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OF RAILROADS.

Preamble.

State Treasurer author

State bonds

rel and

Roaring

Co. in con

structing railroad.

CHAPTER 185.

OF RAILROADS.

AN ACT to aid the Laurel and Roaring Point Railroad Company to construct their road, and for other purposes.

Whereas for the purpose of aiding the Laurel and Roaring Point Railroad Company to construct their railroad; therefore

Be it enacted by the Senate and House of Representatives [of the State of Delaware] in General Assembly met:

SECTION 1. That as soon after the passage of this act as ized to issue the directors of the Laurel and Roaring Point Railroad, Said Laus hereafter to be elected in pursuance of the act incorporating said company, shall procure bona fide subscriptions to be made Point R. R. to the capital stock of said company to the amount of ten thousand dollars, and shall procure and cause said subscriptions to be paid in as hereinafter provided, it shall be the duty of the State Treasurer, and he is hereby authorized, empowered and directed to cause the bonds of this State to be made to the amount of fifty thousand dollars, and to deliver the said bonds to the amount of forty-four thousand dollars to the directors of the said Laurel and Roaring Point Railroad Company, retaining the residue of said bonds for the purpose hereafter specified. Said bonds to be delivered by the State Treasurer to the directors of the company aforesaid, at such times and to such amounts as is hereinafter provided, as a loan to said company in the construction of this railroad, from a point at or near Laurel, in Sussex county, to the south line of this State.

Time of delivery of first installment of bonds.

SECTION 2. That as soon as the State Treasurer is satisfied by the oath or affirmation of the directors of said company that the sum of five thousand dollars has been paid in, in furnishing materials, work and labor necessary for the construction of the said railroad, or any bridge or other struc ture or building connected therewith, or in money, at the election and discretion of the directors of the said railroad company, into the treasury of said company upon the subscriptions to the capital stock of said company, as required by Section 1 of this act, it shall be the duty of the State

OF RAILROADS.

second in

bonds.

third install

ment of

Treasurer for the time being, and he is hereby directed to deliver to the directors of said company the bonds of this State, authorized to be made by Section 1 of this act, to the amount of ten thousand dollars; and whenever it shall ap- Time of depear to the satisfaction of the State Treasurer as aforesaid that livery of the further sum of five thousand dollars (being the residue stallment of of said ten thousand dollars) has been actually paid in, in furnishing materials, work and labor necessary for the construction of said railroad, or any bridge, or other structure or building connected therewith, or in money, at the election and direction of the directors of the said railroad company, upon the subscription to the capital stock of said company, as required by Section 1 of this act, it shall be the duty of the State Treasurer for the time being, and he is hereby directed to deliver to the directors of said company the bonds of this State, authorized to be made by Section 1 of this act, to the amount of ten thousand dollars; and whenever it shall appear to the satisfaction Delivery of of the State Treasurer as aforesaid that further bona fide subscriptions have been made to the capital stock of said bonds. company to the further amount of fifteen thousand dollars in addition to the stock required by Section 1 of this act to be subscribed thereto, as aforesaid, and that the sum of ten thousand dollars has been paid in in furnishing materials, work and labor necessary for the construction of the said railroad, or any bridge, or other structure or building connected therewith, or in money, at the election and discretion of the directors of the said railroad company, into the treasury of said company, upon the subscriptions last aforesaid to the capital stock of said company and required by this section, it shall be the duty of the State Treasurer for the time being, and he is hereby directed to deliver to the directors of said company the bonds of this State, authorized to be made by Section 1 of this act, to the further amount of fifteen thousand dollars; and whenever it shall Delivery of appear to the satisfaction of the State Treasurer, as afore- bonds. said, that the further sum of five thousand dollars (being the residue of said sum of fifteen thousand dollars last aforesaid required to be subscribed to said capital stock of said company) has been actually paid in, in furnishing materials, work and labor necessary for the construction of the said railroad, or any bridge, or other structure or building connected therewith, or in money, at the election and discretion of the directors of the said railroad company into the treas

residue of

Form of bonds.

Coupons.

OF RAILROADS.

ury of said company, upon the subscriptions last aforesaid to the capital stock of said company and required by this section, it shall be the duty of the State Treasurer for the time being, and he is hereby directed to deliver to the directors of said company the bonds of this State authorized to be made. by Section 1 of this act to the amount of nine thousand dollars, being the residue of said sum of forty-four thousand dollars mentioned and authorized to be issued by said Section I of this act.

SECTION 3.

That the bonds of this State authorized to be made by Section 1 of this act, shall be in the following form:

No.

INTERNAL IMPROVEMENT BOND.

UNITED STATES OF AMERICA.

STATE OF DELAWARE.

$1,000.

These presents certify and make known that the State of Delaware is held and firmly bound unto the bearer in the sum of one thousand dollars lawful money of the United States of America, which she binds herself to pay to the bearer on or before the first day of January, A. D. with interest at the rate of six per centum, payable at the Philadelphia National Bank of the city of Philadelphia, on the first day of January and July, until the principal be paid. Dated at Dover, the day of

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Witness the Great Seal of the State, and the hands of the Governor, Secretary of State, and State Treasurer.

SEAL.

}

Governor.
Secretary of State.
State Treasurer.

The said bonds shall be numbered from one to fifty, and shall have coupons attached for the payment of interest, numbered to correspond with the bonds, and signed by [the] State Bonds, how Treasurer. The said bonds shall be signed by the Governor, Secretary of State, and State Treasurer, and have the Great Seal attached. The public faith is hereby pledged for the payment of the interest and principal of said bonds.

signed.

Faith pledged.

Mortgage of company in

SECTION 4. That the directors of the Laurel and Roaring favor of Del- Point Railroad Company, in consideration of the bonds of this State to be delivered to them, under provisions of Section 2 of this act, and the further consideration of this State

aware.

OF RAILROADS.

to the amount of six thousand dollars, to be retained by the State Treasurer, and applied for the benefit of said company, as hereinafter provided, shall prepare, execute and acknowledge, at the expense of said company, a mortgage in favor of the State of Delaware, which shall be the first lien on the whole road, for fifty thousand dollars, on the whole line of Amount. the railroad of said company, from a point at or near Laurel, in Sussex county, to the south line of the State. Said mortgage shall include all the land of the company on the line of said road, the railroad to be constructed and made thereon, including the crossties, bridges, iron and other materials used in making the railroad of said company, and all switches, including turntables and depots of the company, and all and singular the appurtenances to the said railroad belonging or appertaining, and all rights and franchises pertaining to and enjoyed by said company, and shall deliver said mortgage to the State Treasurer, at the time of the payment or delivery to the said directors of the bonds of the State to the amount of ten thousand dollars, first mentioned in Section 2 of this act. The State Treasurer shall cause the Recording said mortgage to be duly recorded in the office of the Recorder of mortgage. of Deeds, at Georgetown, in Sussex county. Said mortgage Interest and shall bear interest at the rate of six per centum, from date, and shall be payable on or before the first day of January, A. D. 1911.

time of pay

ment.

to the

SECTION 5. That the State Treasurer be and he is hereby Sale of bonds authorized and directed to sell, at such time or times and in amount of such manner as he may deem proper, the bonds of this State $6,000. to the amount of six thousand dollars which he is authorized by Section 1 of this act to retain out of the bonds authorized by said section to be issued, to apply the proceeds from the sale of said bonds to the payment of the interest on the mortgage required by Section 4 of this act, for the two years from the date of said mortgage.

interest.

SECTION 6. That for the purpose of meeting the interest Mode of on the mortgage required by Section 4 of this act, the direc-paying tors of the Laurel and Roaring Point Railroad Company, after the expiration of two years from the date of said mortgage, shall pay to the State Treasurer twenty-five per centum for every passenger carried over on said railroad or any part thereof, and twenty-five per cent. in the amount of all other freights and tolls received by the company, or all other business done on said railroad. The payment, both for passengers

Interest,

when paid.

Foreclosure.

Interest and other

State.

OF RAILROADS.

carried and other business done by said company, shall be made semi-annually on the first day of January and the first day of July in each and every year, and shall be acccompa nied by a statement, verified by oath of the proper officer of said company, showing the number of passengers carried and the amount of other business done. In case the amount received by the State Treasurer under the provisions of this section shall be insufficient to pay the interest on said mortgage, as the same shall become due, it shall be lawful for any subsequent Legislature to increase the rates specified in this section; and if the amount received by the State Treasurer, under the provisions of this section, shall be more than sufficient to meet the interest on said mortgage, then such excess shall be deemed and considered a payment on the principal of said mortgage.

SECTION 7. That if the said directors of said company shall fail to make the return and payment to the State Treasurer required in Section 6 of this act for a period of thirty days after the time appointed for such return and payment to be made, and shall otherwise fail for the period aforesaid to pay the interest on the mortgage aforesaid, such default on the part of the directors of said company shall make the whole mortgage due and payable, and the State Treasurer shall proceed to collect the whole of said mortgage by due process of law, and said mortgage shall contain a proviso to this effect.

SECTION 8. That the interest paid to the State Treasurer moneys,how on the mortgage aforesaid, and all money received by him applied by under any of the provisions to be applied to the interest on the mortgage aforesaid, shall be by him applied to the payment of the interest on the bonds of this State authorized to be made by Section 1 of this act.

Bond that

R. R. Co. will build railroad, etc.

SECTION 9. That before any of the provisions of Section 2 of this act shall take effect the directors of the said company, to be elected as aforesaid, shall enter into a joint and several bond to the State of Delaware in the penal sum of twenty thousand dollars, conditioned for the faithful application of all money received by them under the provisions of this act, together with all money received by them under said subscription to the capital stock of the company aforesaid, to the construction of the railroad of said company from a point at or near Laurel to the south line of the State,

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