Year: 1871

brances upon the morteaged premises, ex-
cent the aforesaid lien Of the first mortgage,
to the extent of twelve Thousand five hun
dretl dollars, and interest, on each and
eve,.v mile of said main line of railroad
within the State of Louisiana.


SEC. %. Be it further enacted, etc. That
when the said second mortgage shall have
been so delivered, approved and recorded,
and one continuous portion or section of five
miles in length of the said main line ofrail
road have been constructed by the com


pany. and the rails laid thereon, the COM
pany u,av deliver to the Governor of the
State of Louisiana sixty-two thousand dol
lars of such second mortgage bonds, and
the Governor shall thereupon subscribe a
certifica'e, to be written or printed upon
each of said bonds, in the following words:
The payment of the principal of the within
bonds, when due, and of interest thereon,
as it accrues, is guaranteed by the State
of Louisiana, Pursuant to the provisions
of the act of the General Assembly of said
State authorizing snch guarantee, and shall
affix the great seal of he State Of Louisiana
to such certificate, and the said seal shall


be attested by the signature of the Secre-
tarv of State, and the bond [bonds] shall
then be delivered to the company for its
general uses and purposes authorized by
its charter.


SEC o. Be it further enacted, etc, That
upon the construction of each additional
section or portion of five miles in length of
said main line of railroad Within the State
of Louisiana the company may execute and
deliver to the Governor of the State Of
Louisiana, a further amount of such second
mortgage bonds equal to twelve thousand
five hundred dollars for each and every
mile in length of said main line of railroad
within the tale Of Louisiana so construc-
ted (and for which bonds shall not have
been previously guaranteed as herein pro-
vided), and thereupon the said Governor
shall subscribe certificate of guarantee
npon each and every one Of such bonds,
inthe form prescribed in section eight of
this act, and the same shall be sealed and
attested in like manner, and shall forthwith
be delivered to the company for lis general
uses AID purposes authorized by its char
ter; and when TIL whole Of said main lue
of railroad within the State of Louisiana
shall have been constructed by said COM
pany, all tn residue of the second mort
gage bonds, authorized by this act, may
be executed by the company, and certifi-
Gates of guarantee thereon in the form
aforesaid shall he subscribed by the Gov
ernor and sealed and attested us herein
before provided; and such guaranteed
bonds shall forthwith be delivered to the
company for its general uses and purposes
authorized by its charter
SEC. 25. Be it further enacted, ETC, That
the signature of the Governor to the certi-
fcate Of guarantee shall be conclusive evil
dence in favor of tisc holder Of every bond
so ceI titled tat the additions Of this act
have been complied with On the part Of the
company, and that said bonds have been
duly made. and regularly certified and
| issued pursuant to the provisions Of this
act and every such certificate Of guaran-
tee, when so subscribed, shall be valid
and binding obligation of TIE State Of Louis
lana in favor of whomsoever shall, from
time to time, be the holder of the bond
bearing such certificate. and the State OF
Louisiana hereby pledges its public faith
and credit to the performance of such
guarantee according to is terms.


SEC. 2G. Be it further enacted, etc, That
| nothing in this act contained shall COM
| pair Timpair1 or restrict the pow,s here
tofore granted the said company to issue
| bonds and to mortgage its corporate proper
t. and franchises, except tha,I the SAID
company shall not have power to make
any mortgage or create any incumhrance
upon its said main line Of railroad within
the State of Louisiana, which >hal have
priority over the said second mortgage to
nnv greater extent than twelve thousand
five hundred dollars in coin or currency,
and the interest thereon atfa rate not ex-
ceeding eight per cent per an"un upon
each and every mile of the entire length OF
said main line of railroad within the State
! of Louisiana and in case of foreclosure
of anv mortgage upon the said main line
Of railroad befare the whole Of said main
line of railroad shall have been completed,
the State of Louisiana may, through its
! Governor, require that that part of said
main line of railroad within the State ol
Louisiana which shall have been construc-
ted, and in respect of which the State oi
Louisiana shall have guaranteed second
mortgage bonds, be sold separately, and
the proceeds fthe part so sold, together
with its due proportion Of the proceeds OF
| the cars, engines and personal property oi
the company, shall constitute q fund upon
which the first mortgage shall be a first
lien, to the extent only of securing first


mortgage bonds to the amount of twelve
thousand and five hundred dollars IN colt


or currency per mile for every mile of con


struggled road thus sold. with the arrear-


ages of interest thereon, and after paying


such amount Of first mortgage bonds ano
interest ont of the said fund, the surplus


or 50 much thereof as shall be necessary


shall be applied to the rayment, Of salt


second mortgage bonds guaranteed by tht
State of Louisiana, and all arrearages there
on; or in case such sale shall be made un'
der the said second mortgage the sale may
r be made subject to said first mortgage, ane
the portion so sold shall BE-. released anc
discharged from the said first mortgage


and the lien and operation thereof ON the
surrender by the purchaser to the trustee


under said first mortgage of first mortgage


bonds to the amount Of twelve Thousand
five hundred dollars, and the unpaid coup
| ons thereunto appertaining for each ant
every mile of said railroad so sold, or ir
the payment BY the purchaser to sait


trustee of sum sufficient to discharge
like amount of first mortgage bonds ant


the coupons in arrear thereon.


SEC. ~. B. it further enacted, ETC., Tha


said company shall cause the survey ant
location of the whole of the sai'


main line of it's railroad within
the State of Louisiana to be CON


pleted within five years after its ACCEPT nc


of this act, hereinafter provided for, an'


shall cause section of at least five cont