| {Acts of the North
Carolina General Assembly} |
| |
| An Act to Enable the Western Railroad Company to Extend
Their Road From the Coal Fields to the North Carolina Railroad |
| |
| Whereas, The loan of
four hundred thousand dollars made to the Western Railroad Company, by
an act of the last legislature, entitled "An act to aid in the
construction and equipment of the Western Railroad from Fayetteville to
the Coal Fields," was insufficient to enable said company to procure the
rolling stock and equipment, build work-shops, and construct the
necessary wharves at Cape Fear river, for the shipment of coal and other
produce, and for the erection of a permanent bridge across Deep River;
therefore, to enable said company to complete said works, and to carry
into effect the provisions of this act: |
| Section 1. Be it enacted by
the General Assembly of the State of North Carolina, and it is hereby
enacted by the authority of the same, That there shall be two
divisions of the Western Railroad, viz: the eastern division shall
extend from the Cape Fear to the west bank of Deep river, near Egypt, in
the county of Chatham, and the western division shall extend from the
west bank of Deep river to a point on the North Carolina Railroad, to be
hereafter determined by the president and directors of the Western
Railroad Company, or the stockholders of the same, in general meeting
assembled. |
| Sec. 2. Be it further
enacted, That for the purpose of completing the eastern division,
procuring the rolling stock and equipments, building shops, wharves, and
constructing a permanent bridge over Deep river, the public treasurer is
hereby authorized and directed to sell two hundred thousand dollars of
the coupon bonds of the State of North Carolina, made in the same manner
and form as those heretofore sold for said company, and the proceeds
thereof to loan to said railroad company, the said company making and
delivering to the public treasurer at the same time its coupon bonds for
the same amount, and payable at the same time and place as those of the
State, sold for its benefit; and to secure the principal and interest of
said bonds, issued by the Western Railroad Company, the State of North
Carolina shall by this act have a lien upon the eastern division of said
road, together with all the rights and franchises thereto belonging or
in any wise appertaining, and upon all the estate of said company, both
real and personal, which they may now have or may hereafter acquire,
which lien shall have preference over all other claims whatsoever. |
| Sec. 3. Be it further
enacted, That for the purpose of completing the western division of
said road, the public treasurer is hereby authorized and directed to
issue and sell the coupon bonds of the State of North Carolina, signed
by the governor, and countersigned by the public treasurer, and sealed
with the great seal of the State, bearing six per cent. interest, the
principal payable at the end of thirty years from the date thereof, and
the coupons of interest payable semi-annually in such form and at such
time and place as the public treasurer may direct, for the purpose of
raising the money herein directed to be loaned to the Western Railroad
Company. |
| Sec. 4. Be it further
enacted, That before the public treasurer shall make any loan to
said company of any of the moneys received from the sale of the bonds
hereby authorized to be issued and disposed of, the Western Railroad
Company shall deliver to the public treasurer the coupon bonds of said
company, bearing the same interest and date, the principal and coupons
payable at the same time and place as those of the State herein before
directed to b issued and disposed of; and to secure the principal and
interest of said bonds issued by the Western Railroad Company, the State
of North Carolina shall by this act have a lien upon the western
division of said road, together with all the rights, franchises and
powers thereto belonging, or in any wise appertaining, or which may
hereafter belonging or appertain, together with all the real and
personal estate of said company which they may now have or hereafter
acquire, and which lien shall have preference over all other claims
whatsoever; and in case of failure of said company to pay the
semi-annual interest on said bonds for twenty-four months after such
interest shall become due, or to pay the principal of said bonds for
twelve months after their maturity, the board of internal improvement
for and on behalf of the State may enter upon and take possession of all
the property herein before specified, and dispose of the same so as to
protect the State. |
| Sec. 5. Be it further
enacted, That the public treasurer shall issue and dispose of the
bonds hereinbefore directed, from time to time, as may be necessary to
make the loans to said company, as required by the provisions of this
act; and said loans shall be made in the sums and on the conditions
following, viz: that whenever the president of said company shall
certify to the governor that a section of ten miles of said road has
been graded continuously at either end of the western division, that
said company has purchased the iron rails chairs and spikes, and will
forth with, in good faith, proceed to lay down and complete said section
of ten miles, said company shall be entitled to receive the sum of one
hundred thousand dollars; and upon a like certificate, as each
successive ten miles has been graded and prepared o receive the
superstructure, said company shall be entitled to receive the sum of one
hundred thousand dollars, until said division shall be completed:
Provided, That if the last section shall be less than ten miles, a
deduction shall be made in the proportion of one hundred thousand
dollars to ten miles of road, it being the purpose of this act to loan
said company ten thousand dollars per mile for each mile of road
constructed between the eastern division and the final terminus of said
road on the North Carolina Railroad: Provided, further, That none
of the bonds authorized to be issued for the western division of said
road shall be sold by the public treasurer, until it shall have been
certified to him by the president of said company that the iron rail
purchased for the said western division is of the product and
manufacture of the State of North Carolina: Provided, further,
That the bonds so issued for said western division shall not
exceed$500,000. |
| Sec. 6. Be it further
enacted, That whereas, the provisions of the seventh, eighth and
tenth sections of the act of the last legislature, entitled "An act to
aid in the construction and equipment of the Western Railroad from
Fayetteville to the Coal Fields," are unusual, and have not been imposed
upon any other company in this State, therefore the said seventh, eighth
and tenth sections of said act be, and the same are hereby repealed. |
| Sec. 7. Be it further
enacted, That the bonds herein provided to be sold by the public
treasurer shall not be disposed of by him for less than their par value.
[Ratified the 16th day of February, 1861.] |
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