The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1871-03-16

Now THEREFORE,, To determine tht
validity Of said bonds, and the smoun'
justly and equitably duo thereon from
the State, and to provide TO- the cquits
b|s adjustment Of tho amount 40 tom,
to be due,
Be 1t enacted by the Legislature of tn
State Of Minnesota: r
L sEoT1oN /. The Governor shall ap
point three disinterested persons learned
in the law, either residents or non.resi
dents Of the State, who shall be sworn
to imparti.lly perform their duties IN
der this act, and shall constitute board
Of commissioners, and Who are hereby
authorised and directed to determine
and adjudge whether the State Railroad
Bonds, deposited With the State Audit
or under aud pursuant to the sfore.
said act Of tho 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, aad to
file their determination and award With
tho Governor before tho first day of
July, A. D. 1871.
SEC. 2. The said commissioners shall
have the power to issue subpouas and
require and compel the attendance Of
witnesses to administer oaths, and
shall possess oil the powers Of judges or
referees in judicial proceedings. Upon
the examination and hearing tho said
owners Of said bonds may appear in pcr-
son or by attorney, and the Attorney
General shall appear and conduct the
proceedings on the part of tbs State,
and shall produce al evidence necessary
10 show all 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
same 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
1t law and equity, and tho said com.
missioners shall prescribe aud deter
mine the times aud places and manner
Of said examinations aod hearing the
decision and award Of the majority Of
said commissioners shall be deemed
compliance with the requirements OF this
act.
SEC. 2. In case the said Commits
sioners shall decide thai said bonds shall
constitute alogal 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; and there
upon and upon tho surrender of sail
bonds to DO cancelled, the Governor
shall issue and deliver the bonds o,
the State, under the State seal, and il
the form in which State bonds have
been heretofore issued, for the amour,
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 shall be payable thirty years from
date, with interest payable semi-annu.
ally, in the city of New York, At the
rate of-two per cent. per annum for the
first year, which interes. shall be fund
ed as a 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 sunum for the third year;
At the rate Of Eve per cent. per annum
for the fourth year at the rate of six
per cent. per annum for the fifth year !;
and at the rate o: seven per cent. per
annum for the residue of The time OF
said bonds tho difference between the
aforesaid rates Of interest and the
amount Of interest at seven per cent.
for the first six years shall be- added to
the aggregate amount of the principal
Of said bonds AZ awarded. Said com.
missloners shall also compute and make
report Of the amount due upon h.
judgment referred to in chapter one
hundred and fifty two (152) Of the
special laws OF 1867, and the Governor
shall thereupon issue like bonds for
such amount in settlement aud salts.
fnctiOn thereof.
SEQ. 4. All money which shall be
daid into the State treasury from and
after July first A. D. 1871, by aoy rail
road company for or in lieu Of taxes on
the property or business of said rail.
road shall be appropriated to the pay.
ment Of the interest on said bonds so to
bs issued, snd the residue thereof, il
any, shall be invested in such manner
- other sinking funds are invested,
and shall constitute sinking fund for
the eztinguishment of the principal Of
such bonds 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 tho ratio Of
aid railroad taxes shall not be reduced
until tho ioal payment Of such bonds.
SFU. B. SAID Commissioners shall