The Worthington advance., 1881-11-10
RAILROAD BOND SETTLEMENT.
Full Text OF tho Bill, which has Become
Law, for the Final Settlement OF the Old
StRre Railroad BCn0s,


Whereas. there have for long time existed, and
still remain outstanding, certain controverted
claims against the State commonly known a. MIN
nesota State railroad bonds, and certain other
claims referred to in this act. the validity Of all
which claims has ever been and still is disputed BY
the State, and whereas. certain holders OF such
disputed claims have recently made propositions
for the compromise and settlement of said claims
held by them. which propositions are now pend
ing, and the substance Of which propositions is en-
braced within the provisions hereinafter contained
and whereas. it Is considered to be desirable and
for the best interests Of the State and all the people
thereof that all such controverted claims If posi-
tineuished. Therefore:
Be it enacted by the legislature Of tho State OF
Section /. Any holder Of said Minnesota State
railroad bonds who desires to avail himself OF the
provisions Of this act, must deposit his bonds
ard coupons with the state auditor, accompanied by
cept in lieu Ut such bonds and coupons. and i'll full
payment aud satisfaction thereof. SO per cent. Of
the amount nominally due upon said bonds and
in cash. or in new bonds of the State. as provided
TOR in this act Provided. however that where there
% has bee3 eompltance x.t9 tie reent,ems.,tao st
the adjustment Of tho Minnesota State railroad
bonds" approved March 2, 1881, the same shall
stand and 10 considered as compliance with the
Sec. 2. 1t shall be the duty of the governor and
state auditor to cause to be prepared new bonds OF
the State. which new bonds shall be styled Mime
date July f'rst u? one thousand eight hundred and
ton ot I doa1s sa eSs e.es ana
:ss! ten as' ss: and made payable ssss
thirty years from their date, at the option
Of the State Of Minnesota. in the city of New York
x sy e Sey e ss%
ceeding 5 per cent per annum. and shall have cou.
pons attached for such interest," and shall pledge the
faith and credit Of the State to the payment there
n$ ct1onH
and attested by the secretary Of state under the
great SEAL Of the State, and the coupons shall
have hay aare.,,, the names Of the governor
the bonds shall be countersig igned and registered by
the state auditor and upon being so executed,
tersgned and registered and as soon as practicable
iiverto the several owners Of the Minnesota State
railroad bonds their heirs or legal representatives,
who shall have deposited their bonds with the state
auditor as aforesaid, such an amount Of the new
value Of principal and interest Of said Minnesota
State rail, oad bonds and the coupons thereto. on
the first day Of one thousand ssh hun
resulting from other provisions Of this act, said in
terest to be computed at 5 per cent. per
annum after the passage Of such act,
and holders Of said Minnesota State railroad bonds
SO deposited as aforesaid release under seal, re-
citing the number and denomination of the State
full satisfaction from the State OF ali liability on
said Minnesota State railroad bonds SO owned and
filed in the State auditors Office The frs: cou
pons shall be made payable on the first day of July.
one thousand eight hundred and eighty-four t1sS4)
and thereafter on the first days of January and July
in each year, until the urity of said bonds: pro-
vded that at its election the State may and in case
said bonds shall draw less rate of interest than
$ per cent, shall in lieu of said bonds, pay cash
tless any deductions as aforesaid to the several
holders OF said Minnesota State railroad bonds SO
deposited as aforesaid. any Of them, sum equal
to so per cent. of the par value of principal and
interest of said Minnesota State railroad bonds
taking tho release under seal from the holder
as in the case of delivery of bonds herein be-
fore provided: and TO that end the governor, audi
tor and treasurer Of state are hereby empowered in
their discretion to negotiate at not less than par the
bonds to be issued under the provisions of this act
and apply the proceedsto the payment Of said hold
ers of Minnesota State railroad bonds as hereinbe
fore provided. and for tine purpose of carrying
the provisions of this proviso said bonds may be
made to bear interest from January l, 1882, inter
est payable semi-annually thereafter. Aud in case
of the delivery of said new bonds any fractional
sum less than 81 900 may be paid in cash. And
Whenever any Of said Minnesota State railroad
bonds or the coupons thereof. or any bond of the
''therwse the treasurer or officer paying the
shall stamp.or cause to be stamped thereon in large
etters the words cancelled and paid. and on the
first Monday in each month the state treasure
shall in the presence of the governor and state aud
i1or, burn up all bonds and coupons that shall have
heen cancelled and paid by him during the preced-
shall keep the number and description of the bond>
SO destroyed. which shall be certified to be correct
by said officers present at their destruction, and b.
included in the annual report of the state treasurer
Sec 3.-The judgments mentioned and referred
to in chapter one hundred and tifty-two 152),
page three hundred and thirty Eight 1889 of the
special laws of one thousand eight hundred and
on computed in the same manner
and at the same rate as upon said
tifs therein. their heirs, attorneys. executors or
administrators, of SO per cent. of the amount so
due therein either in new bonds of the State. in
money, in manner as provided in the preceding
section, for the settlement of said Minnesota State
railroad bonds: provided the plaintiffs in said judg
ments, their heirs or legal representatives, shall
of al claim and demand against the State on ac-
count thereof
Sec. 4. Any person having a subsistng, legal
c receves ~ o 81 sad
nesota State railroad bonds from the State, or
against any contractor sub-contractOr or other per-
son which accrued for work, labor or services per-
formed in the location construction Of either of
the lines of railroad of said companies, o. for
boarding engineers, contractors. sub-contractors.
workmen, or others while e engaged in the location
thereof or tor hire of teams. or for provisions for
men or teams. goods or other supplies. ties. piles
timber. lumber. stone or other material furnished
for actual use in the location or construction of
either or any part Of said lines of railroad. and
which claim 80 accrued prior to the time when the
State acquired said lines of railroad and transferred
the same to other companies. may have the same
adjusted and settled as herein provided.
Snch claimant shall file petition with and ad-
dressed to the state auditor within thirty days after
the passage Of this act. verified by himself, agent
information and belief setting forth the nature and
character of his claim and against whom it accrued
and subsists. aud asking for an adjustment of the
same under the provisions Of this act. Any error.
mistake or defect in any such petition may be
remedied by IN amendment in the discretion of the
commissioners hereinafter mentioned.
state auditor under chapter 1O2 of the general
laws of 1881, entitled, An act providing for the
adjustment of the Minnesota railroad bonds, may
auditor are hereby constituted commission to
consider and pass upon said claims, any two Of
shall be considered as the act Of the commission.
They shall fix npon the time and place for hearing
the same. and NAV appoint clerk, and adjourn
from time to time in their discretion
1t shall be incumbent upon the claimant to estab-
lls his claim and that it is Of the character herein
contemplated. by the same legal evidence as would
be required to establish the came facts in an action
aeainst the party primarily liable therefor.
II said commission finds any Of said claims or anv
part thereof to be of the character and description
hereinbefore mentioned, they shall report the
0Lsou0t U1oACVAs Will 1uL6Iebts uD 10 DcCcMDcE -
1884, and In connection with which road it accrued,
and file their report 10 the Office of the state auditor.
The statute Of limitations shall not be allowed to
defeat Or operate against any such claims. Said
commission may embrace its determinations upon
al he claims in ono reporter NAV make and file two
or more reports.
There shall be paid by tho governor to the own
ers OF such claims as shall be found by said COM
mission Of the character and description hereinbe-
fore In this section mentioned, their heirs or
assigns. agent or attorney, either in cash or new
bonds Of the State Of the tenor and effect men
toned in section Of this oct, an amount equal to
SO cent OF tho amount of principal and interest
as shall be found due thereon by said commission.
Provided, that no bonds. coupons thereof issued
by either of said land grant railroad COM
panies, nor the claim or demand for an
action OF which the same was issued,
nor any claim or demand for money
loaned or advanced for either Of said companies
shall be considered or taken to be claims provided
for or within the meaning of this section, and no
such claims shall be allowed by SAID commission.
And further provided. That the aggregate amount
OF money or new bonds to be paid account of the
claims provided for In this section shall hot exceed
the sum Of $4,000, which sum, if insufficient
therefor in full. shall be divided pro rata on the
same. And provided further, That the amount
which shall be so allowed on said claims shall be
respectively apportioned pro rata upon such Of said
bonds as were issued on account Of tho line of
railroad in connection with which sai. allowed
claims respectively accrued and shall be deducted