The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1875-01-22

as9hs s9sr " ~ ny ~ Crnef ~ interest on the Compa
ny's bonds the principal OF said Donus' OF ~ W !
hereinafter provided DgI saiu srn Inc ~ ami be
countsrsened by the Secretary OF StaIe On ~
half OF the bondholders, and shall also pe |
.countersgned by Trustee or AGENT III Inen
hehaif. liISewise all monies arising nom trans
portatfon and other business done lor tne Stale .i
by the Company, shall be and remain "a ny the
Treasury OF the state to the credit OF SAID Donu-
holders And all monies arising from the
TRANSFORMATION of mails Government ,syOres |
and alt other business done Tor tne uhi..eau
States shall be paid into the treasury Oh. .tnis
state TO the credit of the bondholders' ana
the Secretary Of the Company shall PC ana Is
hereby required TO draw warrants On Inc dreas- 1a
irv al the United States In favor OF the secre-
taTy OF this State as Trustee for the Dondhoiu-
ers or as shall be otherwise required by tne
bondholders for all amounts as they Ducotio u,ne
due and payable from the United states 70 tne
Company for transportation or other business
done for the, United States by the company.
And upon such monies being drawn py wy
Secretary Of state, they shall be by him at
once deposited in the State Treasury 70 the
credit OF the bondnoiders, and shall DC drawn
therefrom only In the manner herelnoer,HIso ~
provided in case OF monies arising from tne
sale OF lands donated to. the Company. ohlu
money shall remain in the treasury OF Ine
State Tor the payment of the Interest acerulng nv
upon the bonds, and is said reserve snall noI
be sufficient TO meet the interest on sucn nlsI
mortgage bonds Of the Company rs shall naVe M
been bona iide issued TO the bondholdeTs, tntn 't
the Treasury ysemi-annuaily, out OF the gross
earn,t,Ss of the road a sum sufficient TO meet
the said Interest MS 1t falls due, at least Yen e
days prior TO the time OF the payment Oh 'no
SIC. 8. And be It further enacted. That,
after 1--WE wears from the final completloh. ~, "
said road, the said Company shall pay lnto tne
Treasury OF the State, to the credit OF the BOND;
holders, on or before the FIRST days q July ana %
january, In each year, two per centum Oh IN tnp
gross receipts from tho business oi SAID ronu,
other than transportation for the Stale and the
United states, as a sinking fund for the re-
demptlon Of said mortgage bonds wniGa naid
and transferred by the State Treasurer 70 lno
Trustee or legal representative Of the BONG, i.e
holders, shall be deemed to pc, as pesWpen9 'nS
Company and payments OF ike amounts "
the said Company's bonds, until said bonds III lI
fully paid and, at the maturity OF SAID bonus,
the principal thereof shall pc nrst nen la%a upon
And IL the Company shall fall for ninety days
after notice from either the Secretary OF state M
or other Trustee or legal represehtatye o, nv
reonlred by this Act the said Secretary OF state,
or other Trustee for the bondholders, may OF,
der such part ss he m deem oss sHPsI Pearnnss Of
the road, 10 be paid into the Treasury ~ times
appointed by him, until all arrearages hIe
paid and upon such order. tary suSn ~ State il
hereby en- powered and required or such otner
Trustee Is hereby empowered to at once com
mence legal proceedings against m sid ths
books Of said Company shall, az all lines pe
open to the inspection Of the Secretary OF
State, and q the Treasurer OF adhnidnp 011sor or
Trustee, or other legal representative Oh eho
sEdi q, And be Il further enacted That said
Railroad Company shall make, to the Secre-
tary OF State and the Trustee for the BOND.
holders, a semi-annual report, wherein shall
Tho names and residences OF the Direc-
tors, aud all other officers Of the Company;
q The names OF oil stockholders, and their
places Of residence, 30 far as the same can DC
81 "A description Of the line OF road survey
ed, OF tho line thereof fixed upon for tho con
struction OF the road the line thereof so com
pleted and accepted, and the cost OF such sur
Veys and completed lines.
4. Tho amount received from passenger
during the proceeding half yeaI.
s. Tho amount received from freight for th'
O. .Thc gross receipts of the Company from
i. a statement OF the whole cost OF the road
It's fixtures and rolling stock, and the numDe
OF It's passenger and freight cars; 49,. -, A.,
8. a statement Of tho Indebtedness OF lh
Company, for the time being, settling forth IN
various kinds thereof
o. a statement OF tho cost OF management
ndall financial operations for the preeeolh
Which repore shall be made out and swor
10, In trpllcate, by the President and secrctar
of tho Company, and shall be presented nt tn
annual meeting OF the bondhplders, at tho ~
nual meeting Of the stocSholdlHrs, and TO "a
Secretary OF State and one shall oe nied WI
the Trustee, or other legal representative NJ
pointed by the bOndhOlders, and one cop
thereof shall remain in the Office OF the se'
retary OF the Company, and any one Of u
such copies, shall be subject TO tho inspectlo
OF any bondholdor, creditor or stockholder,
SEC. i0 And bo II further enacted, That n
moneys remaining in tho Stale treasury
any time greater in amount than the nel
half yearly installment OF interest," shall
Immediately paid Into the hands OF peiso
persons, or Incorporation, TO be appointed !
q majority In value OF the bondholders NJ the
annual meetings, 10 be applied In the redein
ton OF the bonds OF tho Company, AZ SUI
times and In such amounts as the Rallrol
Company and the bondholders may mutual
SEc. II. And be It further enacted, That
Company shall, within ninety days after u
approval OF this Act by the qoyornor, Mo
tho office Of the Secretary of state lts mgr,
ment, duly executed under It's corporate sel
obllgatlng itself 20 carry NIL the troops al
munitions of war OF this State, required 10
conveyed on It's road without charge 10 !
after the approval OF this Act, without 9th
compensation than tho moneys arising ire
all the taxes assessed levied or collected
the property OF said Company, then In cons
eratlon OF said service done, for said period
twenty years said Company shall have q
receive. all the taxes levied, nssessee Or, 9r {
lected, or which might have been collected
this State upon all It's property, real and 7
sonpll and said taxes arc hereby Appropria
sKo. H. And be II further enacted, That
Secretary OF state Is hereby empowered q
directed 20 do and perform each ana oNe
thing in this Act required, or perinittea py =
TO be performed, In nil manner as herein sI
inodi Provided always, That wheroas IN
provisions OF this Act which empower or
quIlN the Secretary Of state 70 act as the 'rr
toe for the bondholderH, IN certain respects,
which provide that cerlntn OF the moneys
the Company, 10 be r1ai@od nom the sale
lands donated TO y, q nom subsidies rom IN
United States, or State or accruIng 20 inc or,
OF the bondhoders In any other manner "
be placed in the State Treasury 70 the cr'
OF the bondholders TO be drawn lh9IeiI0n ron
manner as herein specified, are hereln pro-
ed for solely for the special protection, by
TO uphold and guard the financial repulea.
Therefore, Notwithstanding tho powers 9
ferrcd upon the Secretary OF state by thls
the herd rdholdels or Those persons ,c6 og corp =
and are entitled 10, Mt any time, either be
such bonds are subscribed by them, ana
condition OF their subscription thereto or !
eubscrlbed then or at any time thereafter
onA majority In value OF tho votes, prQN
mandates and powers OF attorney q b'
holders Mt their annual meeting IN Jnnu
or at any special meeting before or after
annual meeting, 80 requiring ~ 70 eject
son, persons OF corporation In the place of
Secretary OF State, ~ as Trustee OF the b'
holders. ne has already had conveyed TO
proyided--lo hold In trust for themi ant
shall. ana IL noNNuN FNNuitNN hhh NAhlNN
toasslgn transfer and make over TO whoI
ever tho said majority OF the bondholders a
az said annual meeting, or al special NEE
before mentioned, designate ell mortgage
also an prOperty Of Whatever kind held by
In trust for the bOndholdera, or IN cas-
property has been 80 conveyed 70 him, o.
inOftgni.e OF the Company, made To eecuf'
iirst mortgage bonds Of the Company shat
yet have boon executed At the time OF the
iRnatlon OF some other person. persons ol
porailon 70 act ag Trustee for the b0ndhQl
aslsin this Act provided TO DO done b.
such bonds are Issued, then the Secrelal
state shall have no power under TINS Aol
"a Tnisteo for the bOndholderai ana wht
some other person, persons or corporation
deslgnaied by the bondhodorai as In TINS
ig provided, 20 act instond OF the Secretaf
SLATE a. Trustee for the bondhOlueru, boio
nflertho Secretary Of State shall have b
70 act, such person, peraons or corporatol
on being co designated ns Trustee Tor tho I
holders, and accepting such trust, wheth
retident Of tho State Of oregon or any
state OF the United States or OF any iol
country, shall have, IN all time coming
same powers and rights IN an respects fol
protection and security OF the bondhol
and for tho enforcement Of their right
nrnlnFt tho said Railroad Company ni