The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-12
OFFICIAL.
LAWS OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
REGULAR SESSION, 1873.
AN ACT
No. es.l

To authorize the loan OF State bonds to the
New Orleans Pacific Railway Company;
to provide means for the payment Of the
principal and interest; to authorize the
company to make it's mortgage bonds
and secure them by first mortgage OF
present and future property; to provide
pledge OF said mortgage bonds to the
State and the terms thereof; and to regu-
late the use Of the proceeds OF said State
bonds.
SECTION l. Be 1t enacted by The Senate and
House of Representatives of the,S State Of Louis
cana, in General Assembly convened, That
the Governor be and he Is hereby authorized
and required TO issue to the New Orleans Pa
scribed In act No. IA of 1876, bonds of the
State OF Louisiana, to an amount not exceed
ing in all 50, 900, 900, according TO the pro-
visions of this act. Said bonds shall be OF
$1,000 each, shall have, forty years TO run,
per annum, payable semi-annually, and shall
have semi-annual coupons attached They
shall be signed by the Governor Of the State,
and countersgned by the Auditor and Secre
tary of State, and shall have the seal of the
State affixed The coupons shall be payable
to the bearer, and shall have the engraved
signature Of the Auditor In office at the time
said bonds shall be engraved.
SEQ. 2. TO provide for and guarantee the
prompt payment of the interest on said
bonds, as it shall mature and Of the princi-
nal Of said bonds, on or before the expiration
of the period during which they are to run,
the New Orleans Pacific Railway Company
shall deposit with the Auditor OF Public Ac-
counts and pledge to the State for that pur-
first mortgage of all its property, real and
personal both present and future, and wheth-
or now constructed or hereafter to be built,
and such deposit and pledge shall be OF an
amount exceeding In each case by e-fourth
the amount Of State bonds delivered to said
company. The said company, on resolution OF
its board of directors, is authorized to make
such mortgage, and the same shall cover
and affect as first mortgage all property OF
said company, whether real or personal, pres
emit or future, now owned or hereafter ac-
CURED and whether now constructed or here
after constructed. The amount of bonds Sc
cured by said mortgage shall not exceed five
millions OF dollars, it being intended that one
as aforesaid, and the other half disposed of to
other parties. The said mortgage bonds shall
have forty years to run; shall bear interest at
six per cent per annum; shall have semi
annual coupons attached, and said coupons
shall fall due at orprior to sthe time at which
the coupons of the said State bonds shall fall
due, and the interest paid on its said bonds
by the company to the State as pledge
shall at once, form. a fund and be used
to pay b the interest hgs b on the sss stas e. BOMBS 6
sompany. The said company shall further
bind itself in said pledge to extinguish an
nually fifty thousand dollars of said State
bonds, commencing five years after the COM
pletion of its line to Shreveport and continue
The extingushment at such annual rate up to
five years prior to the maturity of said State
bonds, and during the last five years it shall,
under the same pledge, agree to take up and
axtinguish one-ffth each year of the amount
OF said State bonds then outstanding; it being
understood and agreed, however, that when
ever said company shall so extinguish any Of
the said State bonds, 1t MAJ, Withdraw from
said pledge and deposit, and the State will
surrender to the company the proportional
amount OF the company s mortgage bonds
heretofore deposited and pledged as afore-
said; and further, that the said railway COM
pany may at any time redeem and deliver to
the State any valid State bonds equal In value
may thereupon withdraw from such pledge,
and the State shall then return to said COM
pany the proportional amount OF the COM
pany's mortgage bonds SO pledged as afore-
said.
SEC. 8. To further secure the punctual pay
Inent OF the State, bonds to be issued here
under, 1t is provided that In any case when
a sufficient sum is not provided by the rail-
way company, as aforesaid, to meet matur-
ing coupon, It shall be the duty of the State
Auditor, or other officer having custody of the
sell af public auction sufficient Of said mort
gage bonds, after ten days advertisement, to
pay the said coupon and the expenses of
sale.
Sec. 4. The first issue of State bonds under
this act shall be made as soon as the act shall
take effect, but shall be for the sum Of
done on said railway. Thereafter all issues
of said State bonds shall be at the rate of
$4,000 per mile for every section OF ten miles
of road graded, bridged and metaled, to be
shown BY the certificate of the engineer of the
company and one Of the State engineers, or,
If the office Of State Engineers shall no longer
exist, of civil engineer detailed by the Gov
ernor. Ii the said company shall acquire any
railway on its line, already constructed, in
whole or In part, such 81, acquired railway when en-
taken as part Of the railway of said COM
pany, with reference to which State bonds
shall be issued under this act at the rate of
$4,000 per mile of the same whenever the
same shall be certified Us aforesaid.
SEC. S. The proceeds realized from said
State bonds by said company shall be applied
strictly to the construction and work of said
railway; and the Governor may from time to
time require an account from the said rail-
way company of the application of said pro-
ceeds.
SEC. G. This act shall take effect from and
after its passage.
(Signed) LOUIS BUSH,
Speaker of the House Of Representatives.
(Signe6 LOUIS A. WILT,
Lieutenant Governor and President of the
Senate.
Approved March II, 1878.
(Signedl FRANCIS T. NICHOLS,
Governor of the State of Louisiana
A true copy:
WILL. A. STRONG,
Secretary of State.
No. 69l AN ACT
To amend and re-enact section six of act No.
lao, entitled "An act to repeal an act to
create q Board of State Engineers ap-
proved February twenty-four, one thou
sand eight hundred and seventy seven; to
vest the control and management of pub
lie levees to police iuries; to authorize the
appointment of engineers; fixing their
duties and compensation; to authorize the
Governor to contract for the construction
and repairs of certain levees, and to pro-
vide for the payment thereof.
SECTION /. Be 1t enacted by the Senate and
House of Representatives. of the State of
Louisiana, II, General Assembly convened,
That section of act No. lao of the session of
one thousand eight hundred and seventy
l,,l, 4