The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-04-15
No. 2Se
AN ACT

| pany," approved March fifteenth f15G
| one thousand eight hundred and fifty
| five (ts55l and g'anting aid thereto:
SEcrros J. Be it enacted by the Senass
and House of representatives. of the State
| of louisa 4 in general assembly c1,nvencdt
That the Southeastern Railroad Company
be and they are hereby authorized to make
aud issue from time to time, as hereinafter
provided, its bonds. TO be knawn as second
mortgage bonds of the southeastern Rail-
road Company. guaranteed by the Stat OF
Louisiana, of such denomination as the
company may elect, but to OH amount nos
exceeding in Che aggregate twelve thousand
five Hundred dollars for each and every
mile in length OF its railroad to some point
within the State, on Lake Borgne or the
Gulf Of Mexico, in conformity with the pow
er and authority vested in said company by
the State of Louisiana, by an act of the'
General Assembly Of the State, and APP
proved March fifteen O5) eighteen hundred
and tifty-five; provided that in order, to
avail itself O. the berefit If this act. the
Said Southeastern Railroad c rnpanv shalt
commence the work Of building SAID Tail~
road within six months, and complete the
same within two years after the passage Of
| this act.
| See. g. Be it further enscted, etc., That
such bonds shall be numbered COM
secutvely, and shall be made payable to
the State of Louisiana, or bearer at such
time as the company may designate therein,
| not more than forty years from their date,
and shall bear interest at sueh rate as the
company may designate therein, not sx-
ceeding eight per cent per annum. payable
semi annually and coup d !or such inters
est shall be annexed thereto. The princit
pal or interest, or buth of said bonds mays
at the option of the company, be made pays
able in lawful currency Of the United
States, or in gold coin. or in English ster-
ling, and if payable in >terlngr TIVE
| thousand FIVE hundred pounds sterling per
mile shall, for the purpose Of this act, De
deemed within the limitation of twelve
thousand five hundred dollars per mile i1
section one of this act contained, and the
| place OF payment of the principal and. in.
rest of said bonds, or any of them, may
i,e either at the city Of London, in Eng
land or the city OF New York, as the eoun-
pany may elect and designate in such
| bonds.
SEC 8. Be it further enacted, etc, That
the payment of the principal and interest
of such bonds shall be secured by mort
gage to be executed by said company to
Governor Of the State Of Louisiana as trnss-
tee for whomsoevcr shah from time to time
be holders of said bonds. and also for the
State of Louisiana and for the said company {
! and whomsoeveF SHALL from time, be hold.
ers of said bonds, and also for the State Of
i Lonisaua and for said COMPANY,
and who,nsoeyer shall from true Co 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 lien upon the whole Of
said main lin of railroad Of said company
within the State Of Louisiana, AID upon all;
/ the right of way, road bed. rails depots,
stations, shops, buildings, machinery, tools,
engines, cars and real aud personal estate
within the State of Louisiana apqprtenant TO-
or necessary for the operation Of said main
line of railr ad owned by the Company at
the date of said mortgage or which may be
| acquired by it thereafter. and also upon the
incorporate franchises and privileges of
said company grated by the State OF
Louisiana, relative to the canstfut tidn, ope.
ration and use Of said maln lie Of railroad
within the State of Louisiana. But the
lien of said mortgage shall be subject and
snboi dinate to prior lien TO The extent
next hereinafter spe,ified in favor of first
mortgage to be made by said company to-
secure bonds to be knoWnas First Mortgage
Bonds of the Southeastern Railroad Conn
psny such first mortgage bonds, and The
mortgage securing the same shall DC
prior lien only 0 the eztert Of twelve thou.
sand five hundred dnllars, payable in coins
or currency, or two tfousard d five hundred
pounds sterling of such first NOR gage bonds.
and the interest which n:ay acrue thereon,
at the fate ofnot exceeding eight per cent
/ per annum, payable seml-annaaily, upon
! each and every mile of the aforesaid nhain
! line of RAILROAD within the State Gf Loaisi
ana, including all the right # way road
bed, rails depot, stations, shops, buildings.
machinery. tools, engines. cars, ard real
and personal estate within the State Of
louisiana appurtenart TO or necessary tor
the. operation Of said main line of railroad
owned by the company at the date OF said
mortgage, or which may De acquired By 1t
thereafter, AID the corporate franchises and
privileges OF said company, granted hy the
State OF Louisiana, relative TO the constFuc
lion. operation or use Of said main fine OF
railroad within the State Of Louisiana ;fhe
principal of slct first mortgage bonds not
to be payable in less than forty years From
their date, unless in case Of default of pay.
ment Of interest thereon, and in case Of
sale of said railroad, or any part thereof,
for the satisfaction OF said first and aecond
mortgage bonds, or either Of them, the pro
!. ceeds of the rolling stock and personal
property which may be sold shall bs
deemed to appertain to that portion Of said
main line of railroad within the State OF
Louisiana which shall have been cotstfuf
ted and operated and shall BE- apportioned
equally upon each mile thereof, and shall
be deemed proceeds Of the completed
portion of said railroad, and the lien of said
first mortgage shall be governed By the
further provisions hereinafter contained.
/ SEC. f. Be it further enacted, etc, That
/ the said mortgage to the Governor of the
State OF. Louisiana shall describe the sec
ond mortgage bonds thereby secured. and
shall also provide for the payment by the
company to the Trustee Of sinking fund
for the gradual redemption of the princi-
pal of said bonds. The payment of said
sinkingafund shall commences In five years
from the date Of said mortgage, ard shall
be ma G srnually thereafter. and each pay
ment shall not be less.'han one half of ons
rer cent of the total amount Of the prin i
pal Of all the honds which shall, up to the
time of snch payment, hare been guaran
teed by the State Of Louisiana, as herein'