The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-11-18

been so delivered, approved and recorded,
and one continuous portion or section of ten
miles in length of the said main line of rail
road within the State ofLouisiana shall have
been constructed, and the iron rails laid
thereon, the company may deliver to the
Governor of the State of Louisiana one hun-
dred and twenty-five thousand dollars, or
twenty-five thousand pounds sterling, of
such second mortgage bonds, and the Gov
ernor shall thereupon subscribe a certificate
to be written or printed upon each of said
bonds in the following words: "The pay
ment of the principal of the within bond
when due, and the interest thereof as it &C
crues, is guaranteed by the State Of Loui-i-
ana, pursuant to the provisions of the act of
the General Assembly of said State, author
izing such guarantee" and shall affix the
great seal Of the State of Louisiana to such
certificate, and the said seal shall be attes-
ted by the signature of the Secretary of
State. and the bonds shall then be delivered
to the company for its general uses and pur-
poses Authorized by its charter. '5
SEC. 90. Be it further enacted, ETC., That
upon the construction of, said additional
section or portion of ten miles in length of
said main line railroad, within the State of
Louisiana, the company may execute and
deliver to the Governor of the State of Lou
isiana, a further amount of such second
mortgage bonds, equal to twelve thousand
five hundred dollars per mile, or two thou
sand five 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, so constructed (and
for which bonds shall not have been pre-
viously issued and guaranteed as herein pro-
vided), and ~thereupor the said Governor
shall subscribe a certificate of guarantee
upon each and every of such bonds in the
form prescribed in Section nineteen of this
act, and the same shall be sealed and at
tached in like manner, and shall forthwith
be delivered to the company for its general
uses and purposes authorized by its charter.
And when a further section of ten miles is
completed a similar issue of bonds shall be
made, and for every ten miles, all the resi-
due of the second mortgage bonds, author
lied by this act may be executed by the
company, and certificates ofguarantee there.
on. in the form aforesaid, shall be subscribed
by the Governor, and sealed and a~ttested as
hereinbefore provided and such guarantee
bonds shall forthwith be delivered to the
company for its general uses and purposes
authorized by its charter.
Sec. 81. Be it further enacted, etc, That
the signature of the Governor to the certif-
cate Of guarantee shall be conclusive evil
dence in favor of the holder Of every bond
so certified that the conditions of this act
have been complied with on the part of the
company, and that said bonds have been
duly made and regularly certified, and is
sued pursuant to the provisions of this act i;
and every such certificate Of guarantee,
when SO subscribed, shall be a valid and
binding obligation of the State of Louisiana
in favor of whomsoever shall from time to
time be the holder of the bond bearing such
certificate; and the State of Louisiana
hereby pledges its public faith and credit to
the performance of such guarantee according
to its terms.
Sec. %. Be it further enacted, etc, That
, nothing in this act contained shall impair or
restrict the powers heretofore granted the
said company to issue bonds, and to mort
gage its corporate property, and franchises,
except that the said company shall not have
power to make any mortgage, or create any
incumbrance upon its said main line of rail-
road, within the State of Louisiana, which
shall. have priority over the second mort
gage to any greater extent than twelve
thousand five hundred dollars in gold coin
of the Cnited States of America, and the in
terest thereon, in like coin, at a rate not
exceeding eight per cent per annum. upon
each and every mile of the entire length of
said main line of railroad within the State
of Louisiana, and in case of a foreclosure of
n mortgage upon the said main line of
railroad before the whole of said main line
of railroad shall have been completed, the
State of Louisiana may, through lis Cover
nor, require that part of said main line of
railroad within the State of Louisiana which
shall have ben constructed, and in respect
of which the State of Louisiana shall have
guaranteed second mortgage bonds be sold
separately, and the proceeds Of the part SO
sold together with its due proportion of the
proceeds of the cars, engines and personal
property of the company shall constitute a
fund upon which the first mortgage shall be
a first lien, to the extent only of securing
first mortgage bonds to the amount Of
twelve thousand five hundred dollars in gold
coin, per mile for every mile, Of constructed
road thus sold, with the arrearages of inter-
est thereon; and after paying such amount
of first mortgage bonds and interest thereon;
and after paying such amount of first mort.
gage bonds and Interest out of said fund,
the surplus or so much thereof as may be
necessary shall be applied to the payment
of the said second mortgage bonds guaran.
teed by the State of Louisiana, and all ar
rearages of interests thereon. Or in case
such sale shall be made under the second
mortgage, the sale may be made subject to
said first mortgage, and the portion SO sold
shall be released and discharged from the
said first mortgage, and the lien and opera
tons thereof on the surrender by the pur-
chaser to the trustee under said first mort
gage bonds. to the amount Of twelve thou
sand five hundred dollars and the unpaid
coupons thereunto appertaining for each and
every mile of said railroad so sold, or on the
payment by the purchaser, to said trustee OF
o sum sufficient to discharge a like amount
of first mortgage bonds and the coupons in
arrear thereon.
SEC. 23. Be it further enacted, ETC., That
whereas, the line Of the railroad efsaid com
pany, as intended to be constructed, will
extend beyond this State, it is hereby de.
clared that the cars and engines, and all per-
sonal property which said company may
acquire, shall, for the purposes ofshis act,
and for all mortgage purposes, be deemed
part Of the realty, and be apportioned ac-
cording to the number Of miles of railroad
constructed and owned by the COMPANY in
each State, SO that the number Of cars and
engines and amount of personal property
shall be deemed to belong to the portion of