Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1880-03-11
WESTERN NORTH CAROLINA sAlisaAD.
The "Bc.t. Proposition.
AN ACT IN RELATION TO THE WESTERN
NORTH CAROLINA RAILROAD.

NORTH CAROLINA RAILROAD.
1.-THE Preamble sets forth the tiles of
the several Acts Of Assembly relative to
the Road, with the dates of ratification,
which we deem unnecessary to publish.
The General Assembly Of North
Carolina do enact:
SECTION 1. That the Governor,
Treasurer, Secretary of State, and
Attorney General of the State OF
North Carolina be, and are hereby
appointed commissioners on the
part of said State, to sell, assign
and transfer all of the interest of
the State in and to the stock, prop
erty and franchises of the Western
North Carolina Railroad Company,
in accordance with the provisions
of this act.
Sec. 9. That said commissioners
are hereby authorized and directed
to execute and assign by deed of
the United States States Trust
Company of Now York City, in
trust for William J. Best and as
sociates, all the interest Of said
State in and to the stock. ways,
railways, road-bed, rights -ot-way,
depot grounds, and other lands be-
longing to the same; all rails,
bridges, viadncts, culverts, fences,
depot station honses, engine houses,
car houses, wood houses, freight
houses, machine shops, and every
other building or structure there
unto belonging, owned or used by
said railroad company in conducting
the business thereof; also all lC-
comotivcs, tenders, cars and other
rolling stock, all equipments, ma
chinery, tools, implements, fuel,
supplies, and material for construct
ing and operating the railroad OF
said company or any part thereof
together with all and every its cor
porate rights and franchises, and all
and every right, estate, interest.
property, claim, and demand what
soever aprertaining or in any wise
belonging to said railroad company,
and all statutory claims or liens ol
said State against or upon the
property and franchises of said
company: Prorided, That the
interest of said State in and to said
property shall be assigned subject
only to a mortgage deed of the ag-
grcgate amount of eight hundred
and fifty thousand dollars, (Ss5O,
O0O), and mortgage bonds Of equa
amount issued thereon, which sale
mortgage was executed under anc
by authority of an act OF the Gen
eral Assembly of North Carolina
entitled can act in relation to tn,
Western North Carolina Railroad
Company" ratified the 18th day 0
March, 1875; and that the interea
on said bonds be paid by the sail
William j. Best and associate
from and after the ratification Q
this act PROVIDED further, Tha
nothing in this act contained shal
be construed to prevent said Will
liam j. Best and associates frol
settling and discharging Of recor
said mortgage deed and the bond
issued thereon, for sum less tina
the face or par value thereof, an
that any sum saved in the settle
mcnt or compromise of said MOI
gage shall inure to the benefit {
said William J. Best and associate
SEC. 3. That on or before til
delivery of said deed of trust, sal
William j. Best and associates sha
= enter into contract with said con
y missioners for and in behalf of sa
State, said contract to be signed t
said William j. Best and all his a
sociatcs, and to contain all ii
provisions of this act. bindir
;, themselves to finish the railroad
said Western North Carolina Raj
road Company to its Western tel
mini at Paint Rock ami the Geo.
gia or Tennessee State line ne
Ducktown. according to the chart
III ofsaid company, and all acts amen
{ atory thereof, and that said railro:
Is be completed and put in operate
Id to Paint Rock on or before the l
to day of July, 1881, and to Murph
Ill in the country of Cherokee, on
x x, before the 1st of January, 199!
80 aud that the work npon said ro
10 shall be begun within two mont
n n from the date of the ratification
IS this act, and carried on with di
NJ n gence and energy unit! conplet
n to. Ducktown and Paint Roc
A' Provided, That the work upon S;
ms road be continued by the author
ne. ties of said State as heretofore
"a to the time when said William
as- Best and associates shall take pt
} a. session of the same, and all |
p. moneys expended by said ST
ash ,ctn from and after the ratification
0oa this act, up to and including
1ns- day upon which said William
"a. | Raaf on.1