New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-21

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conducted, and that said report is true.
The said certificate of the trustee and re-
port of the commissioners shall he filed in
the Office of the Secretary OF State Of the
State of Louisiana, and thereupon the
holders of the bonds bearing the numbers
so drawn by the commissioners and speci-
fled III their report shall he bound to sur
render the same to said trustee on receiving
from him his warrant on the State treasury
for the amount Of the principal OF said
| bonds. with the interest accrued thcreupOn,
up to the time of the expiration OF the no.
tice mentioned III section. five, or such
earlier time as such warrant may be de-
liyered.
SEC }. Be it further enacted, etc. That
Immediately after the filing of said report
of said commissioners the company shall
cause a notice to be published specifying
| the numbers of the bonds SO drawn. and re-
| Quiring the holders thereof to surrender the
same to said trustee, on or before specified
day, which shall not be less than thirty days
after the first publication OF said notice.
Said notice shall be published in a daily
newspaper i'll the city OF New Orleans, and
in at least two daily newspapers in the city
of New York, for four successive weeks. and
| upon til expiration of the time limited in
! sand notice. the interest on the bonds, the
numbers "t which are specified III such
notice, shall cease. and no interest shall
| accrue thereon after that time. or be pay
able. except to the sinking fund. as herein
before provided; provided. however that if
any OF the bonds SO drawn shall be payable
i'll the city OF London. further publication
! of said notice shall be made for at least four
! successive weeks at least three times Ill each
week, III two newspapers published III the
city of London, and the date specified for
the delivery of such last mentioned bonds
shall be AT least tortvtive days from the
time of the first publication Of the
last mentioned notice, and the interest on
the last mentioned bonds shall cease to ac-
rrue Except to the sinking fund herein
before provided) on the expiration of the
last mentioned notice. The payment for
bonds surrendered to the sinking fund.
or drawn for the sinking fund. shall
| be made III currency, com or sterling. or
their equivalent respectively. according to
! the tenor of the bonds drawn or >urrcn-
| dercd. and the annual payments to he made
10y the company to the trustee. for the pur-
pose of the sinking fund. shall i'll like man
| ner be made IN currency, com or sterling. or
their equivalent. as the principal of SAID
bonds shall be payable. In all cases where
any payment is required by this act. or
agreed by the company I" he made in ster-
| ling. if such payment is reduced to currency.
the premium ON gold i'll the city of New
York and the rate of exchange on London
ruling at the time when such payment is
due shall be included: and when
ever any payment so required or agreed
to be made ia coin is made
III currency. the premium on gold ruling i'll
the city of New York at the time the pay
ment is due. shall be added; and in case of
any decree or recovery in any court OF this
State upon said second mortgage bonds, or
any OF them, or upon said mortgage. the
amount due upon such OF said bonds as may
be payable in coin or sterling. shall be AS
certaincd by reducing coin and ster-
! ling. respectively. into currency. ac-
cording to the foregoing rules. When
ever he term "rurrency is used in this act,
it shall be deemed to mean obligations
of the nited States of America which are.
or shall he. by the laws OF the United States.
H.ide legal tender III payment of debts.
! SEC. 6. Be it further enacted. etc. That
the said mortgage to the Governor of the
State of Louisiana shall contain IL further
provision. that in case default shall be
made i'll the payment of the interest of
said bonds. or any OF them. or of the said
sinking fund or any part thereof. and the
same shall remain III arrear for sixty days
after becoming due. and being demanded
of the SAID company, the principal OF all
| the bonds secured by said second mort gage,
and then outstanding shall. upon the cN
! I,iration Of said sixty days. become due and
! PAYABLE. aud said mortgage shall contain
I
! road and appuItenanrc> by the trustee. III
case of default i'll the conditions ot said
| mortgage.
| Sic. :. BE ii further enacted. etc. That
! the said mortgage shall. after its execution
! hv he company. be delivered to the Cover
! nor of the State of Louis ana. ANA il the
| same shall be IL conformity with the pro
/ visions of this act. he shall indorSe his ap-
| prevail i'll writing thereon, and cause the
said mortgage thus approved to be recorded
! at length in the office OF the Secretary OF
State. Such approval by the Governor
! shall be conclusive to the sutiicitucy of
| the form and execution OF SAID mortgage.
| and to conformity to the provisions of
| this act. and such recording shall be con
structive notice to all persons Of the lien of
! said mortg gage. ard such lien shall be para
mount TO all other liens and incumbranccS
| upon the mort "a ged premises. except the
aforesaid lien of the first mortgage to the
| extent of twelve thousand five hundred
| dollars or two thousand five hundred
pounds sterling. and interest. on each and
every mile of said main line OF railroad
within the State of Louisiana.
SEC s. Be il further enacted. &c. That
when the said second mortgage shall have
been SO delivered. approved and recorded.
and one continuous portion or section OF
1--WE miles III length of the said main line of
railroad within the State OF Louisiana.
shall have been constructed by the compa
ny. and the rails laid thereon. the company
NAV deliver to the Governor of the State Of
Louisiana sixty two thousand five hundred
dollars. or twelve thousand five hundred
pounds sterling. OF such second mortgage
bonds. and the Governor shall thcreupon
subscribe a certificate. to hr written oi'
printed. upon each OF said bonds. IL the tol
lowing words: The payment of the plin-
cipal of the within bend when dde. and OF
the interest thereon as it arcruc>, is guar
antced by the State OF Louisiana. pursuant
to the provisions of the act of the General
Assembly Of said State authorizing such
guarantee" and shall atiiN the great seal OF
tine State of Louisiana to such certificate.
and the said seal shall be ilttcstcd by the
signature of the Secretary of STATE. and the
bonds shall then bc delivered To the compa-
ny for its general uses and purposes author
Ized ny its charter
SEC. 9. Be it further enacted etc. That
UI,on the construction of each additional
section or portion ~ five miles in
length OF SAID .uain line of rail
road within the STATE OF louisiana the
company may execute and deliver to the
Governor of the State OF louisiana further
amount of sand second mortgage bonds,
equal to twelve Thousand five hundred dol
lars or two thousand five hundred pounds
sterling, as the company may elect for each
and every mile in length of said main line
O.. railroad within the State of Louisiana
50 constructed land for which bonds shall
not have been previously guaranteed as
herein providedI, and thcreupon the said
Governor shall subscribe a certificate of
guaranty upon each and every of said
bonds. in the form prescribed in section
eight of this act and the same shall be