The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1881-12-01
RAILROAD BONDS.

Whereas there have for long time existed, and
still remain outstanding, certain controverted
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; aud whereas certain holders Of such dis
pa.ed claims have recently made propositions for
the compromise and settlement of the said claims
ht Id by them, which propositions are now pend
embraced within the provisions hereinafter COLI
tanned; and whereas it is considered to be d. sir
abe and best interests Of the state and Of
claims ii possible. should be compromised, settled
and extinguished, 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
coupons with the state auditor, ompanied by an
agreement in writing Obligating himself to accept
in lien Of said bonds and coupons and in full pay
ment and satisfaction thereof dfty pcr cent OF the
amount nominaly due upon said bonds and cou-
pons, less any deductions hereinafter provided for,
in cash. or in new bollde OF the state, provided
has been compliance with the requirements Of
section one ~ OF the act entitled AN act provid-
ing for the adjustment Of the Minnesota Stste rail-
same shall stand and he considered az compliance
with the provisions Of this section.
Sec. Z. 1t shall be the duty of the governor and
state auditor to cause to be prepared bonds of
the state which new bonds shall be styled Mime
sofa state railroad adjustment bonds, aud bear
eighty-one Gssj, snd shall h. Of the Denomination
OF thousand dollars g. Oc6} each. and shall be,
and on their face shall be made payable after ten
date, At the option Of the State Of Minneso,a, in
the city Of New York, with interest after Jannary
first a.. one thousand eight hundred and eighty
New York, ut rate not exceeding five per cent.
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
bonds shall be signed by the governor and attested
the secretary Of state, under the great seal Of
the state, and the coupons shall have the Of
the bonds shall be countcrsigned and registered by
the state auditor, and upon being SO executed,
countcrsigncd and registered, and as soon ~ prac
shall deliver to the several owners Of the Mime
sofa State railroad bonds, their heirs legal rep
res.ntatves who shall have deposited their bonds
of the new bonds AZ shall be equal to fifty per cent
Of tn" par value of pr ncpal and interest Of said
thereto attached, on the first ~ day of january,
one thousand eight hundred and eighty four (lSSl)
| less any deduction resulting from other provisions
Of this act said interest to he computed Ut five per
scent per annum after the passage OF this act, and
take from said several owners and holders Of said
Minnesota State railroad bonds so deposited az
and denomination Of the state railroad bonds,
which said new bonds are taken in payment and
settlement for and acknowledging full satisfaction
State railroad bonds SO owned and deposited by
ssch person, which release ehall be fled in tho
state anditor's office The first coupons shall b.
made payable on the fret day of July, one thou
sand eight hundred and eighty-four (lssD. and
thereafter on the first days Of January and July IN
vided 1hst At its election the state may. and in
Case eaid bonds shall draw less rate of interest
than five per cent shall, in lieu Of said bonds, pay
holders Of said Minnesota State railroad bonds
so deposited as aforesaid, or any of them,
SUM equal to nifty PER cent: Of the par value Of
road bonds and coupons on the day when said
payment is made, taking the release under seal
h.renbcforc provided; and to that end the gov
ernor, auditor and treasurer Of Rtate are hereby
empowered in their discretion to negotiate, 1t not
less than par, the bonds to he Issued under the
provisions of this act and apply the proceeds to
the payment of SAID holders Of Minnesota State
railroad bonds as hercnbefore provided. And for
prcviso, sa.d bonds may be made 10 bear interest
from January drst. A D. 1882. payable semi annual
" thereafter and in case Of the delivery of said new
bonds, any fractional sum less than one thousand
dollars may lie paid in cash; and whenever any Of
said Minnesota State railroad bonds or the coupons
thereof, or any bond OF the state is paid under the
officer paying the same shall stamp Or cause to he
stamped thereon in large letters the words 'Can-
month the state treasurer shall in ihe presence Of
the governor aud state auditor burn up oil bonds
and coupons that shall have been cancelled and
previous time and said treasurer shall keep the
number and description Of the bonds 30 destroyed,
which shal lie certified to be correct by said off,
GERS present at their destruction, and be included
III the annual report OF the state treasurer.
Sec. 3 The judgments mentioned and referred
to in chapter one hundred and hity:two 1852. page
three hundred and eighty eight S8s) Of the special
seven 1850. with interest thereon computed in the
same manner and at the same rate a. upon said
be adjusted and settled by the payment TO the
plaintiffs therein, their heirs, attorneys, executors
or administrators Of fifty per cent. Of the amount
in money In manner as provided In the preceding
section, for the settlement Of said Minnesota State
ea0sood bonds: provided tho plai1t1s u 1ai4