The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1881-12-01
RAILROAD BONDS.
Q1eO

AN ACT providi ng for the adjustment of certain
alleged claims against the state.
still remain outstanding, certain controverted
claims against the state, commonly known a. Min.
nesota State Railroad Bonds, and certain other
which claims he's been and etil is disputed by
the state; and whereas certain holders of euch dis.
pnied claims have recently made propositions for
the compromise and settlement of the said claims
HI Id by them, which propositions are now pend
ing, and the substance OF which propositions is
embraced within the provisions hereinafter con-
tanned; and whereas IL IL considered to be sir
able and for the hest interests of the state and of
ali the people thereof. that all ruch controversial
claims.n possible, should be compromised, set led
Be it enacted BY the Legislature of the State Of
Minnerota:
railroad bonds who desires to avail himself Of the
provisions of this act, mnst deposit his bonds and
coupons with the state auditor, accompanied by an
n naa cc
ment and satisfaction thereof fifty per cent Of the
amount nominally due upon said bonds and cou-
In cash, in new bonds Of the state, ~ provided
for In this act Provided however, thai where there
has heen compliance with the requirements Of
ing for the adjustment Of the Minnesota State rail-
road bonds" approved March 9, A. D. 1881, the
same shall etand and be considered - compliance
with the provisions of this section.
Sec. :. II 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
date July first ~, one Thousand eight hundred and
eighty one (lS8l, and shall BIZ Of the denomination
Of thousand dollars oOo each, and shall be,
years and not more than thirty years from their
date. at the option Of the State Of Minnesota, in
the city Of New York, with interest after January
first ~ one thousand eight hundred snd eighty
four tl8S4), payable semi-annually in the city Of
New York. at rate not exceeding i've per cent
per annum, and shall have coupons attached for
init nd hq1 Nio1tr All
OF the state to the payment thereof. Said new
bonds shall be signed by the governor and attested
The o. % usT the ses
the governor and secretary Of state thereto, and
the bonds shall be countersigned and registered by
the state auditor, and upon being 80 executed,
tcable after the passage Of this act the governor
shall. deliver to the several owners Of the Mime
res~ntatves who shalt have deposited their bonds
with the state auditor aforesaid euch an amount
Of the new bonds shall be equal to afty per cent.
Minnesota State railroad bonds and the coupons o.
thereto attached, on the first () day of January,
one thousand eight hundred and eighty -four us8l),
Of this act, said interest be computed ii five per
cent per amman sfter the passage of this act, and
take from said several owners and holders Of said
Minnesota state railroad bonds 90 deposited az
aforesaid, release under SEAL reciting the number
and denomination Of the state railroad bonds,
which said new bonds are taken in payment and
from the state Of all liability ON said Minnesota
State railroad bonds 80 owned and deposited by
such person, which release shall be filed in the
made payable on the fret day Of July, one thon-
sand ght hundred and eighiy-fonr lss4l. and
thereafter on the 6rst days Of January and July IN
vided that at its election the state may, and in
case said bonds shall draw less rate Of interest
than Ave per cent shall in lien Of ssd bonds
holders OF said Minnesota State railroad bonds
90 deposited as Aforesaid, or any Of them,
and ssd ps1 sts
road bonds and coupons on the day when said
payment is made, taking the release under seal
hereinbsfore provided and to sha. end the gov.
ernor, auditor and treasurer Of state are hereby
empowered IN their discretion to negotiate ct not
less than par. the bonds to be issued under the
the payment Of said holders Of Minnesota state
railroad bonds - herrinbefore provided. And for
made - sssr
from January hrst, d. 1852 payable semi. annual
thereafsr and Ia case Of the delivery Of said new
dollars may Be paid In cash; aud whenever any Of
aasd Minnesota State railroad bonds the coupons
thereof Or any bond q the state paid under the
otacer paytng the came shall stamp or cause 70 Be-
ceIlcd and paid, and on the arst Monday in each
the governor and state suditor burn MP all bonds
and coupons that shall have been cancelled ana
paid BY him during the preceding month or any
previous time, and said treasurer shall keep the
number and description Of the bonds 90 destroyed,
which shall be certAed TO be correct BY said on
Gers present Ct their Distraction and be included
Ia the animal report of the state treasurer.
Sec. 3. The Judgments mentioned and referred
70 In chapter one hundred aud ffty-two (l52) page
three hundred and eighty eight ts88) Of the special
laws Of one thousand eight hundred and ixty.
seven l067), With Interest thereon computed IN the
same manner and et the eanne rate % upon said
ninnesota State railroad bonds and eoupOns shall
DC adjusted and settled BY the payment to the
plaintiffs therein, their heirs attorneys, executors
or administratoro Of atty per cent. Of the amount
g due thereon either In new bonds q the state OF
section, Tor the settlement Of sad Minnesota 1tafs
Hailroad bonds: provided The plaintiffs n sald