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

extent than twelve thousand five
hundred dollars in gold coin of the
United States of America, and the
interest thereon, in Ike coin, at a
rate net exceeding eight per cont
per annusn, upon each and every
mile of the entire length of said main
! line railroad within the State of Lou
isiana, and in case of a foreclosure
of any mortgage upon the said main
line of railroad shall have been COM
pleted, the State of Louisiana may,
through its Governor, require that
D rt OF said main line of railroad
within the State of Louisiana which
shall have been constructed, and in
respect of which the State of Louis
lana shall have guaranteed second
mortgage bonds be sold separately
and the proceeds of the part go sold
together with its due proportion of
the proceeds of the cars, engines
and personal property of the COM
pany shall constitute a fund upon
which the first mortgage shall be a
first lien, to the extent only of Sc
curing first mortgage bonds to..the
amount of twelve thousand five
hnnd-ed dollars in gold coin per
mile, for every mile Of constructed
road thus sold, with the arrearages
of interest thereon; and after pay
ing such am unit OF first mortgage
bonds aud 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 guaranteed by the
State of Louisiana, and all arrear-
ages of interest thereon. Or in
case such sale shall be made under
the second mortgage, the sale may
be made subject to said first mort
ga. e, and the portion 30 cold shall
be released and discharged from
the said first mortgage, and the
lien and operations thereof on the
surrender by the purchaser to the
trustee under said first mortgage of
first mortgage bonds to the amount
of twelve thousand FIVE hundred
dollars and the unpaid coupons
thereunto appertainins for each
and every mile of said railroad so
sold, or on the payment by the
purchaser, to said trustee OF sum
sufficient to discharge a like amount
Of first mortgage bonds and the
coupons in arrears thereon.
Sec. %. Be it further enacted,
etc, That whereas, the line of the
r;.i'road of said company, as in
tended to be constructed, will ex
tend beyond this State, it is hereby
declared that the cars and engines,
and all personal property which
said company may acquire, shall
for the purposes OF this act, and tor
all mortgage purposes, be deemed
part of the reality, and be appor-
toned according 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 the company's
railroad constructed and lying with
in the limits of either of said States,
shall at all times bear the same pro-
portion to the whole number Of
cars, engines and whole amount Of
personal property owned by the
company, which the number of
miles of railroad OF the company,
constructed and lying within such
State, shall bear to the aggregate
number of miles of the railroad of
the Company constructed in all Of
said States.
Sec. "a. Be it further enacted,
etc, That ell the power ) privileges,
grants and franchises which are by
this act granted to said company
for the construction and mainten-
ance of its main line of railroad
within the State of Louisiana, shall
be and are hereby made applicable
to such branch railroads as said
company is authorized to construct;
and for all the purposes of this act
such branch railroads shall be
deemed and taken to form and con
stitute q part of the said main line
of said railroad within the State of
Louisiana, in this act designated