New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-10-29

days, becone ~ and aayaSle; and s.ii
for the sale Of said railroad and Up
purtenances by the trustee, in case Of de
fault il the coaditions of said mortGnge.
Sec. IL. Be it further enacted, etc., That
the said mortgage shall, after ite execution
by the company, be delivered to the Gov
ernor Of the State Of Louisiana, and if the
same shall be in conformity with the pro
visions of this act, he shall indorse his up
proval in writing thereon, and cause the
at length in the Office of the Secretary Of
State. Such approval by the Governor
shall be conclusive ~ to the efficiency OF
the form and execution of said mortgage.
and as to its conformity to the provisions OF
this act; and such recording shall be con.
elusive notice to al persons of the lien OF
said mortgage, and such lien shall be para
mount to all other liens and membranes
upon the mortgaged premises, except the
aforesaid lien Of the first mortgage to the
extent of twelve thousand five hundred dol.
lars, in gold coin of the United States. and
interest, on each and every mile OF said
main line Of railroad within the State of
Louisiana.
SEC. le. Be it further enacted, ETC., That
when the said second mortgage shall have
been 80 delivered, approved and recorded. ;.
ten miles in length Of the said main line of
railroad within the State Of Louisiana shall
have been constructed, and the iron rails laid
thereon, the company may deliver to the
Governor of the State Of Louisiana one
hundred and twenty-five thousand dollars,
or twenty-five thousand pounds sterling, Of
such second mortgage bonds, and the Gov
ernOr shall thereupOn subscribe certificate
to be written or printed upon each of said
bonds in the following words: ssThe paw
ment Of the principal of the within bond
when due, and of the interest thereof 40 it
accrues. Is guaranteed by the State of
Louisiana, pursuant to the provisions of the
act Of the General Assembly Of said State.
authorizing such guarantee" and shall
affix the great seal Of the State of Louisiana
to such certificate, and the said zeal shall be
attested by the signature of the Secretary
OF State, and the bonds shall then be de-
and purposes authorized by its charter
SEC. 20. Be it further enacted, etc.,
That upon the construction of said addi-
tional section or portion Of ten miles in
length Of said main line railroad, within the
State of Louisiana, the company may exc
cute and deliver to the Governor Of the
State Of Louisiana, further amount Of such
second mortgage bonds, equal to twelve
thousand five hundred dollars per mile, or
two thousand i've hundred pounds sterling,
as the company may elect, for each and
every mile in length of said main line Of
railroad within the State of Louisiana, 60
land for which bonds shall not
have been previously issued and guaranteed
as herein provided, and thereupon the said
Governor shall SUI bscribe Q certificate Of
guarantee upon each and every Of such
bonds in the form prescribed in section nine
teen of this act, and the same shall be sealed
md attached in like manner, and shall
forthwith he delivered to the company for
ts general uses and purposes authorized by
ts charter. And when further section of
Ten miles is completed similar issue Of
bonds shall be made, and for every ten
niles, all the residue of the second mortgage
bonds, authorized by this act may be exc
'uted by the company, and certificates of
guarantee thereon, in the form Aforesaid,
hall be subscribed by the Governor, and
ealed and attested as hereinbefOre pro-
'ided; and such guarantee bonds shall forth |
With be delivered to the company for its |
general uses and purposes authorized bv its |
.harter. |
Sec. q. Be it further enacted, etc., That |
he signature Of the Governor to the certifi-
ate OF guarantee shall be conclusive evil
lence in favor Of the holder of every bond |
% certified that the conditions Of this act |
ave been complied with ON the part of the |
company, and that aaid bonds have been |
luly made and regularly certified. and is
ued pursuant to the provisions Of this act;
nd every such certificate of guarantee,
vhen so subscribed, shah be . valid and
'inding obligation Of the State of Louisi-
ma in favor Of whomeeever shall from time
D time be the holder of the bond bearing
uch certificate; and the State of Louisiana
ereby pledges its public faith and credit to
be performance Of such guarantee accord
x to its terms. .,aa ,,I4-
Sec. p. Be it further enacted, etc., That
othing in this act contained shall impair or
aid company to issue bonds, and to mort
age it's corporate property and franchises,
kept that the said company shall not have
over to make any mortgage, or create any.
lcumbrance upon its said main line Of rail-
Dad, within the State of Louisiana, which
hall have priority over the second mort.