The Portland daily press., 1872-01-29
The Portland and Ogdensburg.

The following is brief abstract of the bill
authorizing the loan of the credit of Portland
for the completion of the road, which was pro-
sented in the House Friday by Mr.. Fessenden,
and referred to the Railroad COMMITTEES:
SECTION 1-Authorizes the city to loan its
| credit on the conditions in the following sec
| tons:
SECTION Provides the act shall not take
effect until accepted by the Directors and two
thirds vote of the city.
SECTION 3-Provides for return of votes on
the question in the usual manner; that the City
Treasurer shall issue scrip payable ON term
of time not less than 80 or more than 40 years,
with coupons with interest at six per cent pay
able either semi-annually or yearly, to the
amount of $2,500,000, to be applied to the con-
struction and equipment of the road
SECTION blinds the Company in suitable
penal sum to the payment of the interest and
principal and holds the city free and harmless
from any expenditure, damage or loss on ae-
count of the issue of said scrip.
SECTION 5-Provides further security for said
scrip by the mortgage bonds of said company.
issued and dated November /, 1871, and secured
by deed of trust of the franchise and proper
ty Of said road of the same date heretofore ex-
for the benefit of the holders of the aforesaid
bonds-the amount of mortgage bonds to equal
the script issued by the city.
SECTION 6-Provides for the assignment of
said property to the city by the trustees in case
any of the scrip remains unredeemed at ma
turity.
SECTION Provides for the transfer to the
city, upon delivery of any portion of the scrip,
an equal amount in shares of the Company as
collateral security for the bondsof the Company
required in such cases, and these shares are to
be credited on the books of the Company as
paid up stock not liable to assessment or divi-
dends, and having no vote as long as held as
collateral
SECTION 8-Provides for the appointment of
commissioners to manage the sinking fund.
SECTION 9-Provides that at the expiration of
five years from the first delivery of the scrip
the Company shall pay the city one Der cent of
the whole amount of said scrip; and annually
thereafter shall pay one per cent of outstanding
scrip from theIncOme of the road
SECTION 10-Provides that the Commission
cts shall have the care and management of the
sinking fund, but the custody of the same shall
be in the hands of the City Treasurer who is
e1-o6tcio treasurer of said fund and is RESPONSE
BILE to the city. -----.--.-------
SECTION 11-Proyides that the Commission
ers shall invest the funds securely on mortgages
of real estate, County, State and United States
securities, or stock of any railroad in New Eng
land whose road is completed and stock paid
up.
SECTION 12-Declares that the sinking fund
shall be reserved for the redemption Of said
scrip at maturity.
SECTION 13-Provides that stock held as col
lateral by the city may be sold by the Commits
sioners, with consent of the Directors, or ex-
changed for city scrip when it can be advan-
tageously done. 1t also provides that no part
of the sinking fund is to be applied to the pay
ment of the scrip before maturity
SECTION 1-Relates to the reports of the
Commissioners of the sinking fund
SECTION 15-Secures faithful performance of
trusts confided to the Commissioners by an ap-
peal to the Supreme Judicial Court on COM
plant.
SECTION 16-Provides for the use of any sur
plus of the sinking fund -
SECTION 17-Provides that the City Treasurer
shall issue said scrip to the amount of $4,000
Immediately on acceptance of this act by the
city, and $4,000 thereafter as fast as labor and
material have been performed and furnished to
that amount.
SECTION 1S-Provides that within 80 DAYS !
after the approval of the Governor meetings
shall be called to vote on the loan.