Year: 1871

WnCtner OUTSTANDING VI ShIIeiutleu W tue
trustee for the purposes of the sinking fund,
as hereinafter provided. The money so paid


to the said trustee shall be forthwith paid
by him, as soon as received, into the


treasury of the State, and shall be paid out


only on the warrant Of said trustee for Sc


cond mortgage bonds of said company sur
rendered to him; and all bonds thus sur
rendered and paid for shall be forthwith
stamped by the trustee surrendered to the
sinking fund and not negotiable" in some


efectual manner, SO that they can not be


again issued, and shall be Immediately


thereafter deposited in the treasury of the


State, and the number and amount of each


and every bond so surrendered to the sink


ing fund, shall be entered by the trustee,


and bv the Treasurer of the State of Louis


lana. in books to be kept by them for that


DurpOse, which books shall, at al! times, be


opcn to the inspection of the officers of the


company. But the interest on such surrcn-


dercd bonds shall be payable as it accrucs


to the said trustee, according to the tenor


of the coupons, and become part of the


sinking fund, and shall be deemed secured


bv said mortgage in like manner as if said


surrendered bonds were still outstanding,


and such payment Of interest on the surren.


dcred bonds shall continue until the sink


ing fund shall amount to sufficient sum to


pay all the second mortgage bonds out


standing. The trustee shall not apply said


sinking fund, or any part thereof to the


purchase of said bonds at any greater price
fthan par and accrued interest. The. mort


gage securing said bonds shall contain suit


able provisions for advertising for sealed
proposals to the trustee to surrender bonds


for the purposes cf the sinking fund, and


the trustee shall give the preference to the
proposals most favorable to the company;


provided, they do not exceed par and ac


crued interest. II, on any occasion, sealed


proposals are not received by the trustee
within the time limited by the ADVERTISE


ment for the requisite number of bonds with


in the aforesaid limit of price, to absorb the
whole amount of sinking fund on hand, the


trustee shall, within three days thereafter,
| by a certificate of writing, specify the


amount of bonds so deficient, and appoint


three commissioners to drawsby lot the re-


quisitc amount of bonds to supply the def
cheney. The said commissioners shall forth


with, after their appointment, draw by lot


from the numbers of all the second mortgage


bonds then outstanding numbers Of bonds to


an amount sufficient to supply such def


cheney, and shall make and sign report


specifying the numbers so drawn by them,


and shall attach to their report an affidavit
! sworn to by each Of them before some officer
! of The State of Louisiana, authorized to ad-


minister oatns, stating that such drawing


was in all respects impartially and fairly


conducted, and that said report is true. The


said certificate Of the trustee and report of


the commissioners shall be filed in the Office


of the Secretary of State of the State of


louisiana and thercupCn the holders of the


bonds bearin" the numbers so drawn by the


commissioners and specified in their report,


shall be bound to surrender the same to said


trustee on receiving from him his warrant on


the State Treasurer for the amount of the


principal of said bonds, with the interest


accrued thereon&ab to the time of the ex-


piration of the notice mentioned in the fol-


lowing section of this act, or such earlier


time as such warrant may be delivered


Sec 16 Be it further enacted, etc, That


Immediately after the filing of said report


of said commissioners, the company shall


cause notice to be published, specifying


the number Of the bonds so drawn, and re-
quirng the holders thereof to surrender the


same to said trustee, on or before specified


day, which shall not be leas than thirty


days after the publication Of said notice.


Such notice shall be published in daily


newspaper in the city of New Orleans, and


in at least two daily newspapers in the city


of New York, for four consecutive weeks, at


least three times each week, and upon the


expiration Of the time limited in said notice,


the interest on the bonds, the numbers of
which are specified in such notice, shall


cease and no interest shall accrue thereon


after that time, or be payable, except to tho


sinking fund, as thereinbefore provided !;


provided, however, that if any Of the bonds


so drawn shall be payable in the city of
London, fiirther publication of said notice
shall be made for at least four successive
weeks, at least three times in each week, in
: two newspapers published in the city Of
) London. and the date specified for the de-
livery of such last mentioned bonds shall be
} at least forty-fve days from the time of the
first publication ofthe last mentioned notice,
: and the interest of the last mentioned bonds
) shall cease to accrue Except to the sinking
r fund, as hereinbefore provided on the ex-
piration of the last mentioned notice. The
? payment for bonds surrendered to the sink
, ina fund, or drawn from the sinking fund
: shall be made in currency, coin or sterling,
or their equivalent, respectively, according
| to tlae tenor of the bonds drawn or surren-
\ dered and the annual payments to be made
by the company to the trustee for the pur-
, pose of the sinking fund shall in like man
ner be made in currency, coin OF sterling.
! or their equivalent, as the principal of said
r bonds shall be payable. In all cases where
, any payment is required by this act, OR
, agreed by the company to be made in ster'
ling, ifsuch payment is reduced to currency,
, the premium in gold in the city of New
, York, and the rate of exchange on London
! ruling at the time when such payment is
: due shall be included, and whenever any
( payment so required or agreed to be made
e in coin is made in currency, the premiom or
r gold ruling in the city of New York at the
:, time the payment is due shall be added, anC
: in case of any decree or recovery in any
e court Of this State npon said second mort
= gage bonds, or any Of them, or upon sale
e mortgage, the amount due upon such 0
; said bonds as may be payable in coin OF
t sterling shall be ascertained by reducing
s coin and sterling, respectively, into curren
t cy according to the foregoing rules. When
e ever the term "currency is used in th!
= act, it will be deemed to mean obligations O
n the United States of America, which are O
# shah be by laws of the United States mad
d a legal tender in payment of debts.


e SEC. II. Be it further enacted, ETC., Tha
e the said mortgage to the Governor of tn
Il re.