The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-08

4
In the Senate yesterday Dir. Marshall pre-
Isented the following important bill, which
had previously been intro oduced by Mr.. Cog
bill in the House:
/. Bel enacted blythe General Assembly OF
Virginia, That the James River and Kama
wha Company be and the same is hereby
|autheriZed to construct q railroad from the
city of Richmond and tide-water in its
vicinity, vid Lynchburg to the town OF
Buchanan, in the county OF Botetourt, and
the town OF Lexington, in the county oil
Rockbridge, and to occupy the present line
OF its canal, or any part thereof, for that
purpose: or to construct said railroad, in
whole or in part, on line different from
that occupied by its canal, and to operate
both canal and railroad, or either, at Its op-
tion, forthe whole route or for any part OF its
route, SO that there be at least one continu-
Gus line of all canal or all rail; or part canal
and. part rail, from Richmond and tide
water in its vicinity to Buchanan and Lex
ington; and the said company may begin
the construction OF their railroad at Lynch
burg or at any point or points ON their. line
west of Lynchburg.
2. The said company shall also have
power, by agreement with the Buchanan
and Clifton-Forge Railway Company, to ac-
quire, by purchase, lease, or consolidation,
all the rights, property, and franchises OF
said Buchanan and Clifton-Forge Railway
Company.
8. The said company shall also have au-
thority to construct and maintain q canal
from Buchanan Uid Clifton Forge, and i
railroad from Clifton Forge, or either, to
any point Oh points on the State line west
OF the Blue Ridge; and to construct
and maintain either its main or branch
lines of railroads or canal, or both, Uid
Craig's creek, to New River, or to any
point or points on the State line west OF the
Blue Ridge.
4. The extension between Lynchburg and
Buchanan and Lexington, in some one Of
the modes contemplated by the first section,
shall be commenced within four months and
completed within eighteen months from and
after the making and consummation OF a
contract of sale OF the States stock in said
company, as hereinafter provided for.
5. The said company shall have authority
to execute mortgage on its works, proper
ty, and franchises, for such sum as may be
determined by its stockholders in general
meeting assembled, not exceeding the sum
OF five million dollars.
6. It shall be lawful for any county, city,
or incorporated town to guarantee the pay
ment OF the bonds which may be issued
under the mortgages provided for in the
next preceding section, or to guarantee the
payment OF the interest on said bonds, or
to exchange its bonds for the bonds so to be
issued under said mortgages, or any part
thereof, upon such terms as may be agreed
upon; but before any guarantee OF said
bonds. or Of their interest, or any exchange
of said bonds is made, the sense Of the quail
fed voters of such county, city, or incorpo-
rated town shall be taken on the question,
and if majority of those voting shall be in
favor of said guarantee or exchange, and
if said majority shall include a maj ority
of the votes cast by the freehoders at
such election, then said guarantee or eX-
change may be made by said county,
city, or incorporated town, notwith-
standing such guarantee or exchange, IN
the case Of city or Incorporated town,
may exceed the limit OF Indebtedness or
liability now prescribed by law, or by the
respective charters OF said cities and incor-
porated towns; and the debt or liability
which any city or incorporated town may
assume, or incur, or guarantee, under this
act, shall not be taken into account il csti-
mating the indebtedness or liability in
reference to said limit. In taking the sense
OF the qualified voters as aforesaid, and in
the making and perfecting of such guaran-
tee or exchange. the provisions Of chapter
81 of the Code of 1878, regulating subscrip-
tions by counties, cities, and towns to
works of internal Improvement, shall gov
ern, so far as the same are not inconsistent
with this act.
7. All the powers, rights, and franchises
conferred by this act shall take effect and be
operative only when contract OF sale OF
the stock in said company now held by the
State of Virginia has been made and con-
summated on the terms hereinafter pro-
Yided.
s. -, -, -, - -, -, -,