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

railroad from IEewhR1sx to Pean river,
distance Of forty-eiGht miles for the sum q
six hundred thousand dollars, or twelv
Thousand i've hundred dollars per mile, o.
ecuted before Robert J. Ker, notary publ
in the city Of New Orleans, on the hrst da,
portion Of said first mortgage, authorize.
70 be issued on the whole line of the com
pany's roads within the State of Louisiana
and in case of . sale of said railroad or an,
part thereof, for the satisfaction of sait
frst and second mortgage bonds or either o
them, the proceeds Of the rolling stock snt
personal property which may be sold, shal
be deemed 70 appertain to that portion o
eaid main line of railroad within the Stat,
Of Louisiana which shall have been con
structed and operated, and shall be appor
toned equally upon each mile thereof, and
shall be deemed proceeds of the completed
portion Of said railroad, and the lien Of said
first mortgages shall be governed by the
further provisions hereinafter contained.
SEC: Is Be il further. enacted, ETC., That
State of Louisiana shall describe the second
mortgage bonds thereby secured, aud shall
also provide for the payment, by the COM
pany to the trustee, o. sinking fund for
the gradual redemption Of the principal Of
the eaid bonds. The payment of the said
sinking fund for the gradual redemption as
II
the date of said mortgage, and shall be
made annually thereafter, and each pay
ment shall not be less than One-halt OF one
per cent Of the total amount of the princi-
pal of the bonds which shall, mp to the time
Of such payment, have been guaranteed by
the State Of Louisiana, AZ hereinafter pro-
vided, whether outstanding or surrendered
to the trustee for the purposes Of the sink
ing fund, as hereinafter provided. The mon
ey 90 paid to the said trustee shall be forth.
with paid BY him, rs soon a. received, into
the treasury Of the State, and shall be paid
ont only on the warrant Of said trustee for
second mortgage bonds Of said company
rendered and paid for shall be forthwith
stamped by the trustee ..shrrendered to the
sinking fund and not negotiable" in some
effectual manner, so that they can not
be again issued, and shall be immediately
thereafter deposited in the treasury of the
State, and the number and amount of each
and every bond 50 surrendered to the sink
ing fund: shall be entered by the trustee,
and by the Treasurer Of the State of Louis
lana. in books to be kept BY them for that
purpose, which books shall, at all times, be
open to the inspection Of the officers of the
company. But the interest on such surrender
ed bOnds shall be payable - it accrues to the
said trustee, according to the tenor Of the
coupons, and become part of the sinking
fund, and ehall be deemed secured by said
mortgage in like manner a. If said surren-
dered bonds were still outstanding, and
such payment of interest ON the surrendered
bonds shall continue until the sinking fund
shall am0untto sufficient sum to paw all
the second mortgage bonds outstanding.
The trustee shall not apply said sinking
fund, or any part thereof, to the purchase
OF said bonds at any greater price than par
and accrued interest: The mortgage secur-
ing said bonds shall c9ptain suitable pro-
visions for advertising for sealed proposals
to the trustee to surrender bonds for the
purposes Of the sinking fund, and the
trustee shall give the preference TO the pro-
pOsals most favorable to the company; bro
vided, they do not exceed par and accrued
interest. If, on any occasion, sealed pro-
posals are not received by, the trustee with
in the time limited by the Advertisement for
the requisite number Of bonds within the
aforesaid limit of price, to absorb the whole
amount Of sinking fund on hand, the trustee
shall, within three days thereafter, by a.
certificate Of writing, specify the amount of
bonds SO deficient, and appoint three COM
missioners to draw by lot the requisite !
amount Of bonds to supply the deficiency.
The said commissioners shall forthwith, |
after their appointment, draw by lot from |
the numbers Of ali the second mortgage |
bonds then outstanding numbers Of bonds
to [an| amount sufficient to supply such de-
ficiency, and shall make and sign q report
specifying the Numbers 80 drawn by them,
md shall attach to their report an affidavit
sworn to by each of them before some OIL
,er Of the State Of Louisiana, authorized to
Osths, stating that such drawing
vas in all respects impartially and fairly |
conducted, and chat said report is true.
{ he said certificate of the trustee and report
# the commissioners shall be fled in the
'tice of the Secretary Of State of the State
# Louisiana, and thereupon the holders of
he bonds bearing the numbers 90 drawn BY |
he commissioners and specified in their re-
'ort, shall be b0und to surrender the same
variant on the State Treasurer for the
mount Of the principal Of saia bonds, with
he interest accJued thereon up to the time
+ the expiration Of the notice mentioned in
be following section of this act, or such
arlier time a. such warrant may be deliv-
red. ,l.,,tl:kf4- n 80 eo~tlH
SEC. l6 Be it further enacted, etc., That
after the fling Of said report
said commissioners. the company shall
ause Q notice to be published, specifying
he number Of the bonds 20 drawn, and re-
anne to said trustee, on or before q specified
az, which shall not be. less than thirty
sys after the publication Of said notice.
UGH. notice shall be published in s daily
ewspaper in the city of New Orleans, and
! at least two daily newspapers in the city
New York, for four consecutive weeks. 1T
.ast three times in each. week, aud upon
le expiration OF the time limited in said
Office, the interest on the bonds, the num-
ers Of which are specified in such notice,
hall cease, and no yinterestI shall accrue
hereOn after that time, or be payable, ex-
ept to the sinking fund, as thereinbefOre
rOvided; provided, however, that if any Of
ne bonds 80 drawn shall be payable in the
ity Of London, further publication of said
Office shall be made for ct least four sue
eseive weeks, at least three times in each
eek, IN two newspapers published in the
lty of London, and the date specified for
ne delivery Of such last mentioned bonds
hall be at least forty-five davs from the
me Of the first publication of the last men
oned notice, and the interest of the last
bonds shall cease to accrue lex
opt to the sinking fund, as hereinbefore
rovided) on the expiration Of the last men
oned notice. The payment for bonds
arrendered to the sinking fund, or /,
rawn from the sinking fund shall be
heir equivalent, respectively, accord
il to the tenor of the bonds drawn
surrendered; and the annual payments
, be made by the company to the trus- !
,e for the purpose of the sinking fund shall
like manner he made in currency, coin
: sterling, or their equivalent, as the prin-
pal Of said bonds shall be payable. In all
lses where any payment is required BY /.
Lis act, or agreed by the company to be
ade in sterling, if such payment is reduced
} currency, the premium in gold in the ..
ty of New York, and the rate Of exchange
n London ruling at the time when such
4 L