upon such terms and conditions as said company may deem advisable; and upon such conversion the said company shall deliver up the said bond or bonds so converted into stock to the Governor to be cancelled, who shall thereupon cause satisfaction thereof to be entered of record in the office of the Auditor of Public Accounts. § 7. Said company shall make provision for the punctual redemption of said bonds so issued as aforesaid, and for the punctual payment of the interest which shall accrue thereon, in such manner as to exonerate the Treasury of this State from any advances of money for that purpose; and the tolls and income which shall accrue from the use of said road when any part thereof shall be constructed, after paying the repairs and the necessary expense of the same and conducting the business thereof, shall be and are hereby pledged for the payment of said interest. § 8. No part of the bonds so authorized to be issued as aforesaid, shall be issued to the said company until full and satisfactory evidence shall be given to the Governor and approved by the Attorney General, that no prior lien or incumbrance has been created or exists on the road of said company or its appurtenances, except such lien as may have been created under this act. § 9. In case said company shall make default in the payment of either interest or principal of said bonds, or any part thereof, no more bonds shall thereafter be issued; and it shall be lawful for the Governor to sell said road and its appurtenances by auction to the highest bidder, first giving six months' notice of the time and place of such sale by advertisement, to be published once in each week in the paper which shall publish the laws at Jefferson City, and in two public newspapers published in the city of St. Louis, or to buy in the same at such sale for the use and benefit of the State, subject to such disposition in respect to such road or its proceeds as the Legislature may thereafter direct. This act to take effect and be in force from and after its passage. AN ACT amendatory of an act entitled an act to secure the completion of certain Railroads in this State. § 1. Nineteenth section of law of 1854 repealed, with certain exceptions. Be it enacted by the General Assembly of the State of Missouri, as follows: § 1. Section nineteen of an act entitled "An act to secure the completion of certain Railroads in this State," which became a law on the tenth of December, eighteen hundred and fifty-four, is hereby repealed, except so far as the same relates to the Hannibal and St. Joseph Railroad Company; and the guage of the North Missouri Railroad Company shall be that established by the general railroad law of this State, entitled “An act to authorize the formation of Railroad Associations, and to regulate the same," approved the thirteenth day of December, eighteen hundred and fifty-five. This act to be in force from its passage. AN ACT to amend an act entitled "An act to authorize the formation of Railroad Associations, and to regulate the same." § 1. County Court of St. Louis county au. § 2. Who are qualified voters at elections thorized to levy special tax to pay to vote railroad tax. certain bonds. 3. Conflicting acts repealed. Be it enacted by the General Assembly of the State of Missouri, as follows: § 1. That the bonds of the county of St. Louis, issued by the County Court of said county to the North Missouri Railroad and St. Louis and Iron Mountain Railroad Companies, respectively, of seven hundred and fifty thousand dollars to the North Missouri Railroad Company, and of five hundred thousand dollars to the Iron Mountain Railroad Company, upon the application of said railroad companies, made to said County Court on the eighth day of October, eighteen hundred and fifty-six, shall be distributed so as to be due and payable equally through five years, beginning with the year eighteen hundred and sixty; and said County Court is hereby empowered and required to levy a special tax upon the whole of said county, including the city of St. Louis, to pay said bonds as they fall due, which tax shall begin in the year eighteen hundred and sixty; Provided, Said tax shall be levied in like manner, and subject to all the provisions and exemptions of the act to which this is amendatory. § 2. Section thirty of the act to which this is amendatory, shall be so amended as that in all elections to be held hereafter to test the sense of the people of St. Louis county, in regard to subscribing to the capital stock of any railroad, they alone shall vote who are qualified voters liable to pay a tax on property then owned by them in said county, it being the intention of this amendment to exclude from voting on said subscription those persons who are liable only for poll-tax; and the County Court of St. Louis county shall in no case subscribe to the capital stock of any railroad until the question of such subscription shall have first been submitted to the qualified voters above described. § 3. All acts or parts of acts conflicting herewith, are hereby repealed. This act to be in force from its passage. Approved February 9, 1857. AN ACT for the benefit of the Pacific and other Railroad Companies. An ACT to secure the completion of certain Railroads in this State. AN ACT to secure the prompt payment of Interest on State Bonds. AN ACT supplementary to and explanatory of an act to secure the completion of certain Railroads in this State. See page 87. AN ACT to amend an act to secure the completion of certain Railroads in this State, and for other purposes, approved December 10, 1855. See page 89. AN ACT supplemental to an act to amend an act to secure the completion of certain IRON MOUNTAIN RAILROAD COMPANY. ACTS GRANTING AID BY THE STATE TO. AN ACT to expedite the construction of the Iron Mountain Branch of the Pacific Railroad. § 1. Pacific Railroad Company authorized § 2. Governor to cause to be issued and deto construct a branch railroad to the Iron Mountain and Pilot Knob; rights, privileges and duties of said company in constructing such branch. livered to said company special bonds of the State; principal and interest of such bonds secured; in what event the loan of the credit of the State transferred to the St. Louis and Iron Mountain Railroad Company. 3. Any city, county, or incorporated company authorized to subscribe to the capita! stock. Be it enacted by the General Assembly of the State of Missouri, as follows: § 1. The Pacific Railroad shall have power to extend and construct a branch railroad from any point on the main trunk line or the southwest line, not nearer than twenty miles of St. Louis, to the Iron Mountain, in St. Francois county, and Pilot Knob, in Madison county, and may extend the same to the Mississippi river, and also to the boundary line of the State of Arkansas; and the said company shall have the same rights, powers and privileges and be subject to the same provisions and conditions in respect of the right of way, lands for depots, water stations, engine houses, stopping stages, and other buildings and materials, taxation and location, construction and operation of the said branch, as are made applicable to the Pacific Railroad in the act entitled "An act to incorporate the Pacific Railroad," approved March 12, 1849, and the act amendatory thereof, approved March 1, 1851; and the said company shall keep separate accounts of the operations of said branch road, including the cost of construction and the earnings thereof, and shall make dividends of its net earnings among the stockholders in said branch and the Pacific Railroad, according to their respective shares in said branch; and for freight or passengers coming from or on said branch road to or from the main trunk or any other branch, the said ccmpany shall not charge greater rates than are paid for freight or passengers carried wholly on said main trunk or other branch. § 2. And for the purpose of aiding the construction of said branch railroad the Governor of the State shall cause to be issued and delivered to said company from time to time, special bonds of the State in the same manner and for the same amount as expenditures shall be made upon said branch, and upon the same terms and conditions, and with the same liability on the part of said company, as prescribed and limited by the act entitled "An act to expedite the construction of the Pacific Railroad and the Hannibal and St. Joseph Railroad," approved February 22, 1851, and the provisions of said act, so far as the same are applicable, shall be applied to the issue [issuing] of any bonds that may be loaned to said company for the construction of said branch, but to secure the payment of the principal and interest of said bonds thus to be issued for said branch, the lien of the State shall attach only to such branch and its appurtenances, and only so far as such bonds may be issued for such branch; Provided, however, That no bonds shall be issued to said company for the purpose of aiding the construction of said branch until at least three hundred thousand dollars applicable to said branch shall be subscribed in good faith, as an addition to the capital stock of said company, and the bonds to be issued to aid the construction of said branch shall be denominated Pacific Railroad State Bonds-Iron Mountain Branch; And provided further, That the total amount of State bonds thus to be loaned for the purposes aforesaid, shall not exceed seven hundred and fifty thousand dollars; Provided, That if the said Pacific Railroad shall not within twelve months from the passage of this act proceed to locate and begin to construct the said branch road to the Iron Mountain, the loan of State bonds herein authorized shall by said company be transferred to the St. Louis and Iron Mountain company on the following conditions, viz: The said St. Louis and Iron Mountain Company shall first reimburse the Pacific Railroad Company all costs and expenses incurred by them in behalf of said branch road, and when the said transfer shall take place the said St. Louis and Iron Mountain Railroad Company shall be entitled to said loan under this act authorized in the same manner and subject to the same proofs as to subscriptions and moneys collected and expended in the construction of their road; and the same lien, security and liability to the State and all the other terms and and conditions and provisions, so far as the same are applicable, of the act entitled "An act to expedite the construction of the Pacific Railroad, and of the Hannibal and St. Joseph Railroad," approved February 22, 1851, before any bonds shall be issued to said company, as though the name and style of the said St. Louis and Iron Mountain Railroad Company were alone recognized and described in this act; And provided further, That the said St. Louis and Iron Mountain Company shall first have subscribed to its capital in good faith at least five hundred thousand dollars; and it is hereby further declared, that the St. Louis and Iron Mountain Company, in case they avail themselves of the State credit authorized in this section, shall locate their road through Washington county, not further than five miles east of the county seat thereof; Provided, Said company can obtain the right of way upon as liberal terms as along other portions of their line. § 3. It shall be lawful for any city, county or incorporated company, to subscribe to the capital stock of the said Pacific Railroad for the purpose of aiding the construction of said branch railroad, and may issue the bonds of such city, county or company, to raise funds to pay to the stock thus subscribed, and to appoint an agent to represent its interest, give its vote and receive its dividends, and may take proper steps to guard and protect the interest of such city, county or corporation in relation thereto. This act shall take effect from its passage. |