Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-11-23

Iterling two thousand five hundred
sterling per mile shall, for
he purposes of this act, be deemed
within the limitation or twelve
thousand five hundred dollars per
nile, in this section of this act con-
aimed, and the place of payment of
The principal and interest Of said
bonds, or any of them may be
either at the city of New Orleans
Or New York, as the company may
elect and designate in such honda
Sec. IA. Be it further enacted,
ETC., That the payment of the prin-
cipal and interest of such bonds
shall be secured by mortgage. to
be executed by said company to
the Governor of the State of Lou
isiana as trustee for whoever shall
from time to time be holders of said
bonds, and also for the State Of
Louisiana, and for the said COM
pany, and whoever shall from time
to time be Governor of said State,
shall be the trustee under said
mortgage, and be vested with the
rights and powers conferred upon
such trustee, and charged with the
duties hereinafter imposed upon
him. The said mortgage shall be
a lien upon the whole of said main
line of railroad of said company
within the State of Louisiana, and
upon all the right of way, road bed,
rails, depots, stations, shops, build
ings, machinery, tools, engines, cars
and real and personal estate within
the State of Louisiana, appurtenant
to or necessary for the operation Of
said main line of railroad owned by
the company at the date of said
mortgage, or which may be &C.
quired by it thereafter, and also
upon the corporate franchises and
privileges of said company granted
by the State of Louisiana relative
to the construction, operation and
use of said main line of railroad
within the State of Louisiana, bu
the lien of such mortgage shall bt
subject and subordinate to pliol
lien to the extent next hereinafter
specified, in favor of a first mort
gage, to be made by said company
to secure bonds to be known a.
L" first mortgage bonds of the New
Orleans and Northeastern Railroad
Company" such first mortgag'
bonds and the mortgage securing
the same shall be prior lien onl.
to the extent of twelve Thousand
five hundred dollars per mile, paya
BILE i'll the gold coin Of the United
States, and interest which may &C
crue thereon at a rate not exceed
ing eight per cent per annum, pay
able semi-annually, upon each ant
every mile of the aforesaid mail
line of railroad within the State o
Louisiana, including the right o
way, road beds, rails, depots, sta
tions, buildings, machinery, tools
engines, cars and real and persona
estate within the State of Louisians
appurtenant to or necessary for th
operation of said main line of rail
road owned by the company at tn
date of said mortgage, or wbicl
may be acquired by it thereafter
and of the corporate franchises an
privileges Of said company grante'
to it by the State of Louisiana rela
tive TO the construction, .operatio
and use of said main line of rail
road within the State of Louisiana
the principal of such mortgag
bonds not to be payable in les
than twenty years from their dat'
unless in case of default of pay,nen
of interest thereon, that the fir
mortgage bonds issued by sa;
company on that part OF its raj
road from Lewisburg to Pearl rive
a distance of forty-eight miles fc
the sum of six hundred thousan
dollars, or twelve thousand five hur
dred dollars per mile, executed b.
fore Robt. j. Ker, notary public
the city of New Orleans, on the fir
day Of October, 1870, are hereb
recognized as a portion Of said fir
mortgage, authorized to be issue
on the whole line of the company
roads within the State of Louisian
and in case of sale of said railrOa
or any part thereof, for the satisia
ton of said first and second NOR
paoe bonds or either of them. II