or printed
as follows those in favor Of the amendment q Loan Of
State Credit for Railroads-Yss." Those against the
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 at six
P. NJ, and the said election shall be conducted aud the
returns thereof made and certified, in the manner provid-
ed by law for returning votes for Territorial Delegate to
Congress, except that the; said returns shall be addressed
to the Governor, by whom the same 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 foregoing appointment in
the Constitution, and shall make proclamation of the
result, and deposit the election returns in the Office Of
the Secretary of State.
SEQ. 8. BESIDES the publication prescribed BY existing
laws, this Act is hereby directed to be published in all
the newspaper Of this State, for whioh publication
the same rate of compensation is hereby fixed % for
similar insertions in the official paper Of the Legislature,
| Sec. 4. This Act shall take effect from aud after it's
passage.
GEORGE BRADLEY,
Speaker pro tenn Of the Fl. Of r.
RICHARD G.. MURPHEY.