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Acts of the Alabama Legislature |
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No. 173. An Act in relation to the Selma & Gulf Rail Road Company |
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| Whereas by an act approved the 18th of
February, 1860, entitled an act to appropriate the three per cent. fund,
a loan of forty thousand dollars was made to the Selma & Gulf Rail Road
Company, upon certain conditions in said act contained; and whereas said
Selma & Gulf Rail Road Company have complied with all the conditions
required of them, in order to obtain payment of the sum so loaned; and
whereas said Rail Road Company, in the present condition of the country,
are willing to postpone the payment to them of said sum of money, until
the present war is ended; and whereas the Alabama & Mississippi Rivers
Rail Road Company are now actively engaged in building a rail road from
Selma via Uniontown and Demopolis, so as to unite at Meridian with the
rail road now completed to Vicksburg, on the Mississippi river, with the
Mobile & Ohio Road, and with the New Orleans and Jackson Road; and
whereas, the Alabama & Mississippi Rivers Rail Road, forming a
connection between the waters of the Alabama and Mississippi Rivers,
with the North West, and with New Orleans, is essential to the
government in the existing war, for the transportation of troops,
munitions of war, provisions, and the public mails: |
| Sec. 1. Be it therefore enacted by the
Senate and House of Representatives of the State of Alabama in General
Assembly convened, That with the consent of the Selma & Gulf Rail
Road Company, the payment to the said Company of the said sum of forty
thousand dollars be postponed until the end of the existing war, and the
conclusion of peace; and that upon the ratification of a treaty of
peace, said Selma & Gulf Rail Road Company shall be entitled to demand
and receive from the State treasury, the said sum of forty thousand
dollars so loaned, upon giving bond with good security, conditioned that
said sum of forty thousand dollars shall be applied alone to the
purchase of iron, and the laying of the same upon said rail road, and
executing a first mortgage bond on said rail road and all its rights and
fixtures to secure the repayment of said forty thousand dollars, at the
expiration of five years thereafter, and the interest thereon, at the
rate of six per cent. per annum. |
| Sec. 2. Be it further enacted, That
in the meantime, and until a treaty of peace shall be concluded, the
said sum of forty thousand dollars of the three per cent. fund be loaned
to the Alabama & Mississippi {Rivers} Rail
Road: Provided said rail road Company shall execute and deliver
to the Governor its bond, with the most ample and satisfactory security,
conditioned for the payment of the said sum of forty thousand dollars,
with six per cent. per annum thereon, into the State treasury, within
one month after receiving notice to make such payment, according to the
terms of this act; such security to be personal, by deed of trust, or by
mortgage with power of sale, as the Governor may require. |
| Approved, December 5, 1861. |
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