Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-07-27
No. 90.


To relieve the State from its obli-
cation to guarantee the second
mortgage bonds of the New Or
leans, Mobile and Chattanooga
Railroad Company, under an act
of the General Assembly, ap-
proved February 81, 1870, by the
subscription on the part of the
State to the capital stock of said
corporation, and to regulate the
conditions Of such subscription,
andto secure the construction of
| the road of said corporation from
| Vermillionville to Shreveport.
SECTION l. Be it enacted by the
Senate and House of Representa-
tives Of the State Of Louisiana, in
General Assembly convened, That
the Governor of this State be and
is hereby authorized to subscribe
for twenty-five thousand shares, of
one hundred dollars each, of the
capital stock Of said corporation on
behalf of this State, and to receive
the certificates of stock thereof as
payment shall be made for the same,
which certificates shall be deposited
by him in the Office Of the Treasurer
of this State, and shall not be as
signabie or transferable except by
the authority Of the General AS
sembly.
And be it further enacted, ETC.,
That whereas, the subscription for
stock and the issue of bonds there
for. herein provided, are intended
to extinguish the obligation of the
State to indorse or guarantee the
second mortgage bonds of said cor
poration under the act General AS
sembly relative to said corporation
approved February 81, 1870. and as
a discharge Of either party from all
obligations COR the issue, indorse-
ment, guarantee and security Of said
mortgage bonds, as provided in the
fourth section of said act. that the
said corporation shall be required,
at or before the complete issue of
the said bonds, to file with the Sec
retary Of State a full release and &C.
quitance Of the obligation Of tho
State so created to guarantee said
mortgage bonds, and for which the
provisions of this act are designed
as substitute and discharge; and
the said corporation shall, by its cx-
press agreement made and entered
into by the vote of the Board of
Directors, and attested by its seal
and the signature Of its secretary,
obligate itself to commence that part
Of its railroad from Vermillionville
to Shreveport within six months,
and to complete the same within the
time limited therefor in the said act
Of the General Assembly; provided
that the said corporation may pur-
chase from this State the said shares,
Of stock, at their par value. at any
time prior to the maturity of the
bonds issued therefor, and may pay
for the same in lawful money or in
any Of the bonds of this State at
their par value.
Sec. 2. Be it further enacted, ETC.,
That for the payment of said SUBJ
scription, bonds of this State shall
be issued, signed by the Governor
and Secretary of State, and sealed
with the seal Of the State, payable
not less than thirty-fve nor more
than forty years from their date,
with interest at the rate Of eight
tper cent per annum, payable semi
annually. in the city of New York,
on the first days of January of each
year, for which interest coupons
bearing the facsimile for the sigma.
ture Of the Treasurer of the State.
shall be attached to the bonds, and
annually, from and after the issu.
ing OF the said bonds, OF any part
thereof, there shall be imposed for
each fiscal year State tax of one
mill on each dollar of the valuation,
for each year, of the real and per-
sonal property in this State subject
to taxation, which tax shall be as.
(CoSrrwD es FOURTH PAas.)