Sauk Rapids frontierman. [volume] (Sauk Rapids, M.T. [i.e. Minn.]) 1855-1860, 1858-04-01

THE $5 .ooo. 700 LOAN BEL sAs AMENDED
AND PASSED By THE LEGISLATURE,
] A-s ia I'M AuTiniseslrs.3
A Bill Prepssing an -fmssdasat t. Sec. 10.
-art 9 Of ne constitasios. ana Preceding forI
~ ~ Ss5Aission Of ne sams u tks People a
.BHsIT ENACTED nv THE LEGisLAruRE oFl
. 3 z rms STATS On MiNNEsoTA
aaiSEcTIoH. j. Tho following smendments #lol
lhe Constitutions Of this Stase are hereby proposed
for publication, and approval q lescsion w ihel
psopies IN accordance with Ssotitnsl of ArticleI
ID, aof ahe Constitutioa THU u 10 shy that SEQ
sion 10 Of Article OF the Consultation shall 81
al l1iiows: sS EsSs ssFs
Sec. 10. The credit Of shis State shall never
De given OF loaned ia aid ~ any individual, ass.
CLIFTON or corporation, except that for the purpose
81 expediting the construction Of tho lines Of Rail-
snads, in aid of which, thu Congress Of the
United States has granted lands 70 the Territory
Of Minnesota, tho Governor shalt cause to helis-
sued aud delivered to each Of the companies in
which said grants are vested blythe Legislative
Assembly Of Minnesota. tha special bonds Of the
State. bearing an interest of seyen per cent. per
annum, payable sem-annnaily in the city Of New
York, yallosn Of public credit TO an amount no,
exceeding twelve hundred and fifty Thousand dol
lars: or an aggregate amount TO all Of said coua-
tpanies. not exceeding Eve millions Of dollars. in
manner following, 70 wit: ..,.s, Z. III ~
Whenever either Of the said companies shall
produce 10 the Governor, satisfactory evidence,
verified by the affidavits Of the Chief Engineer.
Treasurer, and two Directors OF said Company,
sthat 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 delivered to
such Company, bonds to the amount Of one hun
.dred thousand dollars and whenever thereafter.
and as often as either Of said Companies shall
tproduce to the Governor like evidence Of q fur
s,her construction Of nmles fits road afore-
said, then the Governor shall cause to he Issued
TO such Company ,fuSther like bonds soahs amount
of one hundred thousand dollars sfor each and
every ten miles Of road thus CONSTRUCTED, and
whenever such Company shall furnish like evil
dencest that any ten miles of itsIfoAd il actually
completed and cars running thereon, the Governor
shall cause to be issued 70 such Company like
bonds to the amount Of s 100000 and whenever
thereafter, and az often as either Of said Compa-
.nies shall produce TO the Governor, kesevidence
that any further ten miles Of said road is in ope-
sraton as aforesaid, the Governor shall cause 10
She 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: Prortded, That two-ffths and
mo more ofaaIl bonds issued to the Southern Mn
-nesota Railroad Company shah be expended in
the construction and equidmen of the line Of road
from LaCrescent to the point Of junction with
nh, Transit road, as provided by law; .Aad fur
ther Provided, That the Minneapolis and Cedar
Valley Railroad Company shall commence the
constructions Of their road at Faribaust and MIN
neapolis, and shall grade un equal number Of
miles from each Of said places. IS
The said bonds thus issoed shall be denominat-
ed 6 Minnesota Stase Railroad Bonds and the
faith and credit Of this State are hereby pledged
for the payment Of the interest and the redemp-
ton Of the principal thereof 4 They shall be
signed by the Governor, counterssned 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
spany, and redeenabIe 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 loan Of State credit to Railroads. any
.ofssaid 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 roads, and shall within
tw0ay ears thereafter CONSTRUCT roldy for the su-
,psrssucurs least fifty cosy miles Of their roads
bach company shalt nuke, provision for the
.punctrai payment and redemption Of all bonds
issued and delivered, as Aforesaid, 70 said com
pany, and for the punctoat yment ofthe interest
which shall accrue thereon, in such manner as to
rex jncrate the Treasury Of this State from any
advances Of money for that purpose and as Sc
.curiiy therefor, the Governor shall demand and
receive from each of said companies, before any
Of said bonds are issued, an instrument pledging
the nett profits Of its road, for the'payment Of
said interest, and conveyance to the State Of the
airstfso hundfed and forty sections Of land, free
from prior incumbrances, which such, company is
or may be authorized TO SELL in trust for the better
security dc tbs Treasury Of ,hssState from loss
son said bonds, which Fsaid deed of trust shall
authorize the Governor and Secretary Of State to
snake conveyances Of title to all or any Of such
aands to purchasers greeing wnh The respective
Rrailroad Companies therefor Provided, That
befefe releasing the interest 81 the State to sach
lands. such salc shallbe approved by the Cover:
nor, but the proceeds Of oil such sales shall be
applied 10 the payment Of interest, accfuing uror
the bonds in Of default of the ayment Of the
same, and az sinking fund to meet any future
default dthe pAytnsntsof interest and the principal
thereof when due and az further security. an
amonntef first mortgages bonds, on the foads
landaaAnd ffanchises,of The respective companies
corresponding to the State bonds issued, shall Sc
transferred to the Treasurer DC the State ii the
time Of the issue Of State bonds, and in cas 81
either Of said companies shal make default il
paysSentof either tho interest or principal &c The
bonds siespedg 40 said ,companies bythetGovespor
no ,H6fe State bonds shall thereafter Sc issued 4
said company; and the Governor shall proceed il
such manner as may be prescribed BY law. 10 eel
the bonds oftiss defaditing company OF companies
OF the lands held IN trust asnboas yofmay1equfe
foraclQsuse Of The mortgage executedsio secure
the sane Prosid<d, That il my company 20 ia