The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-04-29

SEC. 10. Be it further enacted, etc, That
the said mortgage to the Governor of the
State Of Louisiana shall describe the second
mortgage bonds thereby secured, and hall
also provide for the payment by the. con-
panv to the trustee of a sinking fund for the
gradual redemption OF the principal of said
bonds. The payment Of the said sink
ing fund shall commence in five years from
the date of said mortgage, and shall be made
annually thereafter ; and each payment
shall not be less than one-half Of one per
cent of the total amount of the principal Of
all the bonds which shall, up to the time
of such payment, have been guaranteed by
the State of Louisiana as hereinafter provi-
dtd whether outstanding or surrendered to
the trustee for the purposes Of the sinking
fund as hereinafter provided. The moneys
so paid to the said trustee shall be forthwith
paid by him as soon as received into the
treasury the State, and shall be paid out
only on the warrant of said trustee for Sec
ond mortgage bonds of said company sur
rendered to him, and all bonds thus surren-
dered and paid for shall be forthwith
stamped by the trustee, ''surrendered to
the S1lIhtuS Iuilu anu NV iiSSoOtitbiS IA
some efftctual manner, so that they can not
be again issued and shall be Immediately
thereafter deposited in the treasury of the
State, and the number and amount of each
and every bond surrendered to the sinking
fund shall be entered by the trustee and by
the treasurer of the State of Louisiana, in
books to pe kept by them for that purpose,
which books shall at all times be open to
the inspection of the officers of tie CONF
pany.
But the interest on such surrendered
bonds shall be payable as it accrues, to the
said trustee, according to the tenor OF the
coupons, and become part of the sinking
fund, and shall be deemed secured by said
mortgage in like manner as it said sur
rendered bonds were still outstanding, and
such payment of interest on the surrendered
bonds shall continue until the sinking fund
shall amount to sufficient sum to pay all
the second mortgage bonds outstanding.
The trustee shall not apply said sinking
fuud, nor any part thereof, to the purchase
of said bonds at any greater price than
par and accrued interest The mortgage Sc
curing said boads shall, contain suitable
provisions for advertising for sealed propo-
sals to the trustee to surrender bonds for
the purposes of the sinking fund, and the
trustee shall give the preference to the pro-
posals most favorable to the company, pro-
vided they not exceed par and accrued
interest. IF on any occasion sealed propo,
sails are not received by the trustee within
the time limited by the advertisement for
the requisite number Of bonds within the
aforesaid limit of price, to absorb the whole
amount of the sinking fund on hand, the
trustee shall, withis three days thereafter,
by a certificate in writing, specify the
amount of bonds SO deficient, and appoint
three commissioners to draw by lot the
requisite amount Of bonds to supply the
deficiency. The said commissioners shall
forthwith, after their appointment, draw
by lot from the numbers OF all the
second mortgage bonds then outStand-
ing, numbers of bonds to an amount
sufficient to supply such deficiency,
and shall make and sign report specify
ing the numbers so drawn by them. and
shall attach to their report an affidavit
sworn to by each of them, before some
officer of the State of Louisiana author
ized to administer oaths stating that such
drawing was IN all respects impartialy and
fairly conducted, and that said report is
true That said certificate of the trustee
and report OF the commissioners shall be
| fled in the Office of the Secretary of State
of the State of Louisiana, and therenpon
the holders of.the bonds bearing the num-
bers so drawn by the commissioners and
specified in their report, shall be bound to
surrender the same to said trustee on re-
ceiyine from him his warrant on the State
treasury for the amount of the principal
of said bonds, with the interest accrued
thereon up to the time of the expiration of
the notice mentioned in section five, or
such earlier time as such warrant may be
delivered. ~ # .sr ..s -- -
SEC 90 Be it further enacted, etc, That
Immediately after the filing~of said report
of said commissioners, the company shall
cause notice to be published, speclfy'ng
the numbers of the bonds so drawn and re-
nuirinp. the holders thereof to surrender
| the same to said trustee on or before a
sneoi6ed dav. which shall not be less than
thirty DAYS after the first publication Of
said notice such notice shall be published
in a daily newspaper in the city OF New
Orleans. and at least two daily newspapers
| in the city of New York, for four success
siye weeks, at least three times In each
week and npon the expiration fthe time
limited in said notice, the interest on the
bonds, the numbers of which are specified
in. such notice, shall cease and no interest
| shall accrue thereon after that time or be
payable. except to the sinking fund, as
hereinafter provided. The payments for
bonds surrendered to the sinking fund, Or
drawn for the sinking fund, shall be made
in currency or coin, according to the tenor
of the bonds drawn or surrendered, and
the annual payments to be made by the
| compan. to the trustee, for the purpose ol
the sinking fund, shall, in like manner, be
| made in currency or coin, as the principal
of said bonds shall be- payable In all
cases where any payments so required OF
j agreed to be made in, coin is made IN cur
rency, the premium on gold ruling IN the
city of New York, at the time the payment
is due, shall be added. Whenever the
term currency" is used in this act it shall
be deemed to mean obligations of the
/ United States of America, which are OF
shall be, by the laws of the United States
made S legal tender in payment of debts.
| SEC. 81. Be it further enacted, etc, That
the said mortgage to the Governor of thu
State of Louisiana shall contain further
provision, that in case default should b.
! made in the payment of the interest Of sale
bonds, or any of them, or of the said sink.
ing fund, or any thereof, and the same
shall remain in arrear for sixty days aftel
becoming due and being demanded o thu
said company, the principal, Of all : th' .IN
bonds secured by said second mortgage
and then outstanding. shall upon the ex