Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1877-02-08

| from the said town of Franklin, along and
over the nearest and most practicable route
! to the point named in Section 2 of this act,
and shall be built of good and substantial
material, and of gauge not less than three
feet in width and not more than four feet
eight and one-half inches in width Such
railroad shall be finished from said town of
Franklin to the terminus aforesaid within
three years from the first day of July, 1877.
SEC. 4. The bonds that may be issued un-
der the provisions of this act shall be coupon
bonds of the Territory of Montana, payable
at the city of New York, in the State of New
York, twenty years from the cate of their Is
sue, and at any time within ten years after
the date of their issue at the pleasure of said
Territory. Said bonds shall bear interest st
the rate of seven and three-tenths per centum
per annum, shall be dated as hereinafter pro-
vided, and shall draw interest from the date
thereof. There shall be attached to each
bond a coupon for each instalment of inter-
est thereon, and the interest shall be due and
payable on the first day of January of each
year at said city of New York. Each cou
pom which is due at the time of the delivery
of said bond shall, before the the delivery of
the bond, be detached therefrom, returned to
the Treasurer of the Territory, and by him
be cancelled and destroyed in the presence of
the Governor. and all interest which shall
have accrued upon any coupon, but which
coupon is not wholly due, shall be endorsed
upon such coupon before delivery, or, if the
parties named in Section of this act prefer,
they may pay to the Treasurer of the Terri
tory the accrued interest on such coupon and
the same shall be delivered in that case with
out endorsement thereof.
SEC. 5. Said bonds shall be signed by the
Treasurer and Auditor of said Montana Ter
ritory, and shall be sealed and countersigned
by the Secretary OF said Territory, and, when
thus issued, shall be deposited by the Treas
urer of said Territory with the Farmers Loan
and Trust Company in New York city, or
such person or persons, company, corpora
ton or association of persons as the Governor
and Treasurer of Montana and the persons
named in Section Of this act who may ac-
cept of the terms thereof shall agree upon.
SEo 6. The bonds herein provided to be
issued by the Territory of Montana shall be
procured by the Auditor of said Territory,
and he shall have the same Autographed or
engraved at the lowest possible cost, which
shall be paid out of the general fund of said
Territory, by warrant drawn by said Auditor
upon the Territorial Treasurer. Said bonds
shall be of the denomination of one thousand
dollars each, and five hundred of said bonds
shall be dated July 1st, 1877; five hundred of
said bonds shall be dated January 1st, 1878,
and five hundred of said bonds shall be dated
January 1st, 1879.
Sec. T. The railroad herein provided for
shall be constructed by the corporation or as
sociation of individuals undertaking the same
by sections as follows: The first section to
commence at the said town of Franklin and
terminate at or near Fort Hall, in the Terrific
ry of Idaho, and shall be fifty miles in length
and thereafter each section northerly on said
road shall be twenty five miles in length.
SEQ. 8. The corporation or association of
individuals who shall accept the terms of
this act, and undertake the construction of
shall not be entitled to receive any of the
bonds of said Territory, herein provided for,
until they shall have constructed, and placed
in good running order, with the full equip
ment of engines and rolling stock, section
number one of said road, and when the said
corporation or association of individuals un-
dertaking the construction of said line of
road, shall have completed said section num-
Der one, and equipped the same with sufficient
engines and rolling stock, and shall desire to
receive portion of the aid hereby guaran-
teed, they shall make application for the
same to the Governor of the Territory in
writing, who, upon receiving such written
application, shall at once designate three
commissioners, who shall be citizens of the
Territory of Montana, disinterested, impair
tial men, whose duty it shall be to 60, at the
expense of said railroad corporation or as
sociation of individuals, and examine and |
measure that portion of said line of railroad !
which may be completed, and make report in
writing to the Governor under oath, of the |
result of their examinations, and if they shall |
find on such examination that said road, as |
constructed, complies with the requirements |
of this act. they shall so state in their report |
to the Governor. Upon receiving the report
of said commissioners, made to the Cover
nor under oath, that the said corpora
ton or association of individuals has CON-
piled with the provisions of this act and
has completed section number one of
said road, and equipped the same as required
by this act, the Governor shall Immediately
thereafter make his order ON the Territorial
Auditor, directing him to order the person or
persons, association, company Incorporation
with whom said bonds are deposited for de-
livery, to deliver to the persons named in
section one OF this act or the five or more
who may accept the same, or their assigns,
The amount OF said bonds to which they may
be entitled, less any coupons for interest
which may be due and any interest which
nay be due at the date of such order, and
ess twenty-five per cent of the amount of
said bonds reserved as security; and thereup-
IN the Auditor shall deliver to the Governor
such order, who shall deliver the same to
he agent or representative of said railroad,
or association of individuals, or
heir assigns. The amount shall be ascer-
aimed by dividing the said sum of one million
i've hundred thousand dollars by three hun
lred and thirty-five and then multiplying
he Quotient by the number of miles in said
irst section The remaining TWENTY-FIVE ner