Year: 1877

| from the said town of Franklin, along and


over the nearest and most practicable route
! to the point named in Section 2 of this act,


and shall be built of good and substantial


material, and of gauge not less than three


feet in width and not more than four feet


eight and one-half inches in width Such


railroad shall be finished from said town of


Franklin to the terminus aforesaid within


three years from the first day of July, 1877.
SEC. 4. The bonds that may be issued un-


der the provisions of this act shall be coupon
bonds of the Territory of Montana, payable
at the city of New York, in the State of New
York, twenty years from the cate of their Is
sue, and at any time within ten years after
the date of their issue at the pleasure of said
Territory. Said bonds shall bear interest st
the rate of seven and three-tenths per centum


per annum, shall be dated as hereinafter pro-


vided, and shall draw interest from the date


thereof. There shall be attached to each


bond a coupon for each instalment of inter-


est thereon, and the interest shall be due and


payable on the first day of January of each


year at said city of New York. Each cou


pom which is due at the time of the delivery


of said bond shall, before the the delivery of


the bond, be detached therefrom, returned to


the Treasurer of the Territory, and by him


be cancelled and destroyed in the presence of


the Governor. and all interest which shall


have accrued upon any coupon, but which


coupon is not wholly due, shall be endorsed


upon such coupon before delivery, or, if the


parties named in Section of this act prefer,


they may pay to the Treasurer of the Terri


tory the accrued interest on such coupon and


the same shall be delivered in that case with


out endorsement thereof.


SEC. 5. Said bonds shall be signed by the


Treasurer and Auditor of said Montana Ter
ritory, and shall be sealed and countersigned
by the Secretary OF said Territory, and, when


thus issued, shall be deposited by the Treas


urer of said Territory with the Farmers Loan


and Trust Company in New York city, or


such person or persons, company, corpora


ton or association of persons as the Governor


and Treasurer of Montana and the persons


named in Section Of this act who may ac-


cept of the terms thereof shall agree upon.


SEo 6. The bonds herein provided to be


issued by the Territory of Montana shall be


procured by the Auditor of said Territory,


and he shall have the same Autographed or


engraved at the lowest possible cost, which


shall be paid out of the general fund of said


Territory, by warrant drawn by said Auditor


upon the Territorial Treasurer. Said bonds
shall be of the denomination of one thousand
dollars each, and five hundred of said bonds
shall be dated July 1st, 1877; five hundred of
said bonds shall be dated January 1st, 1878,
and five hundred of said bonds shall be dated
January 1st, 1879.


Sec. T. The railroad herein provided for
shall be constructed by the corporation or as
sociation of individuals undertaking the same
by sections as follows: The first section to
commence at the said town of Franklin and
terminate at or near Fort Hall, in the Terrific
ry of Idaho, and shall be fifty miles in length
and thereafter each section northerly on said
road shall be twenty five miles in length.


SEQ. 8. The corporation or association of
individuals who shall accept the terms of
this act, and undertake the construction of
shall not be entitled to receive any of the
bonds of said Territory, herein provided for,
until they shall have constructed, and placed
in good running order, with the full equip
ment of engines and rolling stock, section
number one of said road, and when the said
corporation or association of individuals un-
dertaking the construction of said line of
road, shall have completed said section num-
Der one, and equipped the same with sufficient
engines and rolling stock, and shall desire to
receive portion of the aid hereby guaran-
teed, they shall make application for the
same to the Governor of the Territory in
writing, who, upon receiving such written
application, shall at once designate three
commissioners, who shall be citizens of the
Territory of Montana, disinterested, impair
tial men, whose duty it shall be to 60, at the
expense of said railroad corporation or as
sociation of individuals, and examine and |
measure that portion of said line of railroad !
which may be completed, and make report in
writing to the Governor under oath, of the |
result of their examinations, and if they shall |
find on such examination that said road, as |
constructed, complies with the requirements |
of this act. they shall so state in their report |
to the Governor. Upon receiving the report
of said commissioners, made to the Cover
nor under oath, that the said corpora
ton or association of individuals has CON-
piled with the provisions of this act and
has completed section number one of
said road, and equipped the same as required
by this act, the Governor shall Immediately
thereafter make his order ON the Territorial
Auditor, directing him to order the person or
persons, association, company Incorporation
with whom said bonds are deposited for de-
livery, to deliver to the persons named in
section one OF this act or the five or more
who may accept the same, or their assigns,
The amount OF said bonds to which they may
be entitled, less any coupons for interest
which may be due and any interest which
nay be due at the date of such order, and
ess twenty-five per cent of the amount of
said bonds reserved as security; and thereup-
IN the Auditor shall deliver to the Governor
such order, who shall deliver the same to
he agent or representative of said railroad,
or association of individuals, or
heir assigns. The amount shall be ascer-
aimed by dividing the said sum of one million
i've hundred thousand dollars by three hun
lred and thirty-five and then multiplying
he Quotient by the number of miles in said
irst section The remaining TWENTY-FIVE ner