Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1881-12-03
RAILROAD BONDS.
SO

AN ACT providi ng for the adjustment of certain
alleged claims inns against til the state;
still remain outstanding, certain controverted
Claims against the state, commonly known as 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 states and whereas certain holders of such dis
for
IL ID by them, which PROPOSE tons are now pend
| ing, and the substance OF which propositions is
enbIael within .hs pEeslaets hereinafter con,
able and for thh best interestsof the state, and Of
all the people thereof that sll such controverted
and extlnguished, therefore,
Be it enacted by the Legislature of The State Of
Section !. ANY holder Of said Minnesota State
railroad bonds who desires to avail himself Of the
provisions OF this act, mnst deposit his bonds aud
agreement in writing obligating himself to accept
| in lieu Of said bonds and coupons and in full pay
ment and satisfaction thereof, fifty cent OF the
pons less any deductions hereinafter provided for
in cash, or in new bonds Of the state as provided
form this act. Provided. however, that where there
has been compliance with the requirements Of
section one ~ Of the act entitled IAN act provid-
ing for the adjustment Of the Minnesota State rail-
road bonds" approved March 2, A: D. 1881, the
with the provisions of this section.
Sec 2. 1t shall be the duty of the governor and
state auditor to cause to be bonds
sofa State railroad adjustment bonds, and bear
date July first ~, one thousand eight hundred and
Of thousand dollars $1 ,Ooo) each and ahail be-
and on their face shall be made payable after ten
years and not more than thirty years from their
the city of New York, with interest after nuary
first o., one thousand eight hundred and eighty
four 1ss4l payable semi-annualIy in the city Of
per annum, and shall have coupons attached for
such interest," and shall pledge the faith and credit
OF the state to the payment thereof. Said new
by the secretary 81 state under the great seal Of
the state. and the coupons shall have the names of
the governor and secretary OF state thereto, and
| the state auditor, aud upon being SO executed,
countersigned and registered and as soon as prac-
t,cabs after the passage Of this act the governor
sofa State railroad bonds, their heirs or legal rep
resentatives, who shall have deposited their bonds
with the state auditor az aforesaid such an amount
OF the new bonds shall be equal to fifty per cent
Of the par vane Of principal and interest OF said
Minnesota State railroad bonds and the coupons
one thousand eight HUNG red and eighty-four (l6S4
less any deduction resulting from other provisions
OF this act, said interest to be computed al five per
take from said several owners and holders OF said
Minnesota State railroad bonds so deposited as
aforesaid, release under SEAL reciting the number
which said new bonds are taken in pa yment aud
settlement for and acknowledging full satisfaction
from the state of all LIABILITY on said Minnesota
such person, which release shall be filed in the
state andiior's Office. The first coupons shall be
mad made payable on the first day Of July one thou;
thereafter on the first days of JANUARY and July in
each year, until the maturity Of said bonds; pro-
case said bonds shall draw less rate of interest
than five per cent SHALL in lieu of said bonds pay
cash Cess any deduction as aforesad)to the several
/ holders Of said Minnesota State railroad bonds
/ HON
sum equal to fifty per cent. of the par value of
principal and interest OF said Minnesota State rail-
! payment is made, taking the release under seal
from the holder in tie case Of delivery of bonds
4 hereinbefote provided and to that end the gov
empowered IN their discretion to negotiate, AZ not
less than par. the bonds to be issued under the
Of this act nd apply The proceeds to
railroad bonds as herpihbefOre provided. And for
the purpose or carrying out the provisions OF this
Provso sara bonds may &c made 70 bear interest
~ thereafter ard in case of the delivery OF said new
bonds, any fractional sum less than Que Thousand
said Minnesota State railroad bonds Of the coupons
thereof any bond Of the state is paid under the
provisions Of this act or otherwise the treasurer
/ officer paying the same shall stamp or cause to be
stamped thereon in large letters the words SCAN
cclled and paid, and on the first Monday in each
month the state treasurer shall in the presence of
the governor and state auditor burn up all bonds
paid by him during the preceding month or any
previous time. and said treasurer shall keep the
number and description Of the bonds go destroyed,
which shall be certified to be correct BY said Off
GERS present at their destruction, and be included
i'll the annual report of the state treasurer.
Sec. 8. The judgments mentioned and referred
to in chapter one hundred and fftytwo ll52l, page
three hundred and Lightweight (3S8) of the special
! laws of one Thousand eight hundred and sixty
seven ll867 with interest thereon computed in the
same manner and at the same rate as upon said
/ Minnesota State railroad bonds and coupons shall
! be adjusted and settled by the payment to the
plaintiff theren their heirs. attorneys, executors
or administrators OF fifty per cent. Of the amount
SO due thereon either in new bonds OF the state OF
section, for the settlement OF said Minnesots State