Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-04-16
THE BOND BILL.
The Most Important Measure
Passed This Session.
IT is NOW A STATUTE,
The Law in Fuil--Provisions to Prevent
Wind aud water From Being
Mixed Up with Railroad
Securities.
IT is NOW A STATUTE.

Austin. Tex, April 10. -(Special)-
One of the most important bills of The
entire session was "the bond bill, which
has just been signed by the governor,
and which Is now a law. IL Is so far
reuchipg, so vital In the interests IL uf-
tects. that every reader of The Gazette
is interested In il, and for their benefit
il Is given here in full
The original bill on the subject was
introduced by Mr. Hood of Fannin. The
committee on internal improvements Of
fered a substitute, which was read the
first time Feb. 23 read the second time
aud adopted March II, read the third
time and passed with slight amendments
March %. 1t also passed the Senate
with no material changes, rs here giyen:
Section i. BE IL enacted by the Leg
islature OF the State Of Texas: That,
among other things, the power and au-
thority of issuing or executing bonds or
other evidences Of debt, and all kinds
of stock and shares thereof. and the
execution of all liens and mortgages by
railroad corporations In this State, are
special privileges and franchises, the
right of supervision, regulation, restric-
ton and control of which has always
been, is now, and shall continue TO be
vested in the State government, 90 be
exercised according 10 the provisions of
this and other laws.
Sec. . That hereafter no bonds or
other indebtedness shall be increased or
issued or executed by any authority what
sOcyer, and secured by lien or mortgage
on any railroad or part of railroad, or
the franchises or property appurtenant
or he aging thereto, over or above the
reasonable value OF said railroad prop
erty: Provided, that IN case OF emer-
gency, on conclusive proof shown by the
company To the railroad commission that
~ te.f. IA frI "a Of
the property demand il, the said com
mission may permit said bonds, together
with the stock IN the aggregate, 10 be
executed 10 an amount not more than
so per cent over the value OF said prop
erty.
Sec 3. That 81 shall be the duty Of
the railroad commission 10 ascertain,
and In writing report 20 the Secretary Of
State. the value of each railroad Ia This
state, including all ts franchises ait
purtenances and property, After IL shall
have prepared said report of value, the
commission shall give the company in
terested ten days notice IN writing BY
registered letter 10 the president treas
urer or receiver OF said railroad 10 the
effect that said report is ready 30 be
made. and that If IL have any objections
thereto, IL must file them, 10 writing
within forty days after said service, or
the same win be 80 deposited with the
Secretary OF STATE 0S correct, onOhid
the company or its duly authorized rep
resentafve fle with said commission
auv objections TO -aid report Of value
t1e commission shah duly investigate and
pass on the same. on investigation, If
ihe commission conclude that IFS re-
mort OF value Is too low or too high then
it shall make the necessary correction
before Cling IT, Should no objections
be- filed within the time permitted, or be-
D I..l M an f.ssfIf lf rfflf
ont merit, the commission shall forthwith
6lc ne said report "a the Office ot the
Secretary Of STATE, where ~ snail re-
| main as a public record as 3 Limitation
! for the ismnuce OF indebtedness under
] ne limitations prescribed Id section 2
M mis- act TO promote public inter
| ests and protect private rights, the com
MISSION atfr due notice under the rule
herein prescribed, may correct ~ report
M value Of any railroad az any tine .
NAV deem proper.
See A. That every judicial or other