The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-02-12

REDUCING THE AMOUNT OF BONDS AUTHORIZED
, a TO BE ISSUED BY THE WILMINGTON, CHARLOTTE
! AND RUTHERFORD RAIL ROAD COMPANY, PASS
BY THE STATE CONSTITUTIONAL CONVENTION,
FEBRUARY, 81. 1865. -,f .1..rr. .r,.. 80 r
WHEREAS, by an act of the General Assembly
of the State OF Norh-Carolina, ratified the Goth
day of December 1866, the Wilmington Charlotte
and Rutherford Rail Road Company was author;
lied TO place upon its roadway property and
Franchise first Mortgage to secure an issue of
Bonds not to exceed in amount Four Millions
Dollars, which Mortgage has been duly executed
and recorded according to the provisions OF said
act and Whereas, the State holds second Mort
gage upon said Road for Two Millions OF Dollars,
to protect which interest it is manifestly essen
tal that the Bonds 10 be issued under said First
Mortgage should be reduced in amount, and their
value enhanced by the endorsement OF the State
so that the Company may be enabled to complete
Its Road Therefore 1t1r 1sit'a4 zal %,
SECTION /. Belt ordained 6y the people Of North
Carolina isa COaveation assembled nd it is hsrebg
ordained BY the authority Of the same, That the
President OF this Convention, orthe Governor or
the Public Treasurer OF the State, or either of
them, be, and they are hereby authorized and di-
rected, in behalf or the State, to endorse the
Bonds authorized as aforesaid to the amount of
One Million of Dollars, which endorsement shall
be in the words, and. figures, following to wit:
1.-The principal and Interest of this Bond is guar
anteed by the State OF North Carolina by ordinance
of the Convention ratified the Sd day Fe eb; lS6S
Rroeided, That the amount of the Bonds issued
by authority of the said act of The General AS
sembly, shall not exceed in the aggregate Two
Millions Five Hundred Thousand Dollars, and
the remainder authorized to he issued tO-wit,
One Million Five Hundred Thousand Dollars,
shall be delivered to the President O. this Con-
yentOn, or to the Governor or to the State Treas
urcr, and by him or them cancelled and destroy
ed. Or that said One Million Five Hundred
| Thousand Dollars of Bonds shall be cancelled
and destroyed by the Trustee of said First Mort
gage, aud certificate shall be presented upon
each of the remaining Bonds, certifying fhat Two
Millions, Five Hundred Thousand Dollars of
Bonds are all that are issued, or are authorized
| to be issued under the deed of Trust or Mort
/ gage delivered to them, and that the additional
| One Million Five Hundred Thousand D Dollars OF
| Bonds have been cancelled and destroyed. and
| that said certificate shall be signed by each OF
| the Trustees. Provided, further, ThatFive Hun
i dred Thousand D0lFars of the remaining Two
| Millions, Five Hundred Thousand Dollars Of
| Bonds, be deposited, with the Treasurer Of the
State as collateral security to the State for the
| above named endorsement and if the said VIII
mington, Challotte and Rutherford Rail Road
Company shall lail to- pay either interest or pipi
cipal of said endorsed Bonds So that Athe State
shall becoe liable for the SAME by reason of said
endorsement, and shall pay the same, then the
State shall become the owner OF said Five Hun
dred Thousand Dollars of Bonds, but ii the said
| Rail Road Company shall pay both interest and
principal of said endorsed Bonds, so that tho
reason OF its endorsement. then, the said Five
| Hundred Thousand Dollars of Bonds shall be
| the property OF the said Rail Road Company.
SEC. 2. Be FURTHER oydaihed,, That this Ordi-
nance shall take effect from and after Its ratica
| tionTh dl8a5 al .uIhtla1 i11a 1lfE 81