New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-04

h 10 t shall forthwith pay and deliv e.
the amount of such installment
taking the receipt of said treasurer there.
Tor. which receipt the Governor shall imme-
dlately file in the Office OF the State Treas.
| urer.
But this grant is hereby made to the said
company upon its express agreement made
and entered into by The vote Of its board
OF directors, attested and filed as hereinafter
provided, that the said company will con-
struct that portion of its said railroad to be
constructed between the Mississippi river,
opposite the city of New Orleans or the city
OF Jefferson or Carrollton, and the Sabine
| river in the direction of Houston, and open
the same for traffic within three years from
and after the filing of said agreement on the
part OF said company, and that it will in
like manner construct that portion OF its said
| railroad to be constructed between the Ss-
| bine river and the city of Houston within
| six months from and after the time SO as
aforesaid designated for the construction
J and opening for traffic of said first mentioned
portion of said railroad; provided that the
| Legislature of the State of Texas shall, in
| sufficient time for such construction there
| of, make such provisions as the said CON-
| pany shall deem sufficient to warrant the
| construction of it's said railroad from said
Sabine river to the city of Houston within
| the time herein last aforesaid; and III the
event that the said company shall fail to
| construct its said railroad from the Missis-
sippi river opposite the City OF New Orleans,
or the city Of Jefferson, or CarrOlton, to
the Sabine river, within the time and in the
manner aforesaid, then the said company
shall not receive any further issue or Install
! ment of said bonds, and shall be bound to
return 10 the Treasurer of this S 'ate to be
Cancelled, and al CO which shall be lmmedi-
tliN .tnl hr HI Iph got rn
all bonds which shall have been
issued to said company under
the authority of this section of
this act, and which the time of
such failure, shall be owned or held by
the said company, and to pay into the
treasury OF this State such q sum as the
bonds, which shall have been received and
disposed of by said company. shall have
been sold for, whether payment therefor
shall have been received by said company
Ill money, labor, materials, rolling stock, or
other valuable consideration. And atnu.
ally from and after the issuing of any pOr-
ton of said bonds, there shall be imposed,
for each fiscal year, State tax Of one mill
on each dollar of the valuation, for each
year, OF all The real and personal property in
this State subject to taxation, which tax
shall be assessed, levied, and collected in
current moneys, by the annual assessment
and collection Of taxes for each year, in the
manner prescribed by law for the collection
of other taxes, and the moneys derived
therefrom shall Immediately, on collection,
be paid INTO the treasury Of this State, rs a
distinct fund, aud kept as a separate &C
cuunt; and such moneys, and all moneys
received from said company az herelnbefore
provided, shall be applied, in each and
every year, first TO the payment of the
interest as 1t shall accrue on said bonds, and
the balance, in each year, shall be applied
to the purchase of SAID bonds, and such tax
shall continue to be so assessed, levied, and
collected in each and every year. until all
the interest and principal of said bonds,
which shall, from time to time, remain out
standing. shall be fully paid, and all bonds
and coupons, so purchased and paid, shall be
Immediately cancelled by the said treasurer.
And any failure to complete the said rail-
road from the boundary line between this
State and the State of Texas to the said city
Of Houston, resulting from the cause here
inabove' specified, shall not release this
State from the obligation of the contract
hereby entered into with said company, or
any part thereof, provided the said company
shall construct lis said raj road from the
west bahk of the Mississippi river, opposite
the city OF New Orleans. or the city OF JET
ferson or CarrOllton, to the Sabine river,
within the time and in the manner herein
above specified therefor, except that this |
and deliver said last installment of bonds |
hereinaboye provided 10 be paid
to said company on the con-
: rdction of said road from the |
SABINE river to Houston. And aIy tenn
porary failure, not Intentional, on The part |
OF the said company, its successors or |
assigns, 10 maintain or keep in efficient |
operation the said portion OF the said rail- |
road of said com yany, which shall be so |
within the time and in the |
manner hereinsbove specified, in COM
pliance with said conditions, shall not be |
considered breach of Said conditions, or
deprive the said company, its successors Or
assigns, OF the benefit OF any of the prOvi
sions OF this section of this act conta ined,
Or impair the force and obligation of the
same as a contract, forever binding upon
this State.
And be it further enacted, ETC., That all
laws or parts of laws, heretofore passed,
mt with this act, are here by ire
peaed, SO far only as they are in conflict
with the provisions OF this act; but no law,
Or part or provision of any law. not in con-
iict with this act shall be repealed by the
effect of this clause upon other parts or
provisions of the same law. That this act
shall take effect as law from and after its
passage, and that the said company may
make its provisions aand the provisions of
the acts heretofore passed by the State OF
Louisiana securing rights and franchises to
the said company binding contracts between
the said State and the said company. by
fling in the Office of the Secretary of State
for the State of Louisiana, within ninety
days from the date Of the passage and
approval of this act, a written acceptance of
and agreement to perform the provisions Of
his act, signed by majority OF the direc-
tors OF said company, aud when so accepted, |
he rights and franchises granted by this
act, and all rights and franchises so hereto
fore granted by the State of Louisiana, shall
De deemed to be (and shall be- binding con-
tracts between the State of Louisiana and
he said company, and shall not be i'm.
paired, disturbed or modified by subsequent
egislation, except with the consent and on
he petition of said company.
(Signed) MORTIMER CARR,
Speaker of the House of Representatives
(Signedj OSCAR J. DUNN,
Lieutenant Governor aud President Of the
Senate.
Approved February 81, 1870.
(SIgned) II. G. WARMOTH,
Governor of the State of Louisiana.
true copy: