Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-11-23

proceeds Of the completed portion
of said road, and the lien OF said
first mortgage shall be governed by
the further provisions hereinafter
contained.
SEC. Is. 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 shall
also provide for the payment by the
company to the trustee, of a sink
ing fund for the gradual redemption
of the principal Of the said bonds.
The payment of the said sinking
fund for the gradual redemption as
aforesaid shall commence in five
wears from the date of said mort
gage, 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 the bonds which shall,
up to the time of such payment, has
been guaranteed by the State OF
| Louisiana, as hereinafter provided,
whether outstanding or surrendered
to the trustees for the purposes OF
the sinking fund, as hereinafter pro-
vided. The money SO paid to the
said trustee shall be forwith paid
by him, as soon as received, into
the treasury of the State, and shall
he paid out only OH the warrant OF
said trustee for second mortgage
bonds of said company surrendered
to him and oil bonds thus sur
rendered and paid for snail be
forthwith stamped by the trustee
"surrendered to the sinking fund
and not negotiable" in some efec-
tual manner, so that they can not
be again issued, and shall be i'm
mediately thereafter deposited in
the treasury Of the State, and the
number and amount of each and
every bond so surrendered to the
sinking fund, shall be entered by
the trustee, and by tho Treasurer
of the State of Louisiana, in books
to be kept by them for that pur-
pose, which books shall, at al
. times, be open to the inspection o.
the officers Of the company. But tho
interest on such surrendered bonds
shall be payable as it accrues te
, the said trustee, according to tht
tenor of the coupons, and become
part of the ainking fund, and shall
, be deemed secured by said mort
gage in like manner as if said sur
rendered bonds were still outstand
| ing and such payment Of Interest
on the surrendered bonds shall con
tinue until the sinking fund shall
amount to sufficient sum to pay
: all the second mortgage bonds out
standing. The trustee shall TO
| apply said sinking fund, or an.
part thereof, to the purchase of sait
+ bonds at any greater price than
+ par and accrued interest. Th'
: mortgage securing said bonds shal
|, contain suitable provisions for ad
| vertising for sealed proposals t.
, the trustee to surrender bonds TO
3 the purposes of the sinking fund
and the trustee shall give the pre-
3 ference to the proposals most favor
, able to the company provided
they do not exceed par and accrueC
1 interest. II, on any occasion, sealet
1 proposals. are not received by tn
: trustee within the time limited b,
a the advertisement for the requisit
: number of bonds within the afore
/; said limit of price, to absorb th
e whole amount of sinking fund o.
8 hand, the trustee shall, within thre
}, days thereafter, by a certificate Q
t writing, specify the amount &
It bonds 80 deficient, and appoin
4 three commissioners to draw by IL
! the requisite amount of bonds t
:, supply the deficiency. The sal
r commissioners shall forthwith, afte
d their appointment draw by lot frol
+ the numbers of all the second NOR
: gage bonds then outstanding nun
n bers of bonds to AMI amount su
It fcient to supply such deGcienc
y and shall make and sign q repol
IT specifying the numbers 80 draw
d by them, and shall attach to the
s report an affidavit sworn to by eat
., Of themtbefore some officer of Il