New-York tribune., 1869-03-01

nd
b,iity i'm an amount 70 be deternihed py s h
hut which shall be at least equal 10 lne
% value Of the real estate included IN salo
iston and shall not exceed sucn csIimAteu Naiao IL
tan "a 400 COO which said bonds shal pear &
tn T ne cent per annum payable In gold com OF INC
Tnt1 TgS,d od STATED and shall be redeemable In ~
years IRON e 1Ined sfates said bonds shall also be
TTrrIble at The option Of the holdeT into the Hix
whereof payable in currency having eighteen years 70
run from the first day OF July next prONldeu the Peupo
sanction their issue as hereinafter provided Said bonds
when created by said Commissioners may pe M
for any Of the land included in the said location or may
be used for the construction and equipment Oh o e W.
road roads may be, or any part te,eoi NAY 80 90
negotiated or sold and ne AIN bonds shall all
be made TO the people OF TINS state OF
and shall be for 81 goo each. shall be sgheu py lo
dent and secretary of said Board aud shall be nunDered
and registered III the Office OF the ContfOllc hnu sha
thereuOn become and be 10 all lntents ana purposes,
10 the people Of this State upon the entire
property hereby authorized TO DC vested III the ei
together with all their franchises and mlnq t U Sa
securing the payment OF the moneys plPoIiS 70
shall be necessary therefor; ana Lneioners Lne shall
whenever and often as the sald ConinIsSiU 90
] sen VI eSSS1 'Soyiyed assign any and all bonds so
sold or disposed OF TO such person or TI d
~ &c order ofeuch person or persons corporations or
TO bearer may be requested; when asssh1n5 Sai Az
be Endorsed upon tho respective bonds ana snaI ois
tncfy state tat the Is made without recourse 70
tbe state in any event The holder OF any bonds issued
OF he payment Of principle interest thereon,
either according to tho terms thereof place the
same in the hands of the Controller who sha proces 70
forecose the same IN the manner and Erie
closure Of the lien created by the new OIk hnu iV
Railroad Company under the provisions OF cptef oLy 0
he laws OF gt5 and the acts therein referred TO- when
is commonly known as the first mortgage OF the new
York and Erie Railroad Company, ana sau CohtIoihieI
shall posess ali the powers and perform all the duties
with reference TO tho bonds herein authorized when Dy
S rennjrcd 10 perform with reference to said bonds
Of the New. York and Erie Railway Company
SEC T. The said railroad railroads while being con
sye Jurisdiction and control OF the said Commissioners,
aud It shall not be lawful for tho Mayor Alderman com
monaty and officers Of the City Of NewYork nor Tor the
Conmissoners of Streets in the City OF NewYork nor
for the Coton Aqueduct Beard nor for any other corp
ocepaton OF tho same They arc authorized to fix and
regulate the OF fares for the transportation OF pas
ACE for the passage OF the engines and trains of other
fsiroad corporations said roads; but such last
named passaRS sha at all times be made subject 20 the
s "a og,Iations aia time tables TO be from time 10
fine made and established by sad COnlnSsiones lholL
AZ OF passengers with Determinations
e rates according to the speed OF the trains or the
accommodation furnished to the passengers.
SEC g. When the said plans and specifications shall DO
completed aud ad as hereinbefore provided the said
Commissioners shall cause estimates 70 W naoS " hS
quantities s. OF the fGT to conreon Of said road OF
roads They shall then give due pubic notice IN the Guy
Of and O 6eIo S o sss are TO be-
made deliverable, and OF the time ana plaee MhS p ~
where sealed proposals ior b for sum certain
as the price to be paid or reeelVeo anu no d
not thus definite ana certain sh % o no onostio5 sha
commissioners, and not more than one pVpos1iTn sa
be received from one person ior inc sane III @
ucI mateTies shall give satisfactory security TO
aid Commissioners for faithful performance OF MS
becne be absolute property OF the Commissioners, and
shall not be liable to any lien III IaVOr Oh VI cs "b
src o. With the materials so furnished, and with such
other materials small quantities. rs u shall ron te
era G shall proceed through their servants agents, and
employees, construct and complete the sdlu ioau oI
necessary npproaches so to make Ii In all respects
rst-cass road They shall monthly, on the OF eaca
nnnfb return to the Controller OF the state statement
OF sums received from the sale OF bonds or Otherwise
during the previous month, and also OF an payments
ak months In the first weeks Of January and July ana
oftener, il thereto requested by said en
anime vouchers and payrOs and the other accounts
OF said Commissioners, ana II no snail ha tnei ~ g % eTI
cause the said be thoroughly equipped as arst
class passenger road and also with such provisions Or
so ibat tbe same shall be- ready for the
rails are laid and the SontroneT sna, IN ~ iko
examine and eerniy 'he Vi '"'
SEC 10 The Treasurer shall pay on the warrant Of the
otherwise appropriated tho expenses OF the board
and locating said road or roads, not 10 exceed Ia TIE
aIEeR'oW WbeSeVer S this law shall have been submitted
to the people at general election ana nave received
majority OF all the votes cast Tor ana against a
such election hereinafter provided, 1t shall DO the
duty Ofte Controller TO prepare and deliver t0such oeer
as may then be designated or authorized to issue certi
cafes of stock created to be created under the laws OF
this state, suitable books containing cernoaes ol
stock as near ro as uG5 sucR eernOses sha be-
prepared numbered and issued as now provided by law
in of not less than 800 and IN sums or even nun
they are part Of the New York city steam railroad oan
aud they shall be- sealed and c0untersigned as now re-
Gured by law The loan hereby authorized, aud for
which such certificates are hereby authorized DO Issued
shall not exceed in tho aggregate the amount Of tho
mortgage debt hereinafter authorized and shall mature
In Is rom the st day OF July next aud sal bear
interest at the rate OF elk per cent per nnnu and shall
be payable principal and Interest IN the lawful currency
SEC H. It shall be- the duty Of such authorized officer
receiving such certificate 10 issue the same dollar for
dollar on receipt OF and in exchange Tor the mortg9S
same shall be surrendered Tor conyersion with all out
duty to Issue such cerhcaesn exchange Tor eerheaei
OF the loan for like amounts and except as afore
provisions OF existing laws as the Issue OF eerncaet
OF stock In the loans OF this state not inconsistent VIII
the ofthis act are hereby made applicable to the
SEC iS There shall DO imposed for each fiscal year
ating with the fiscal year commencing tho lst day Of
October 1885, direct State tax, sufficient 70 pay the
discharge the principal thereof when it natures And IN
aEnuch as IL IS uncertain whether any, and II any, how
sad raroSd bonds ana whether the funds hereinafter
provided be raised from the revenues Of said railroad
SO OF the fund necessary to provide for the
Of the principal OF sad bonds at maturity az may pe ne
by made the duty of tho Controller to determine
what shall be the amount OF saeh direct tax
for each fiscal year having reference to the
whole amount 10 DO raised In the current
year under tho foregoing provisions and TO the amount
TO be received the said Commissioners Tor the year
under tho provisions hereinafter contained b9t sueI
direct tax SHALL I'm one year. exceed Onohalf OF MIL
on each dollar OF the valuation Of the real aud personal
property Of this State The amounts received from such
tax and from the said Commissioners In excess OF the
amount sufficient TO pay tho interest ON such outstanding
the current year shall be invested and held and
ged by the Controller as sinking fund Tor the re-
dempton Of stock hereby authorized to be Issued
sE a. At the general election be held the Tues
day succeeding the first Monday OF November noxt this
law shall DO submitted 20 the people Tor ther baneOn
II shall the duty OF tho inspectors OF elections IN such
lArI Ia I'll lirlnl