Year: 1877




of individuals, and their compliance here


with. Upon presentation to the said Farm
ers' Loan and Trust Company, or other de-


pository chosen under section five of this act,


of the order of the Auditor of the Territory


aforesaid, endorsed by the Governor with his
approval, the said Farmers Loan and Trust


Company, or other depository, shall detach


from said bonds all coupons which


were due at the date of said order, and
shall endorse upon any coupon not due, but
upon which interest had partially accrued at
the date of said order, the amount of interest


which at the date of said order had accrued


and the amount 50 endorsed shall be consid-
cred as having been paid or, if the individ-
uals or company building said road shall pre-
fer to pay, and shall pay to such depository,
for the benefit of the Treasury of Montana,
the amount of interset due upon said coupon
at the date of said order, the same shall not
be endorsed thereon as aforesaid, and there
upon such bonds as are specified in said Or
der shall, less the detached coupons, be de-
lived to the party entitled thereto. That
thereafter, when the said corporation or as
sOciation Of individuals shall haye completed
the second section of said road, they may
apply to the Governor for the aid they are
entitled 10 under this act, and such applica-
ton shall be made in the manner provided in
the preceding section, and commissioners
shall be appointed and. first make report, as
is above provided. Their duties shall be the
same, and their report made in the same
manner, and as provided in the preceding
section of this act, and thereupon there shall
be delivered to the said corporation or persons
or their assigns in the same manner as here
tofore provided, bonds equal to eighty-fve
per cent. of the amount due for the construc-
ton of section number two sd completed, to
be estimated in the same manner provided in
the last preceding section. Tle said Terri
tory reserving the remaining fifteen per cent.
until the completion in the same manner of
the said road, and after the completion of
the Sd section of said road, bonds shall be de-
livered in like manner for the aghty-tive per
cent. of the amount due on the third section
Of said road, at the same rate as hereiDbefOre
provided, and SO on until the road shall be
finally completed, when the balance OF the
amount of bonds due thereon, being the
twenty-five and fifteen per cent. reserve as
above provided, shall be fully paid over to
said company in the same manner as herein
before provided. The said past due coupons
to be detached and those partially due to be
paid or endorsed as above provided, and if
more bonds shall have been deposited with
said Farmers Loan and Trust Company or
selected depository than are necessary to pay
the aid herein granted, the same shall be re-
turned to the Auditor, and shall by him, in
the presence of the Treasurer and Governor,
be registered, Cancelled and destroyed by be-
ing burned, and report thereof shall be made
to the succeeding Legislative Assembly.


SEQ. 9. 1t shall be the duty of the parties
named in Section of this act, or five or
more of them, to signify to the Governor, in
writing, their acceptance of the proposition
herein contained, and of the terms and con-
ditions hereof, and of their acceptance of this
agreement on or before the 25th day of
March, 1877, and unless they shall so do, or
unless they or some one of them, berore
said date, shall, by telegraph or mail,
notify the Governor that five or more of the
persons named in Section of this act have
accepted the aid herein specified, on the terms
and conditions herein imposed, it shall be
his duty, on the first day of April, 1877, to
issue his proclamation to the officers of the
various counties and the electors of the Ter
ritory, notifying them of such failure, and if
no such notice shall have been sent the Gov
ernor, as in this section provided, no election
take place, anything in Section Is of this act





SEC. 10. The County Commissioners of the
several counties shall from time to time levy
a special tax, as may be apportioned by the
Auditor, in the same manner as other taxes
are now levied sufficient in amount to pay the
annual interest, that may from time to time
accrue upon the bonds so issued, as also to
provide for the final payment of said bonds,
and the Auditor shall signify in writing to the
boards of County Commissioners each of the
various organized counties of the Territory
The sum of money which such county shall
raise therefore, determining the same by re-
ference to the assessed valuation of property
herein for the proceeding year, and it shall
)e the duty of such board to levy sufficient
ak to pay the same which shall be levied and
collected as other taxes are collected and
evied, and they shall be paid into the Terri
orial Treasury.


Sec. II. That the bonds reserved by the
Territory upon the first section OF said road,
IND the other amounts of said bonds reserved
rom time to time upon the other sections as
security for the ultimate completion of said
'Oad, according to the terms hereof, shall be
deposited with the Farmers Loan and Trust
Company. of New York, or other depository,
IS the depository and trustee of this Ter
itory to be delivered by said bank, persons
II company, when under the provisions here
# said persons or railroad corporation shall
,e entitled thereto, and at that time and not
,efore, it shall be the duty of the Auditor of
his Territory to give said corporation an or
Ter therefor as herein provided. But if said
shall in any particular fail to do
II perform the things herein required, within
he times herein limited, it shall not be en-
tiled to have or receive the bonds so depos-
ted, nor any bonds not delivered at the time
uch failure shall take place. The said bonds
hall be registered by the Treasurer in book |
o be kept by him for that purpose.


SEo 10. That nothing herein contained
hall prevent the said corporation from build