The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1874-12-11
LAWS OF THE STATE OF OREGON.


I AN, a
gon Central Pacific Railway Company, was
duly Incorporated on the 10th day of Sep
tember, 1874, and articles OF said incorpOra-
tlOn filed in the office of the Secretary OF
State, in conformity to law, providing for the
construction of a Railway and Telegraph
| Line from point at or near Winnemucca,
! on the Central Pacific Railroad, In the State
of Nevada, tbut not east OF said place.
thence n0rthwesterly to and across Gobse
| Lake Valley, and by Sprague River Valley
| TO the waters of the Middle Fork OF the Will
| lamette River, in the Cascade Mountains,
thence down said river on the north SIDE 10
Springfield thence crossing to and continu-
ing upon the west side of said river TO the
waters Of the Columbia River, via Portland,
Oregon, and
portance to the people OF Oregon that said
road should be built, and thus torn connec-
| tiOn with the Atlantic seaboard, and the inter
mediate States and Territories, and that the
said Company should proceed with the work
of construction at once and I...
| WHEREAS, For the purpose of establishing a
more perfectsystem Of guara ntees and securl-
| ties to the purchasersandh holders Of the bond
| ed securities Of said Oregon Paclhc Railway
Company, therefore
Be il Enacted by the LegisiatiVe Assembly Of he
State Of Oregon:
SECTION l. That there be and hereby is
granted to the Oregon Central Pacific Railway,
] or its assigns, the right of way through any
lands belonging to the State of Oregon, OF the
| width of one hundred feet, on each side OF SAID
| road, and all the necessary grounds for sta
tions, depots, shops, sldetracks, turntables
and water stations, not exceeding forty acres at
any one place, and also the right to take from
lands of the State, adjacent to the line of the
route, tim ber, stone, water and other material
necessary forthe construction of said road Pro-
vded, always, and upon the express condition
that the Company shall, within thirty days
after the passage of this Act, file with the SEQ
retary Of State their acceptance of said grant
and of all the terms of each and every Dart oil
this Act, and Of all the conditions herein con-
tained, to be performed by the Company, and
that, upon the filing of said acceptance as
aforesaid, the Company shall have become In
vested WITH and in an absolute title to said
roadway, and all the grounds necessary for
stations, depots, shops, side-tracks, turntables
and water stations, as afterwards to be SET
apart and designated, and shall, in consldera.
tion therefor be bound by all the provisions OF
this Act, hereinafter contained and set out.
SEC. 2. And be IL further enacted, That the
Company shall have the right to commence
the construction OF said Railway at such points
as they may deem proper, and that then the
President Of the Company shall notify the
| Governor Of the State Of oregon, ana the
Trustees of the bondholders herein named,
| under oath, that ten miles OF SAID Railway
and Telegraph Line have been completed, then
the Governor of the State and said Trustees
| shall each appoint Commissioner to exam
ing the same, and If the said Commissioner
| shall report that ten miles of said Road and
| Telegraph Line have been com pleted in gooo
and substantial manner and are furnished
with the rolling stock and equipments of 9
first class Railway, of width of guaget the SAINT SAINT
as the Central Pacific Railroad, then the Gov
| ernor of the State shall cause the lands ant
| right Of way hereinbeiore granted, in respect
OF the said ten miles, to be surveyed, designat
ed and set apart for the benefit of the Compa
ny. And whenever and as often as ten add
| t1onal miles shall thereafter be constructed
and so certified to by the aforesaid Commis
sioners, then the lands and right of way grant
| ed shall in lie manner be surveyed, desig
mated and set apart, as to each and every sucl
additional ten miles for the benefit OF the Com
pany.
SEC. g. And be it furtherenacted, That upoI
tine construction and approval OF the first tel
miles of said Railway and Telegraph Line
said Oregon Central Pacific Railway Compan,
is hereby authorized to mortgage to the Secre
tary Of state, or other Trustee MS herein pro
vided in trust for the use and benefit of an,
persons or corporation, home or foreign-iI
this act called the bondhOlders-who shal
loan moneys to the said Oregon CentralPacti
Railway Company, on the security of its road
way and real and personal estate of whateve
description, by first mortgage bonds, said tel
miles OF completed Road and all the fixtures
rolling stock and other property belonging
theretoi said mortgage to attach to each tel
| miles thereafter, whenever and as often as
shall be built equipped and approved of a
herein provided, and shall be deemed to be
sufhclent lien, to all intents and purposes, ur
on the Roadway, Telegraph Line Rollin
L..
the Company, and upon all the rights, fran
chises, powers and privileges OF the Compan.
in relation to the same. And in case OF tore
closure of said mortgage and sale thereunde
OF the Road of the Company, and It's equiv
! ments, the purchaser at such sale shall there
by acquire all the rights, franchises, power
and privileges which the Company possessed
In the use of said Railway, with all its proT
erty and rights Of property for the same pun
pose, and to the same extent, that the Coupa
ny could hold, enjoy and use the same. An
said mortgage shall be a like lien upon al
gltts, donations and subsidies of real eStat
and personal property made to the credit q
the Company In the name OF the Secretary O
state as herein provided, or other Truste
as herein provided or belonging or whicl
may belong to the Company in any manner o
way said gifts and subsidies subject to be dis
posed OF according to the conditions of thi
ACT. said mortgage shall be made to the Sec
retary OF State, or other Trustee as herein pre-
vided, in trust for the, use and benfit of tn
bOnuholders'a as herein provided, shall be dul,
recorded, and shall be iiled in the office Of tn
secretary OF state, and shall be deemed AM
taken to be good and e1fectual conveyance O
the property and rights OF the Company n
therein expressed to and in favor of the bond
holders in security for the payment of tn
bonds which may have been or may be issueC
by the Company MS herein provided, anything
in the laws of this State to the contrary NOT
withstanding.
SEC. 4 And be it further enacted, That
shall not be lawful for the Company to mort
shall the mortgage executed by 1t attacl
thereto, In greater or lesser portions than ter
miles at any one time, nor shall 1t be Lawful
| Tor the Company to issue any portion OF itl
first mortgage bonds to the Secretary of State
on behalf Of the bOndhoders, or to the bond
holders themselves, or to their Trustee or lega
representative, Or any other person, or person.
until said Railway Company shall have frs
completed and fully CONSTRUCTED and equipped
each and every ten miles OF said Railway anC
| Telegraph Line in the manner mentioned il
tho I'd Section of this Act.
! SEC. b. And be Ii further enacted That the
Company shall be entitled, and are hereby au
thorized 10 ISSUE either to Trustee to be
named by the bondholders, or TO the Secretary
of State, for and on their behalf first mort
gage bonds for each and every ten miles OF its
said Railway and Telegraph Line ID shall have
so completed, constructed and equipped, but
that only TO the extent OF, and no more than
three-iourths OF the actual cost price thereof,
as shall be aseertaned by the Two Commits.
siOners named in Section I'd hereof after they.
and each Of them, shall have personally exam
lned the same, and shall have filed with the
| Secretary of state joint report of their in
spection, certifying TO the completion, cost OF
constructlon, and equipment Of each OF said
Zen miles.
SEC. g. And be 1t further enacted, That, for
the purpose of preventing frauds misapprOpri,
atoms of said bonds, or the proceeds derived
from the same, and to prevent the issuing Of
the said bonds by the Company to greater ex-
tent, or Tor other purposes than those herein
huHnH lsNutu Dl
said Company shan be legal or valid securi-
ties, unless they. and each OF them, are coun.
terSigned by the Trustee or other legal repre-
sentative, authorized by, or for, the bondhold-
ers, or by the Secretary Of State, as the Trustee
Of the bondholders.
SEC. 7, And be Il further enacted, That all
gifts or grants OF lands, whether from any
State or from any United States, or any Coun-
W, corporation or individuals, or appropria-
tons OF moneys, or guarantees for the pay
ment OF interest upon the bonds OF said Ore
gon Central Pacific Railway Company, here
after 60 be given by the United States. or any
state, County, corporation, company or indi.
viduols except lands given for right of way or
depot purposrs,l shall be made to the Secreta-
~ OF state Of tho state OF Oregon--or other
Trustee as herein ptovided-aS proper custo-
dian of the same, In trust only for the use
and benefit OF the bOndholders, as security for
the amount OF money due by the Com pany TO
them, and upon sales being made OF the lands
or other property, whether personal or real, all
moneys received therefor, shall. be paid into
tho state Treasury, or to the Trustee as herein
provided, To the credit Of the hondholders, 10
be drawn thercfrOm only upon warrants duly
drawn and signed by the Secretary Of state or
other legally authorized Trustee, or other
agents of the bondhOlders, IN favor of the
hondhOlderS, in payment Of the interest on the
Companys said bonds the principal of snid
bonds, or as hereinafter provided; but said
sales To be valid, shall In all cases be made in
writing, and be countcrsigned by the secre-
tary of state, and hy a Trustee or agent in be-
hau Of the houdholders And an moneys
arising from transportation and other business
done Tor THIS state by the Company, shah be