New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-03-22

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fairly conducted, and that said report is
| true. That said certificate OF the trustee
| and report of the commissioners shall be
filed in the office Of the Secretary OF State
of the State of Louisiana, and thereupOn
the holders of the bonds bearing the num-
| bcrs so drawn by the commissioners and
specified in their report shall be bound to
| surrender the same to said trustee on re-
| ceiving from him his warrant on the State
treasury ,ur the amount OF the principal
| of said bonds with the interest accrued
thereon mp to the time OF the expiration of
! the notice mentioned in section i've, or
| such earlier time as such warrant may be
delivered.
SEC. 20. BE it further enacted. etc. That
Immediately after the thing of said report
of said commissioners, the company shall
| cause IA 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 OF before Il specified
| day, which shall not be less than thirty
| days after the first publication of said
! notice. such notice shall be published in IL
daily newspaper i'll the city of New Orleans.
| and at least two daily newspapers i'll the
city OF New York. for tour successive weeks.
| at least three times in each week: and upon
| the expiration of the time limited III said
| notice. the interest on the bonds, the num-
| beers of which are specified III such notice,
|
! thereon after that time or bc payable, OK
| cept to the sinking fund.- as hereinafter pro
| vidcd. The payments TOR bonds sur
| rendered to the sinking fund, or drawn for
| the sinking fund. shall be made III currency
! or coin. according to the tenor of the bonds
drawn o: surrendered. and the annual pay
ments to be made by the company to the
| trustee, for the purpose OF the sinking fund.
| shall. in like manner. hc made i'll currency
| no ,,.tl AZ hal
| be payable. In all cases where any pay
mcnt SO required or agreed TO be made in
| com Is mace i'll currency. the premium on
| gold railing in the city of New York, at the
time the payment is due. shall be added.
Whenever the term "cHrrtncy is used In
| this act it shall be deemed TO mean obliga-
| tions of the United States of America. which
are or shall be. by the laws of the United
| States, made a legal tender i'll payment of
debts.
SEC u. BE it further enacted. etc, That
the said mortgage 10 the Governor of the
State of Louisiana snail contain further
provision. that i'll ease default should be
made in the payment OF the interest of said
bonds, or any OF them, or Of the said sink
ing fund. or any thereof. and the same shall
remain in arrcar for sixty days after be
coming due and being demanded OF the
said company. the principal OF all the bonds
secured 10y said second mortgage. and then
outstanding, shall, upon the expiration OF
said sixty days, become due and payable
and SAID mortgage shall contain suitable
provisions for the sale OF said railroad and
appurtcnances by the trustee. i'll case of
default III the conditions OF sad mortgage
SEC. -. BE it further enacted. etc. That
the said mortgage shall. after lis execution
by the company, be delivered to the Gov
elnor of the state of Louisiana. and ii the
same shall be i'll conformity with the pro
visions of this act lie shall lndorsc his ap
provtl III writing thereon, and cause the
said mortgage thus approved to he recorded
at length i'll the otlic" of the Secretary Of
State. Such approval by the Governor
shall be conclusive rs 10 the sutficicncv of
the form and execution of said mortgage.
ami a~ to Its conformity to the provisions OF
this act. And such recording shall be- con
Structive notice 70 all persons of the lien of
said mortgage. and such lien shall he par
amount to all other liens and membranes
upon the mOrtgHgcd premises, except the
aforesaid lien of the first mort gage. to the
extent of twelve thousand five hundred
dollars. and interest. on each and every mile
OF said main line OF railroad within the
State of Louisiana.
SEC %. Be il further enacted. etc. That
when the said second mortgage shall have
been so delivered. approved and recorded.
and one continuous portion or section OF
II
railroad have been constructed by the com
panv and the rails ilid thereon the com
pany NAV deliver - the Governor of the
State of Louisiana -;>tN-t"o thousand dol
lars OF such Second ,noit.a =. bonds. and the
Governor shall thcIrupon subscribe :. ccrti-
tcate. to he written ~ printed upon each of
said bonds. in "a. following words: The
taymeut OF IL. principal OF the within
bonds when due, and OF interest thereon, AS it
acclue- i, guaranteed ~ the State of Louis
lana. pursuant to the provisions of the act of
the General Assembly "t said STATE iuthorZ-
ING such guarantees, INA shall aI1iX the great
seal of the Stat. Of Louisiana TO such GER
tiricatc and the .aIi al shall be attcsted
BY the Sl.n.ltu'. of 'ht Secretary Of State.
and the bond bonds shall then be dcliv-
cred to the company for it, general Uses
and purposes authorized by IT, charter.
SEC. "a Be il farther cnartrd ETC. That
upon the construction ni each additional
section or portion a.: i've miles in length of
said main line of railroad within the State
of Louisiana the company may execute
and deliver to the Go.clnor of tie State of
louisiana IL further .,inount ot such second
! mortgage bonds equal to twelve thousand
five hundred dollars for each and every
lille in length Of said man line of railroad
within the State of Louisiana 50 constructed
tand for which bonds shall not have been
previously guaranteed AS herein pruvidrdl,
and thercupon the said Governor shall sub
scribe Il certificate OF guarantee upon cacE
and every one OF such bonds. in the form
prescribed III section eight of this act and
the same shall be scaled aud attcstcd in
lih, manner. and shall forthwith hr icliv
cred to the company for its general uses
and purposes ant horizcd hv its charter: and
when the whole OF said main line of rail
road within the State of Louisiana shall
have been constructed by said company.
all the residue of the second mort rage
bonds. authorized by this act, may he cX-
ccutri by the company. and certificates of
guarantee thereon in the form aforesaid
shall he subscribed by the Governor and
sealed and attested as herrinbctorc pro
Nided; and such guaranteed bonds shall
forthwith te delivered to the company for
lts general uscs and purposes authorized by
it, charter
SIC. -. BE 1t further enacted. etc. That
the signature OF the Governor to the certiti-
cate OF guarantee shall be conclusive evil
dence III favor OF the holder of every bond
so certified 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 Il valid and
binding obligation of the State of Louisiana
in favor of whomsoever shall, from time to
time. be the holder Of the bond hearing such
certificate and the State of Louisiana here
by pied yes its public faith and credit to the
performance OF such guarantee according to
its terms.
SEC. 26. BE it further enacted ETC. That
nothing in this act contained shall compair
limpairl or restrict the powers heretofore