The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-02-13
The savannah and Charleston Railroad

Our readers along the seaboard, between
this city and Savannah, will rejoice to learn,
by the accounts which we publish from Co.
lumbia, that the prospect is bright for the
speedy passage, by the General Assembly,
of The bill which will put the Savannah and
Charleston Railroad fairly upon It's legs.
The bill, in the amended form in which it
passed the Senate ana was yesterday re-
ported upon favorably tashe House, reads
az follows:
BILL To ENABLE TIE SAVANNAH AND CHARLES
TON RAILROAD COMPANY TO COMPLETE THEIR
ROAD.
81 It enac.ed by the Senate and House of
Representatives, Of the State OF South Caro-
lima, now met and sitting in General Assembly,
and by the authority of the same:
SECTION /. That the Savannah and Charles
ton Railroad Company is authorized ant! en-
powered to borrow and raise the sum OF not
more tnan five hundred thousand dollars. TO
be use 1 in extending ane rebu1tdiug their ROAD
unde. the provisions cf their charter.
SEC. 2. That for this purpose the said com-
panv is hereby authorized aud empowered to
issue bonds to the amount OF not more than
five hundred thousand dollars, payable twenty
Wars after the date thereof, With coupons at
tlched for interest at the rate OF scycn per
cent. per aMnum payable semi-annr ally,
SEC 3. That the said comp2L IS hereby
further authorized and required to fund and
redeem the coupons for interest of the bonds
of the Charleston and Savannah Railroad
Company, guaranteed BY the State, now past
due, and that may fall duo on or before the
6rst day Of September, 1869, by issuing there
! for an equa; amount OF theIc bonds, with cou-
pons attached for interest, payable semi-an-
nullly at the rate OF seven per cent. per annum,
and the principle to become due In TWEEN
years after the date thereof. And the payment
| Of the said bonds, so to be issued in sub=..tu-
tion for interest coupons, shall be guaranteed
| BY the Safe IN the same manner, and as fully
as the said original bonds Of the Charleston
anu Savaunah Railroad Company are now
guarantro'l. subject, however, to the proyi-
| sous of section SIX OF this act.
| SEC. d. The bonds herembefore authorized
for rebuilding said road shall be used exciu-
svely for 1he building thereof, and the outfit
OF the same. No ga ary snail be paid to any
officer OF the said road out Of the funds 30
raised by this act.
SEC. II at any time aflcr the finding of
thc interest coupons, as above provided, the
said railroad Company shall flll for six mouths
to pay the interest duo on any OF their Gfore-
said bonds, the State shall have the right to
take Charge Of the road.
| SEC. G. That the present lien of the State of
| So III Caroliua on said road siall upon tho
issue of the bonds provided for in and by the
first section of thus act, be postponed and BE-
come second Len, which said second lieu
shall extend over and cover the whole road it,
outfit and real estate, as fully as is all eady
provided for by law. The road shall be colG-
pletor by the tiret day ofJanuary. 1870.
SEC. z. This act shall not be OF torce until
SAID Savannah and Charleston Railroad Com
pany consent to she amendment Of their char