New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-10-29

S"SC AGo wi pO1asc pHOpcEty AuU 1I8uCuleee,
except that the said company shall not have
power to make any mortgage, or create any
incumbrance upon its said main line Of rail-
road, within the State of Louisiana, which
shall have priority over the second mort
gage to any greater extent than twelve
thousand five hundred dollars in gold coin
Of the United States of America, and the
interest thereon, in like coin, at a rate not
exceeding eight per cent per annum, upon
said main line Of railroad within the State
of Louisiana, and In case of foreclosure
Of any mortgage upon the said main line of
railroad before the whole of said main
line Of railroad shall have been COM
Pleted, the State of Louisiana may,
through its Governor, REQUIRE that
that part Of said main line of railroad with
in the State Of Louisiana which shall have
been constructed, and in respect of which
the State Of Louisiana shall have guaran-
teed second mOrtage bonds be sold separ-
ately. and the proceeds of the part so sold
together with its due proportion of the
proceeds of the cars, engines, and personal
property Of the company shall constitute
fund upon which the first mortgage shall be
a first hen, to the extent only Of securing
Twelve thousand hund1e s doiaps in in
gold coin, per mile for every mile, Of con.
structed road thus sold, with the arrearages
of interest thereon; and after paying such
amount Of first mortgage bonds and interest
out of said fund, the surplus or 30 much
Thereof as may be necessary shall be applied
to the payment of the said second mortgage
bonds guaranteed by the State Of Louisiana,
and all arrearages Of interest thereon Or
in case such sale shall be made under the
second mortgage. the sale may be made
subject to said first mortgage, and the por-
ton 30 sold shall be released and discharged
from the said first mortgage, and the lien
and operations thereof on the surrender by
the purchaser to the trustee under said first
mortgage of first mortgage bonds to the
amount Of twelve Thousand five hundred
dollars and the unpaid coupons thereunt6
appertaining for each and every mile of said
railroad 20 sold, or on the payment by the
purchaser, to said trustee of q sum sufficient
to discharge like amount of first mortgage
bonds and the coupons in afrear thereon.
Sec. g. Be it further enacted, ETC., That
whereas, the line of the railroad of ssid COM
pany, as intended to be constructed, will
extend beyond this State. it ie hereby de:
personal property which said company may
acquire, shall, for the purposes Of this act,
and tor all mortgage purposes. be deemed
part Of the realty, and be apportioned &C
c0rdlng to the number Of miles of railroad
constructed and owned by the company in
each State, so that the number Of cars and
engines and amount Of personal property
shall DO deemed to belong to the portion Of |
the comPany's railroad constructed and
lying within the limits of either Of said |
States, shall at all times bear the same pro- |
portion to the whole number of cars, en- |
gines and whole amount Of personal prop |
erty owned BY the COMPANY. which the |
number Of miles of railroad Of the company, |
and lying within such State,