TWENTY-EIGHTH LEGISLATURE. No. 12. STATE OF MAINE. HOUSE. IN THE YEAR OF OUR LORD ONE THOUSAND EIGHT HUNDRED AND FORTY-EIGHT. AN ACT to authorize the city of Portland to aid the construction of the Atlantic and St. Lawrence Rail Road. Be it enacted by the Senate and House of RepresentaLives in Legislature assembled, as follows: SECTION 1. The city of Portland is hereby author2 ized to loan its credit to the Atlantic and St. Law3 rence Rail Road Company, in aid of the construction 4 of their rail road, subject to the following terms and 5 conditions. SECT. 2. This act shall not take effect, unless it 2 shall be accepted by the directors of said rail road 3 company, and by the vote of the inhabitants of said William T. Johnson, Printer. 4 city, voting in ward meetings duly called, according 5 to law; and at least two-thirds of the votes cast at 6 such ward meetings shall be necessary for the accept7 ance of the act. The returns of such ward meetings 8 shall be made to the aldermen of the city, and by 9 them counted and declared, and the city clerk shall 10 make record thereof. SECT. 3. Upon the acceptance of the act as afore2 said, the city treasurer is authorized to make and 3 issue from time to time, for the purposes contemplated 4 in this act, the scrip of said city, in convenient and 5 suitable sums, payable to the holder thereof, on a term 6 of time not less than twenty, nor more than thirty 7 years, with coupons for interest attached, payable 8 semi-annually, or yearly, as may be agreed. SECT. 4. When the rail road company shall have 2 received from assessments upon the shares of the 3 private stockholders therein, and shall have expended 4 upon the construction of the road, and its necessary 5 equipment, the sum of five hundred and fifty thousand 6 dollars, the city treasurer shall then deliver to the 7 directors of the company, the scrip aforesaid to the 8 amount of two hundred thousand dollars. When the 9 company shall have expended that sum in the further 10 construction and equipment of the road, and shall 11 have received from the assessments upon the shares 12 of private stockholders, the further amount of one 13 hundred thousand dollars, the city treasurer shall de14 liver of the scrip, a further amount of three hundred 15 thousand dollars. SEC. 5. When the company shall have expended in 2 the further construction and equipment of the road, 3 at least one half the proceeds of the scrip last named, 4 further portions of the scrip shall be from time to time 5 delivered thereafter, in such amounts and proportions, 6 that the aggregate of all the scrip delivered shall at 7 no time exceed the whole amount of the assessments S paid in and expended. But the whole amount of the 9 scrip to be issued and delivered shall never exceed 10 one million of dollars. SEC. 6. Before the delivery of any of the scrip, in 2 any of the cases provided in the preceding sections, 3 the directors of the company shall furnish satisfactory 4 evidence to the mayor and aldermen of the city, that 5 all the pre-requisites therein prescribed in the several 6 cases have been respectively complied with, and shall 7 file with the city treasurer a certificate of such com8 pliante, signed by the president and treasurer of the 9 company, to which certificate they shall severally 10 make oath. In all cases, the scrip shall bear date 11 from the delivery thereof, and the proceeds thereof 12 shall be applied by the directors of the company, 13 exclusively to the construction and necessary furniture 14 and equipment of the Atlantic and St. Lawrence 15 Rail Road. SEC. 7. Upon the delivery of each and every por2 tion of the scrip aforesaid, the directors shall execute 3 and deliver to the city treasurer, the bond of the 4 company, in an equal amount, payable to the city, 5 conditioned that the company will duly pay the inter6 est on said scrip, and will provide for the reimburse7 ment of the principal thereof, and hold the city harm8 less on account of the issue of the same, according to 9 the provisions of this act. SEC. 8. The directors shall also transfer to the city, 2 upon the delivery of any portion of the scrip as afore3 said, an equal amount in the shares of the company, 4 to be held as collateral security for the bond of the 5 company, required to be given in such case. And 6 the shares so held as collateral shall be credited on 7 the stock books of the company as fully paid up, and 8 no assessments shall ever be required thereon, nor 9 shall any dividends be paid on the same, nor any right 10 of acting or voting at the meetings of the company 11 be claimed or exercised by reason of said shares, so 12 long as the same shall be held as collateral as afore13 said. SEC. 9. From and after the issue and delivery to 2 the directors of any portion of the scrip aforesaid, 3 the city shall have a lien upon the said rail road, and 4 upon all the property and franchise of the company, 5 to secure the performance of the conditions of all the 6 bonds of the company, executed and delivered under 7 the provisions of this act. SEC. 10. For the purpose of providing for the 2 reimbursement of the principal of the scrip, author3 ized to be issued by this act, there shall be established 4 a sinking fund, and commissioners shall be appointed 5 to manage the same. One of said commissioners 6 shall be appointed by the mayor and aldermen of the 7 city, and one by the directors of the company, and in 8 case of a vacancy in the place of either, the same |