New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-01


the purpose of constructing and maintain
lng said railroad, and as evidence of the in
debtedness Of said company for such loans
or purchases, may issue its corporate bonds
or promlssOry notes, bearing interest at a
rate not to exceed eight per centum per an
mum, and to secure the payment of said
bonds and notes may mortgage its railroad,
its capital stock, its corporate franchises,
and any its real or personal property, or
any portion of the same, and t may, by its
president or other officers or agents duly
authorized by its directors, sell, dispose of,
or negotiate such bonds and notes, or
may sell, dispose of or negotiate its
capital stock or any OF Its personal
property atuch times and places, and
at such rates and for such prices, either
within or without this State, as in the judg-
ment of said company or its directors will
best advance its interests, and If such bonds,
notes or stocks are thus sold at a discount,
such sales shall be in all respects valid and
binding upon this company, and such bonds
or notes shall be as valid for the par value
thereof as if the same had been sold at par
value; provided, however, that said com
pany shall not secure by a first mortgage
upon its property, franchises and effects,
bonds or prOmissOry notes to an amount eX-
ceeding the sum of twelve thousand five
hundred dollars for each linear mile Of rail
road which said company is authorized to
construct under this act.
SEC. 10. Be it further enacted, etc, That
said company may be and is hereby au'
thOrized to make and issue from time to
time, as herein above provided for, its
bonds, to be known as first mortgage oonds
of the Vidalia Red River and Texas Kali
road Company, guaranteed TO the extent
hereinafter provided by the State OF Louis
lana, and of such denomination as the conf
pany may elect, but to an amount not eX-
& Eva hun poA dol
lars for each and every mile in length of the
line of its railroad within the State of Lou
isiana which said company shall construct,
as specified in the prOyiso of section eighteen
of this act Said bonds shall be numbered
cOnsecutively, and shall be made payable TO
the State Of Louisiana, or bearer, at such
time as the company may designate therein,
not more than fifty nor less than thirty
wears from their date, and shall bear inter
est at such rate as the company may desig-
nate therein. not exceeding eight per cent
per annum, payable semi-annually, and
coupons for such interest shall be annexed
thereto. The principal and interest OF said
bonds, or both, may be made payable IN
lawful currency OF the United States, OF IN
English sterling, and if in sterling, two
thousand five hundred pounds sterling per
mile shall, for the purposes of this act, be
deemed within the Limitation of twelve
thousand five hundred dollars per mile IN
this section contained, and the place OF
payment shall be where the company shall
elect and designate in said bonds
SEC. 90 Be it further enacted, etc, That
the State Treasurer shall annually, and
Immediately upon receiving the revenues
for each wear, place to the credit of said
railroad company all the State taxes col
lected and paid into the State treasury on
the increased valuation of the taxable prop
erty of the parishes through which sand
railroad may pass, as shown by the annual
assessment rolls, over and above the amount
of the assessment roll of said parishes for
the year 1870. And upon the sums so paid
into the treasury to credit of said company
the State of Louisiana shall and Will pay
six per ceatper 2nnum interest.
SEC. 81. Be it further enacted, etc, That
the SUMS so paid to the State and the III
terest thereon shall constitute sinking
fund for the redemption, pro tG3tt0 OF the
frat mortgage bonds of said railroad com
pany, which shall be applied first to pay
nent of the interest coupons due thereon;
and the State hereby pledges its faith for
the redemption of said bonds to the extent
of said fund And it shall be the duty OF
the State Treasurer, whenever and as often
as said fund shall amount to twenty-five
thousand dollars, to advertise i'll the official
journal of the State that he will, on day
therein named, not less than thirty days
after first publication, receive offers from
the holders Of such bonds for the purchase
thereof at the lowest rate, and be shall pur-
chase such of said bonds as are offered at
the lowest rate to the extent OF the funds
in hand; which bonds so purchased shall
be bv him Cancelled and filed in his office,
together with such coupons as may have
been by him taken up, and the numbers
and amounts thereof shall be entered IN
register kept by him for the purpose, and
which register shall be accessible to the
public.
SEC. %. Be it further enacted, etc, That
it shall be the duty of the said State Treas
urer to embrace in his annual reports TO
the Legislature a statement showing the
amounts received, and disposition made of
said fund. Heshall charge said fund with
the cost of said advertisements, and shall
be entitled to deduct therefrOm one per
cent on the amount of the bonds so taken
up and Cancelled.
SEC. %. Be it further enacted, etc, That
parishes adjacent to, near, or through
which the railroad line may pass, may sub
scribe TO the capital stock of said company
whenever majority of the legal votes
cast. at a general or special election, shall
be in favor of subscription. The time OF
voting and the amount to be subscribed
shall Be determined by the police jury. The
notice of the time fixed shall be made
known by publication in the manner pre-
scribed for judicial advertisements, at least
thirty DAYS Immediately preceding such
election. Said elections shall be held at the
places, by the persons, and the returns
shall be made in the manner, Indicated by
the police jury.
SEC. a. BE it further enacted, etc, That
there shall be written on the ballots OF
those in favor of the subscription the words
for subscription" and on the ballots OF
those against the subscription the words
3. A. s,,6scriu+ion And If at such election
il shall appear that a majority OF the votes
cast in any parish have been IN favor OF
subscription. then, and in that event, such
parish shall issue, and cause to be authen-
heated bv the signature of the president OF
the police Jury, countersigned by the clerk
thereof, to the president Of the Vldalla, Red
River and Texas Railroad Company, or
bearer, bonds of one hundred dollars each
to the amount of such subscription, payable
in not exceeding fifty nor less than thirty
wears, and STIMULATING the payment OF not
exceeding eight per cent interest per annun
from date, which interest shall be payable
annually, and shall be indicated by interest
coupons attached to said bonds.
SEC %. BE it further enacted, etc, That
the police jury shall, in the ordinance au-
thOrizing the bonds, provide for the pay
ment of the principal and interest thereof,
and for that purpose shall levy a tax. to be
collected annually, of an amount sufficient
to nav the interest and one-fortieth part of
the principal thereof, which tax shall not
be repealed until the principal and interest
shall have been paid, and the amount of
such tax Oess the costs of collection and
such sum as may be required to meet the
Davment of tie interest coupons after APP
nIyiug thereto the funds hereinafter pro-
vided for that purpOse shall constitute
sinking fund for the payment of tue bonds
4I,rs 70 no jSsupd 70 be DESIGNATED as the