The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-03-01

to enter into any traffic or other agree
ment with any such railroad company as
may oe agreed upon by the Directors of
the Wilmington and Weldon Railroad
Company and any such o.her railroad
company; and any orher railroad COM
pany lncorporate1 under the laws of this
State with which said railroad company
may connect as aforesaid, shall have the
right to unite or consolidate with the
Wilmington and Weldon Railroad Com
pany or to sell or lease its railroad and
equipment to the Wilmington and We'll
don Railroad Company on such terms as
may be agreed upon by such company.
Sec. 3. And the said Wilmington and
Weldon Railroad Company shall have
the right to acquire by purchase or
by lease such rolling stock or equip
ment as 1T may desire, and |
for the purpose of aiding any other rail
road with which it may connect or con-
solidate, or have traffic contract, |
1t may lease or rent cars, or other equip |
ment to any other such railroad cora
pany, on such terms as may be agreed |
upon by such other company.
Sec. 4. That in consideration of the
foregoing powers and privileges hereby
granted, the roadbed of the main line Of
said company extending from Whining
ton in this State, and all the branches
thereof, and the locomotives, engines,
cars and rolling-stock and the depots
and station-houses of said company
shall be taxed for State and county pur-
poses only, the value thereof to be ascer-
tanned in the mode prescribed by law for
the assessment of the property of other
railroads in this State, for taxation by
the State and counties, provided, how
ever, that sucu assessments or valuations
when made as to the roadbed are not to
exceed eight thousand dollars per mile
for each mile of the main line and four
thousand dollars per mile for each mile
of al the branches of the said Whining
ton and Weldon Railroad Company now
constructed or that may hereafter be
constructed; and provided further, that
the State and county taxes combined, to
which the said railroad company shall
be liable under the provisions of this
act shall never exceed the rate Of two
dollars on every three hundred dollars
Of the property assessed against the said
railroad company under the provisions
, of this act; and that in no case shall the
said railroad company, or its property,
be liable to any special tax that may be
at any time hereafter levied by any
: county in this State under any special
: act or approval Of the General Assembly
e for any purpose whatsoever, or tC
auy tax beyond the general limita
ton prescribed herein of sixty-si1
and two-thirds cents on every one hun
!, dred dollars worth of property assessed
q under the terms of this act for both
: State and county tax combined land pro
vided, further, that the Limitation here
" inbefore prescribed as to the assessment
= of the main line and branches of sait
f railroad shall continue and be in fore
: only for ten years from and after th
% date of the ratification of this act, ant
that after the expiration of the said tel
lr years the said road bed of the said mail
le line and branches of said company ma
= be assessed in the same manner that tn
: road bed of the main line and branche
% of other railroads are assessed for taxa
IN sion in this State provided that th
,e assessments as to the road bed of th
- company shall not exceed twelve thou
:, sand dollars per mile as to the main lin
ID and eight thousand dollars per mile 8
|
further that the limitation above spec
- fed as to valuation and taxation sha
not apply to any other road or roaC
u purchased or leased under the power
granted under section of this act; an
n the taxes assessed on the road bed an
on the locomotives, engines, cars an
hC other rolling stock, depots and static
ne houses as herein provided for shall
n all the taxes to which the said compar
Oh shall now or hereafter be in any VIZ
Liable.
or SEC. 5, That the stockholders of tt
tn said Wilmington & Weldon railrot
oi company may at any annual or 9th
eo general meeting change the name of Il
IN said company to that OF the Atlant
gu Coast Line.
ler Sec 6, This act shall be in force fro
lat and after the first day of April A.
me 1891, provided that the said W. Il '
ny railroad company shall, on or befo
no that date pay to the Treasurer of tt
zen State the sum of twelve thousand, viii
on payment, together with the taxes pl
vded for in this act to be hereafl
.lr- paid by the said company, shall be
lou full settlement of all past and tutr
7, Tue taxes to which the said company IS,
ou- may in any way be made liable.
' ho The special Joint Committee has CT
ich sidered this proposition, and by VI
of to recommended its acceptan
TED Senators TURNER and TwITTY, and
vi vi presentatives BRYAN, of Wayne, HALL
The Halifax, and HOLMAN believe with
to Committee that sat during the rec
that the State cannot enforce the p
OF ment OF taxes from this road by rea
of the decision of the Supreme cour
=, the United States and that, if
cal. proposition is accepted, the ST
rom treasury and the counties will
ock helped, and no opportunity to take
OF vantage Of reversal of the rule in
! raS Dartmouth College case be lost. I
9 in are earnestly desirous of making
non road pay taxes, and would do anytt
lime +ho+ thav bel;avad reasonable and ius
anne