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YORK, LAWS OF 1867, CHAP. 164.
AN ACT TO AID IN THE CONSTRUCTION OF THE ALBANY AND
Passed March 27, 1867 ; three-fifths being present.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Whenever the Albany and Susquehanna Railroad Company shall duly prove to the Comptroller that they have expended the amount of four million five hundred thousand dollars in the construction and equipment of the Albany and Susquehanna Railroad, of which amount five hundred thousand dollars shall have been expended for work done, including cost of right of way and depot grounds, in the county of Broome, and shall in good faith put the same into operation one hundred and twenty miles from the city of Albany, through the counties of Albany, Schenectady, Schoharie, Otsego, Delaware and Chenango, to the town of Colesville, in the county of Broome, the Treasurer is hereby authorized and required to pay to the Treasurer of the said company, the sum of two hundred and fifty thousand dollars; and the said sum of two hundred and fifty thousand dollars is hereby appropriated for public purposes to aid in the construction of the aforesaid railroad.
Sec. 2. There shall be imposed for the fiscal year, beginning on the first day of October, eighteen hundred and sixty-seven, a state tax of three-sixteenths of a mill upon each dollar of the valuation of the real and personal property of the state, subject to taxation; which tax shall be assessed, levied and collected in the usual manner prescribed by law, and shall be paid by the several county treasurers into the treasury of the State, to be held by the Treasurer for the purposes specified in this act.
Sec. 3. The Comptroller is hereby authorized and required to draw his warrant upon the Treasurer for the amount appropriated by this act, to be paid, as aforesaid, whenever the said railroad company shall have complied with the conditions here imposed. But if the company shall fail to comply with the said conditions New York, L, 1867, Chap. 164.
within two years from the passage of this act, the moneys here appropriated shall be applied to the uses of the general fund ; and if there shall be any surplus remaining after the payment of the amount so appropriated, the same shall, in like manver, be applied to the purposes of the general fund. The moneys so received from the treasury of the State by the Treasurer of the Albany and Susquehanna Railroad Company, shall be used in the construction and equipment of said railroad, and for no other purpose whatever.
NEW YORK, LAWS OF 1867, CHAP. 747.
AN ACT TO EXTEND THE TIME FOR THE COMPLETION OF THE ALBANY
AND SUSQUEHANNA RAILROAD, AND TO AMEND THE SEVERAL
Passed April 24, 1867 ; three-fifths being present.
The People of the State of New York, represented in Senate and Assembly, do enact as follows :
SECTION 1. The time for the completion of the Albany and Susquehanna Railroad, and of the Company to comply with the conditions of the act authorizing the city of Albany to make a loan to said company, passed April tenth, eighteen hundred and fifty-two, is hereby extended three years in addition to the time now allowed by law.
SEC. 2. On and after the first day of May next, there shall be two commissioners for each of the several towns subscribing to or owning stock in the Albany and Susquehanna Railroad Company, to be appointed by the county judge from different political parties upon the application of twelve or more freeholders in the manner provided by section one, of chapter sixty-four, of the laws of eighteen hundred and fifty-six, whose term of office shall be three years, and until their successors shall in like manner be duly appointed. Section one, of chapter four hundred and one, of the
, laws of eighteen hundred and fifty-seven, providing for their designation and election, the same as commissioner of highways, is hereby repealed.
Sec. 3. Each of the town commissioners is hereby required to account annually to the board of town auditors of his town for all moneys which have come into his hands as such commissioners together with the interest thereon, provided such moneys have been used or loaned by him ; and in case of neglect or refusal to thus account by any commissioner, the supervisor on behalf of such town shall bring an action to compel such accounting, and to recover any sum which may be due from such commissioner, and when collected, shall be applied to the payment of the principal and interest due or to become due upon the bonds issued by the town in the construction of said railroad.
SEC. 4. This act shall take effect immediately.
FIRST MORTGAGE OF THE ALBANY
THE ALBANY AND SUSQUEHANNA R. R. CO. TO DANIEL DREW AND ALFRED VAN SANTVOORD, TRUSTEES, JUL. 1, 1863.
This INDENTURE, made the first day of July, in the year of our Lord one thousand eight hundred and sixty-three, between the Albany and Susquehanna Railroad Company, a corporation organized under and in pursuance of an act of the Legislature of the State of New York, entitled “ An act to authorize the formation of railroad corporations and to regulate the same," passed April 2d, 1850, of the first part, and Daniel Drew, of the city of New York, and Alfred Van Santvoord, of the city of Albany, trustees for the purposes hereof as hereinafter mentioned, of the second part, witnesseth :
WHEREAS, by an act of the said Legislature, entitled “ An act to authorize the city of Albany to make a loan to the Albany and Susquehanna Railroad Company,” passed April 10, 1852, it was by the first section thereof enacted as follows, that is to say :
“Sec. 1. It shall be lawful for the mayor, aldermen and com: monalty of the city of Albany to issue bonds, under their corporate seal, to the amount of one million of dollars, and to loan the same to the Albany and Susquehanna Railroad Company, the said bonds to be issued in sums of not less than one thousand dollars each, to bear interest at the rate of six per cent per annum, payable semiannually, and the principal reimbursable at the expiration of thirty years from the time of issuing the same”;
AND WHEREAS, by the second section of the last mentioned act it was, among other things, provided that no portion of the said bonds should be issued or loaned to the said company until certain requirements should have been fully carried into effect, the fourth of which requirements was as follows:
4. To execute to the mayor, aldermen and commonalty of the city of Albany a mortgage on their real estate, road and appurtenances, to secure the payment of the principal and interest of the bonds of the city herein authorized to be issued, and also the payment to the trustees of the sinking fund of the city of Albany of the premiums which the said company may receive on the sale of
said bonds, and the further payment to the said trustees of one per cent per annum on the entire loan berein authorized ”;
AND WHEREAS, by the sixth section of the said last mentioned act, it was further enacted as follows :
"$ 6. The directors of the Albany and Susquehanna Railroad Company shall be at liberty to issue mortgage bonds of the company to the amount of one million of dollars, which shall be a lien ou their real estate, road and appurtevances, equal to the same tent as the mortgage executed to the mayor, aldermen and commonalty of the city of Albany”; AND WHEREAS, in
of thie authority given by the acts of the Legislature above referred to, the said company has authorized and directed the issue of a series of its bonds to the amount of one million of dollars, authorized to be issued by the sixth section of the said act of April 10th, 1852, consisting of one thousand bonds, of one thousand dollars each, numbered successively from No. 1 to No. 1000, inclusive; all bearing date on the first day of July, one thousand eight hundred and sixtythree, and payable in twenty-five years from date, with interest thereon from the said date at seven per cent per annum, payable semi-annually, at the office of its agent in the city of New York, on the presentation and surrender of the coupons or warrants for the said interest annexed to the said bonds; each of which series of bonds is to be executed by the president or other proper officer of the said company, and to be authenticated by a certificate, signed by the said trustees, the parties of the second part above named; and all of the said series of one thousand bonds are to be on an equality with each other as regards the security bereby provided for their payment, notwithstanding the same may be actually issued at ditferent times, and are to have a preference of lien and security over any other bonds which may be hereafter issued by the said company.
AND WHEREAS, it is contemplated on the part of the said company that hereafter, on receiving the said loan from the said city, as authorized by the said last recited act, a mortgage upon the real estate, road and appurtenances of the said company is to be executed, as security therefor, as required by the said fourth requirement of the second section of the said act, and that the security hereby provided for the said series of bonds above described shall be subject and without prejudice to the right of the said company to execute such mortgage to the said mayor, aldermen and common