The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-27
,OOO,O OOLOAN BILL
[BY AUTHORITY.1


[BY AUTHORITY1
A N ACT PROPOSING AN AMEND. |
a MENT 10 THE CONsTITUTION.-An Act pro- |
posing an amendment to Section ten Article nine, Of
the same to the people.
BE enacted ty tie Legislature Of ae State of Min.
neS0tG:
SECTION l. The following amendment tn the Consti |
and approval rejection by the neonIe in pcndancs
with Section Of Article IA Of the Constitn,in ,b,
say that Section ~ Of Article Of the CONSTITUTION
shall be follows:
SEC. TO- The credit of this State shall never he ;,
loaned in aid of any individual ASSOCIATION ar corno
rauoa' s ph i;na Of rnd expediting the con-
Congress of the United States has granted t
Territory of Minnesota the Governor shall cause To he
issued and delivered to each of the COMPANIES in which
said grants vested by the Legislative Assemble ~
Minnesota the special bonds Of the State beariny an
interest Of seven per cent per annum payable semi
it. to an amount not exceeding twelve hundred and fifty
Thousand dollars or an aggregate amount to all said
companies not exceeding nVe millions OF collars, in
ner following to wit:
Whenever either of the said companies shall produce
the Governor satisfactory evidence, verified by the
adavts of the Chief Engineer Treasurer, and two D
of said Company that any ten miles Of the road
of said company has been actually constructed and COM
peted ready for placing the tereon the
Governor shall cause issued and delivered to such
company bonds to the amount of hundred thousand
dollars and whenever thereafter and as often either
of said companies shall produce to the Governor 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 COM
pany shall furnish like evidence that any miles of its
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 either of
said companies shall produce to the Governor like evil
dence that any further miles of said ope
ration aforesaid the Governor shall be ssu
ed to such further like bonds to the of
hupdrp cd nd f,ll of
the bonds hereby authorized shall be issued Provided
That twoffths and more Of all bonds issued to the
Southern Minnesota Railroad Company, shall expen-
ded in the construction and equipment of the line of
road from La Crescent to the point of junction with the
Transit road as provided by law and further provided
that the Minneapolis and Cedar Valley Railroad Compa-
shall commence the construction OF their at Far
ibaut and Minneapolis, and shall grade equal num-
Der of miles from each of said places.
The said bonds thus issued shall be denominated An-
nesota State Railroad Bonds and the faith and credit
this State hereby pledged for the payment of the
interest and the redemption Of the principal thereof
They shall be signed by the Governor, countersigned
and registered by the Treasurer sealed with seal of
the State of denominations not exceeding thousand
dollars, payable to the order of the company whom
issued, transferable by the endorsement of the Pres
of the ssd company, and redeemable at any time
after ten and before the expiration of twenty
from the date thereof Within thirty days after the Gov
ernor shall proclaim that the people have voted a
loan of State credit railroads. any said companies
proposing avail themselves of the loan herein provi
ded for and to accept the conditions of the same shall
notify the Governor thereof and shall within sixty days
within two years thereafter construct, ready for the
perstructure, at least fifty (50) miles of their road
Each company shall make provision for the punctual
payment and redemption of all bonds issued and deliy
ered aforesaid said company, and for the punctu
al payment of the interest which shall thereon,
in such manner to exonerate the Treasury of this
State from any advances of money for that purpose
and security therefor the Governor shall and
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
to the State of the first two hundred and forty
sections of land from prior membranes which
such company may be authorized to sell for
the 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 purchasers
agreeing with the respective railroad companies there
for Provided That before releasing the interest of the
State to such lands sale shall be approved by the
Governor but the proceeds of all such sales shall be ap
piled to the payment of interest accrung upon the bonds
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 as
further security, amount of first mortgage bonds on
the roads, lands and franchises of the respective COM
panies corresponding to the State bonds issued shall
transferred to the Treasurer of the State the of
the ISSUE OF State bonds, and in either of said
panies shall make default in payment either the in
principal of the bonds issued companies
by the Governor, State bonds shall thereafter
be issued to said company and the Governor shall pro-
coed i'll such manner may be prescribed by law to
sell the bonds of the defaulting company companies
the lands held in trust above may require FORE
closure of the mortgage executed to secure the same
Provided That if any company in default before the
day of sae shall all interest and principal then due
and all expenses incurred by the State sale shall take
place. and the right of such company shall be i'm
paired to further loan of State credit. Provided if
any of said companies shall at any time offer 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 this
section then the Treasurer of State shall receive the
and the liabilities of said company companies
in respect to saiu bonds shall upon such payment
into the State Treasury OF principal together with the
interest, aforesaid Provided further Tha: in con-
sideraton of the loan of State credit herein provided
that the company or companies which may accept the
bonds of the State in the manner herein specified, SHALL
a condition thereof, each complete not less than fifty
miles of its road or before the expiration of the
1851 and not less than one hundred miles before the
year 1864, and complete ourfths Of the entire length
OF its before the year 1866 and any failure on the
part of any such company to complete the number of
miles of its road roads, in the and within the
several times herein prescribed shall forfeit the State
all the rights title and interest," of any kind whatsoever
in and to lands together with the franchises
ted with the same not pertaining applicable to the
portion of the road by them constructed, and fee
pie to which has not accrued to either of said COM
panes by of such which was grant
ed to the company companies, thus falling comply
with the provisions hereof by act of the Legislature of
The Territory of Minnesota vestng said land in said
companies respectively.
SEC. g Theforegong amendment shall be submitted
to the electors of the State, at election to be held
the 10Th day of April, thousand eight hundred and
fty-eght the several election districts of this State
The ballots at such election shall be written printed
follows: those in favor of the amendment "Loan of
State Credit for Railroads-Yes +" Those against the
amendment, "Loan of State Credit for Railroads.&c."
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 shall be conducted
and the returns thereof made and certified,
provided by law for returning votes Territorial
Delegate TO Congress- except that the said shall
be addressed to the Governor by whom the shall
be canvassed within twenty days said election
and if it shall appear that majority of present
and voting at said election have ratified the proposed
amendment the Governor shall incorporate the forego
ing amendment in the Constitution, shall make proc
lar alton of the result and deposit the election
in the office of the Secretary of State.
SEC 8. Besides the publication prescribed by exist
ing laws, this Act is hereby directed to be putsh in
the newspapers of this State for VIII ch publication the
rate of compensation is hereby fixed as for similar
insertions in the official paper of the Legislature
SEC 4. Thu Act shall take effect from and alter its
passage. GEORGE BRADLEY,
Speaker pro tenn of the House of Representatives.
RICHARD G. MURPHY,
President pro tenn. of the Senate.
Approved March g. 1885,
CHAs. L. CHASE, Acting Governor.
SECRETARY's OFFICE, Minnesota,
March 9, 1858.
hereby certify the foregoing to be copy of the
original on :ie in this Office,