The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1867-01-23

amount of one hundred and fifty
thousand dollars of certificates Of
indebtedness, which will complete
the guaranty by the State Of
twelve hundred ndfity thousand
dollars, on account ofthemortgage
and guaranteed bonds of the said
company, with the interest that
has and will accrue thereon up to
the first of January, one thousand
eight hundred and sixty~cight>
", That in order to enable the
said company to adjust their bond
debt Of six hundred thousand dol
lars, with the interest past due
and which will accrue thereon up
to the first day Of January, a. D.,
one thousand eight hundred and
sixty-eight, to secure the payment
Of which no mortgage or other IL
en- has heretofore been created,
the Comptroller General is hereby
authorized and directed to endorse
the guaranty Of tho State upon
other bonds and certificates Of in
debtodness to the said company to
the amount Of two hundred and
fifty thousand dollars, thereby
pledging the faith and funds Of
the State for the payment Of the
principal of said bonds and certif-
Gates Of indebtedness, and the in
terest to accrue thereon, which
bonds and certificates shall be pay.
able at such placoAs the direction
Of said company shall order, and
shall bear interest at a rate not eX-
cccling seven per cent. per annUm,
payable scmi-annually, and shall
not have moro than twenty years
to run, with a condition that The
said company shall have the
right to redeem said certificates
at any time after the first day Of
ia" .,:ry, A. D., one thousand
eight hundred and seventy: Pro-
ujdcd, that the last mentioned
bonds and certificates Of indebted
ness, endorsed as aforesaid, shall
not be used for any other purpose
than for taking up the bonds Of
the company, which have been
heretofore issued, without the Sc
curity of a mortgage or other lien:
Ind Provided further, That the
bonds so taken up shall not be es-
timated at a higher value than
the one-third of the amount Of
principal and interest due thereon
at the time such substitution is
made.
V. That for the purpose of ef-
fecting the substitution Of bonds
provided for in the preceding
section, said company shall pre-
pare the bonds and certificates Of
Indebtedness, and deposit them
with the Comptroller General ;
and it shall be the duty Of the
Comptroller General, as the bond
holders shall present their bonds
to be substituted, to estimate tho
amount due thereon, and thereup-
on to endorse and deliver to such
bondholdcr the new bonds or GER
tifcatcs of indebtedness for the
amount due said bondholder, .,csti-
mating the old bonds as hereinbc-
fore required, at not exceeding
onc-third Of their par value.
VI. That the statutory mort
gage, contained in the second Sec
ton of the Act Of which this Act
is amendato1y, shall constitute a
lien on all the property, franchises
and estate Of said company, to Sc
cure the payment Of principal and
interest of the entire debt Of fif-
teen hundred thousand dollars
thus guaranteed in the adjustment
Of the original mortgage and guar
antecd debt Of said company, and
also the debt Of six hundred thou
sand dollars and interest thereon,
which is not secured bymortgage.
VII. That all Acts, and parts
Of Acts inconsistent with this Act
be, and the same arc hereby re-
pealed.
Approved Deccmbr 20, 1866.