The Forrest City times., 1897-06-18

INDIVIDUAL, company or
may OF right do, not incor. eo'norsu~
the provisions of this ACT . a.nt VIII
s nelo by them as such hoa ~ pNs
sas. ''ate OF Ark,,
section Z. The state SHAH.
Die Tor any debt created INV a ~. Dc h
under the provisions of ~, sald bOsa
all contracts of such cns act tg
shall be forever inyioloto pOratau,
Section 8. After the frs, =.
vi any ilne OF railroad have heon Nils
ed the state board shall baro ~ grat
10 issue bonds and secure I'm ee nsht
nrst mortgage on the aforos.a, oy
ped, track, right-of-wav CIV, fOadt
and franchises, and disnoso qu.9meH
bonds for funds with which 'Aess
chase rails, rolling stock ana ps
necessary material and skilled ,o,a'
OUT the state shall assume no neof
liability for such bonds. and ~ pe'Saa
ney-general shall represent ~ auF
in all litigation that NAV resr ,ue Sas
from. 'e'ui' 'nere
Section 8. No bond, mor,o..
other debt shall be created $50
SAID railroads which Shall matrs aaS
der thirty years or bear a groa,a ua'
OF interest than 6 per eentum -. ="
mum. per an.
Section 10. In case any railroad -,
under the provisions of this ,act s Ju%
default in the payment of anv sA
bond or mortgage upon the sann 's
the interest due thereon. then tbo s.' "
ers of such bond or MORTGAGE aVa
have the right to foreclose SOLD s uaa
or mortgage by an action broucb,
any court of competent iurisdeti.a
and upon a decree of said conrt rat
enter upon and take possession ~ srss
road; but after such decree has ~
rendered, the state shall be entitled !.
pay the amount found due nv s.,
railroad at any time within sa1 u
years. and shall have the right ~ =
demption according to the prjnelnlS.
Of equity.
Section IL. The state board shan
have power to issue bonds ON anv ~,
ton of any railroads Constructed md.
the provisions of this act. not to a..
coed the actual cost Of constructoD
and equipment Of said roads. exclusive
of the labor performed by state CON
victs. All such bonds being subiect ia
the provisions of sections 8. o and N
OF this act. and with the proceeds arts.
ing from the sale of bonds, the sale !,
lands and all other sources. NAV erep.
depots and stations and pay for anv
necessary work or material and fix.
lures for the complete CONSTRUCTION
and equipment of said railroads and
telegraph lines.
Section II. after any portion of any
line of railroad and telegraph is com.
pleted and equipped. the. board shall
proceed to operate the same. and for
such purpose II Is authorized to EN-.
ploy trainmen, telegraph operators and
such other agents and employees as
may be necessary, and pay them such
salaries and wages as they may deem
just and reasonable.
Section Is. The state board shall fix
all such rates for freight and passen.
ger fare and all fees and charges for
kilograms as to them shall seem Just
and proper. and shall make all neces.
sary arrangements for the collection Of
the same, and shall keep faithful rec.
ord and make just and correct report
annually of all their doings.
Section IA. All moneys received by
said railroads or telegraphs for ser
vices rendered by them shall be ap-
piled first to pay the necessary operat.
ing expenses of the railroads and tele-
graphs; second. to the payment Of in
terest on the bonds and mortgages
against such roads. The residue shall
be turned into the state treasury at
such intervals as the board may direct,
to be at least as often as once year.
Section Is. No free passes or other
special privileges shall be granted 10
any person on any railroad construct.
ed under the provisions of this act, and
no discrimination between any citizens
or persons or towns shall be allowed
provided, that the state board, when
on duty pertaining entirely to SAID
roads, and all officers and employees Oh
said roads, may have free transports
ton when so employed.
Section 16. In negotiating the SAFE
of first mortgage bonds. as hereinoe,
fore mentioned. the state board shan
have full power to act, and Whatever
contract ii shall make, not inconslslei,
with the provisions of this act, snai
be binding aud effective for all tiln'
to come.
Section II. The state board shai
have full power to make Their oW.
rules and regulations. to estaolsl
boards of directors, and to do any AM
all things consistent with this act ina
may be necessary to fully and enecV
lively carry out its provisions
Section IS. Any agent, employe, Y
other person chargeable with al.
funds belonging to such railroads y
telegraphs. who shall fail or reiuse
pay over to the proper persons auehO.
lied to receive the same such lione.'
as they may have received, when a ~
ouired so to do. shall be deemed gum!
of felony, and upon conviction .nei !,
Of shall be imprisoned at hard iapo, :
the state penitentiary for not less .na,
five years nor more than t"AS
years.