The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-04-15

sembly Of said State authorizing such guar
antee !" and shall afix the great seal Of the
State of Louisiana to such certificate, and the
said seal shall be attested by the signature of
the Secretary of State, and the bonds shall
then be delivered to the company for its gem
eral uses and purposes Authorized by its char
ter.
Sec. 9. Be it 1urther enacted, etc, That
upoL the construction Of each additional Sec
ton or portion of FIVE miles in length of said
msin line Of railroad within the State of Lou
islana. fhe company may execute and deliver to
the Governor of the State of Louisiana a fur
ther amount Of said second mortgage bonds,
equal to twelve thousand FIVE hundred dollars,
or two thousand five hundred pounds sterling,
rs the company may elect, for each and every
mile in length of said main line If railr Dad
within .ie State of Louisiana So constructed
(ard for which bonds shall not have been
previously guaranteed as herein proviced),
and %thcreupon the said Governor shall sub
scribe a certificate Of guaranty upon each and
every Of said bonds, in the form prescribed in
section light # this act, aud the same shall
be sealed and attested in like maner, and
shall forthwith be delivered to the company
for its general uses and purposes, authorized
by its charter, and when the whole Of said
main line of railroad within the State of Lon
isiana shall have been Constructed by said
company. all the residue of the second mort
! gage bonds. authorized by this act. may be
executed by this company, and certificates OF
guarantee thereon, in the form aforesaid,
shall be subscribed by the Governor, AMI
sealed and sttested as hereinbrfore provided,
and such guarantee bonds shall forthwith be
delivered to the company for its general uses
and purposes. authorized by its charter.
SEC. 10. Be it further enacted, etc, That
the signature of the Governor to the certif.
cate of guarantee shall be conclusive evidence
in favor of the holders of every bond SC Ger.
titled that the conditions Of this act have been
complied with on the part of the company,
and that said bonds have been duly made and
regularly certified and issued, pursuant to
the provisions Of this act and every such
certificate of guarantee, when so subscribed,
shall be- a valid and binding obligation of the
State of Louisiana in favor of whomsoevpr
shall, from time to time be the holder Of the
bond bearing such certificate, and the State
of Louisiana hereby pledges its public faith
and credit to the performance of such guaran-
antee according to it's terms.
SEC. ii. Be it further enacted, etc. That
nothing in this act contained shall impair or
restrict the powers heretofore granted the
said company TO issue bonds. and to mort.
gage its corporate property and franchises,
except that the said company shall not have
power to make any mortgage or create any
incumbrance upon said main line 4of railroad
within the State of Louisiana which shall
have priority over the said second mortgage
to any greater extent than twelve thousand
five hundred dollars, in coin or currency, or
two thousand five hundred ponds sterling,
and the interest thereon, at a rate not exceed
ing eight per cent per nnu npon each and
every mile of the entire length of said main
Zine of railroad within the State Of Louisiana :;
Rahd in case Of a foreclosure of any mortgage
! upon the said main line of railroad before the
whole of the said main line of railroad shall
have been completed, the State of Louisiana
may, through its Governor, require that part
of said main line of railroad within the State
of Louisiana which shall have been construc.
| ted, and in respect of which the State of
| Louisiana shall have guaranteed second
mortgage bonds, be sold, and proceeds of the
part SO sold together with its due proportion
of the proceeds of the cars, engines, and
personal property Of the company, shall con-
stitnte a fund upon which the first mortgage
shall be a first lien to the extent only of Sc.
CulllS AlSt tlUit x btHGS 10 lie dtil0uBG VI
twelve thousand five hundred dollars in coin
or currency, or two thousand five hundred
| pounds sterling per mile, for every mile of
constructed road thus sold, with the ariear
ages of interest thereon, and after paying
such amount Of first mortgage bonds and
interest out of the said fund, the surplus, or
as much thereof as shall be necessary, shall
be applied to the payment of the said second
mortgage bonds guaranteed of the State OF
Louisiana. and all arrearages Of interest
thereon, or in case such sale shall be. made
under the said second mortgage. the sale
may be made subject to said first mortgage,
and the portion so sold shall be released and
discharged from the said first mortgage, and
the lien and operation thereof, on the surren-
der by the purchaser to the trustee under
said first mortgage, of first mortgage bonds.
to the amount oftwelve thousand five hun.
bred dollars, or two thousand five hundred
pounds sterling, and the unpaid coupons
thereunte appeitaining for each and every
mile of Said railroad so sold, or on the pay
ment by the purchaser to said trustee of a
sum sufficient to discharge a like amount of
the first mortgage bonds and the coupons in
arrear thereon.
Sec. y. Be it further enacted. etc, That
this act shall take effect and be in force
from and after its passage.
{Signed) GEO. W. CARTER.
Speaker of the House Of Representatives,.
(Signed) OSCAR j. DUNN,
Lieutenant Governor and President of the
Senate.
A true copy:
GEO. Z. BovEE,
sa Secretary of State.