The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1868-02-11
Viii, Char. & Ruth. Railroad.

The following is the Ordinance passed by the Con-
vention last week. for the benefit of the Wm., Char
lote & Rutherford Railroad Company:
an Ordinance Reducing the amount of Bonds 4uthor-
ICED to be issued Jy tie Wilmington Charlotte and
Rutherford railroad Company.
WHEREAS, BY an Act of the General Assembly of
the State Of North Carolina, ratified the 10Th day of
December, 1866, the Wilmington, Charlotte and
Rutherford Railroad Company authorized to
place upon its roadway property and franchise first
mortgage, to secure issue of Bonds, 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
Il second mortgage upon said Road for two millions
of dollars to protect which interest it is manfestly
essential that the Bonds issued under said first
mortgage should be reduced i'll amount and their
value enhanced by the endorsement of the State so
that the Company may be enabled to complete its
Road; therefore,
SECTION l. Be it ordained by the people of North
Carolina in Convention assembled and it is hereby
ordained by the authority of the same, That the
President of this Convention the Governor, the
Public Treasurer of the State, either of Them be,
and they hereby authorized and directed, in be-
half the State endorse the bonds authorized as
aforesaid, to the amount of one million dollars, which
endorsement shall be in the words and figures follow
ing to-wit: The principal and interest of this
Bond is guaranteed by the State Of North Carolina
by ordinance of the Convention, ratified - day of
- 1868" Prosideh That the amount of the Bonds
issued by authority of the said Act of the General
Ions five hundred thousa nd dollars and the remain
der authorized to be issued, to-wt One million, five
hundred thousand dollars shall be delivered the
President of this Convention, to the Governor, or
to the State Treasurer, and by him them cancelled
and destroyed. Or that said one million, five hun
dred thousand dollars of bonds shall be cancelled and
destroyed by the Trustees of said first mortgage and
tfcate shall be printed upon the remaining bonds
certifying that two Million five hundred thousand
dollars Of bonds and all that issued u
thorzed be issued under the deed of trust mort
gage, delivered to them, and that the additional
Million five hundred thousand dollars of bonds
have been cancelled and destroyed, and that said
certificate shall be signed by each of the Trustees
Prordcd, furfheT, That FIVE hundred thousand dol
lars, of the remaining two million five hundred thou
sand dollars Of Bonds, be deposited with the Treas
of the State collateral security of the State,
for the above naped endorsements; and if the said
Wilmington. Charlotte Il rutherford Railroad shall
fail to pay either interest principal of said en-
dorsed Bonds. that the State shall become liable
for the same by of said endorsement, and
shall pay the same, then the State shall become the
owner of said five hundred thousand dollars Of Bonds;
but if the said Railroad Company shall pay both in
crcst and principal of said endorsed Bonds, that
the State shall not become liable for the same by
reason of its endorsement, then said five hundred
thousand dollars of Bonds shall be the property of
! the said Railroad Company.
SEC. ,. BE it further ordained, That this OrGi-
shall take effect from and after its ratification.