The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1871-04-06

Now THEREFORE, To determine the
validity of said bonds, and the amount
justly and equitably due thereon from
tho State, and to provide for the equita-
bic adjustment of the amount so found
to be due,
Be 1t enacted by the Legislature of the
State of Minnesota
SECTION l. The Governor shall ap-
point three disinterested persons learned
in the law, either residents or non resi-.
dents Of tho State, who shall be sworn
to impartially perform their duties un-
, der this act, and shall constitute board
Of commissioners, and who are hereby
authorized and directed to determine
and adjudge whether the State Railroad
Bonds, deposited with the State Audit
or under and pursuant to tho afore-
said act of the Legislature, are legal
and equitable obligation against the
State, and if SO, to ascertain and award
the amount due upon said bonds, upon
the basis Of the cost of such bonds to
the derositors thereof, with the interest
upon such cost at the rate Of seven
per cent. per annum, annually, and to
file their determination and award with
the Governor before the first duy OF
July, A. D. 1871.
SEC. 2. The said commissioners shall
have the power to issue subpenas and
require and compel the attendance of
witnesses to administer oaths, and
shall possess all the powers of judg es or
referees in judicial proceedings. Upon
the examination and hearing the said
owners Of said bonds may appear in per-
son or by attorney, and the Attorney
General shall appear and conduct the
proceedings on the part Of the State,
and shall produce all evidence necessary
to show oil the equities existing between
the State and the holders Of such
bonds. The said hearing and proccel-
. ings shall be conducted, so far as the
sane can be applied, according to the
. rules and practice of the district Courts
and of the Supreme Court in the trial
and hearing Of actions or proceedings
at law and equity, and the said COM
missioners shall prescribe and deter
mine the times and places and manner
of said examinations add hearing the
decision and award OF the majority of
said commissioners shall be deemed a
compliance with the requirements OF this
act.
= SEC. 2. In case the said Commits
sioners shall decide tha said bouds shall
constitute legal obligation against the
State, and shall award the amount there.
of on tie basis aforesaid, they shall
compute the interest thereon to the first
day Of July, A. D. 1871; aud there
upon and upon the surrender of said
bonds to be cancelled, the Governor
shall issue and deliver the bonds of
the State, under the State seal, aud in
the form IN which State bonds have
been heretofore issued, for the amount
or amounts so awarded, With coupons
for the interest to accrue thereon. Said
bonds shall be in denominations of five
thousand and one thousand dollars, and
shall bear date July first, A. D. 1871
and sh.ll be payable thirty years from
date, with interest payable semi-anuu.
ally, in the city Of New York, at the
rate Of two per cent. per annum for the
hrst year, which interest shall be fund
Cd g : part Of the principal; at tho
rate of three per cent. per annum for
the Second year !; At the rate of four
Per cent. per annum for the third year
/; at tho rate Of. FIVE per cent. per annun
for the fourth year ; at the rate Of six
per cent. per aanum for the fifth year !;
and 1t the rate Q: seven per cent. per
i annum for the residue of the time Of
I sid bonds !; the difference between tho
aforesaid rates of interest and the
I amount Of interest at seven per cent.
for the first six years shall be added to
the, aggregate amount Of tho principal
Of said bonds as awarded. Said COM
missloners shall also compute and make
reportFof the amount due upon The
judgment referred to in chapter one
hundred and fifty two (152) Of the
special laws Of 1867, and the Governor
shsll thsreupon issue like bonds Tor
such amount 10 settlement and salts.
faction thereof. 81 !. II. II
sEo. All money which shall be
daid into the State treasury from aud
/ after July first a. ID. 1871, by apy5rail-
I road company for or in lieu Of taxes on
the property or business Of said rail-
road shall be appropriated to the pay
{ mest OF the Interest on said bonds SO to
be issued. and the residue thereof. if
/ any, shall DO invested such manpcr
. other sinking funds are Invested.
and shall constitute sinking fund for
tho extinguishment Of the principal Of
suck- bouds !; and no taxes shall be lev
led TO pay the interest on said bonds
beyond the revenue to be derived from
such railroad taxes, and the rate of
.said railroad taxes shall not be reduced
until the fnal payment Of such bonds.
SEC. 5. Said Commissioners shall
10 entitled to a compensation of eight
dollars per day for the time actually
employed under the provisions Of this
acs and may appoint and employ sec.
! ret Tho shall keep a trde. record Of
the proceeding, and be entitled to re-
.csivs the sum Of five dollars per day
a1or shis service while actually employed,
aud the nm d $500 o. 50 much
sthsssof u may Be- necessary, is hereby
~ atsd ont of any moneys in tho