50 1868- 69—Chapter 7.
bonds so issued and so to be issued to and for tlie said tlie
Williamston and Tarboro' Rail Eoad Company, and a like
special tax shall be annually levied and collected of one-twentieth
of one per cent, on all taxable pro])erty of the
State to pay the interest that has accrued and may, from
time to time, accrue on the bonds so issued and so to be
issued to and for and on account of the said the Western
North Carolina Hail Road Company.
Public Treasurer Sec. 4. The Public Treasurer is hereby directed, when-
SSoo 'pS^^ ever the President of the Chatham Rail Road Company
in thirty years.
^^^_^^^ certify that the grading of the Road, between Cheraw,
in South Carolina, and the Gulf or some other point on the
Chatham Rail Road between Raleigh and the Gulf has been
let to contract^ to subscribe to the capital stock of said
Company two million dollars in behalf ot the State, which
subscription shall be paid by delivering to the President of
said Company coupon bonds ot the State at par of the denom-ination
of one thonsand dollars, dated October first, eigh-teen
hundred and sixty-eight, and payable in thirty years
thereafter, bearing six per cent, interest, payable semi-annually,
principal and interest payable in the City of New
York, said bonds to be signed by the Governor, counter-signed
by the Treasurer and sealed with the " The great seal
of the State," and issued under the provisions of chapter
Bonds, how issued, ninety. Revised Code : Provided^ That said bonds shall
only be issued on the surrender ot a like amount of bonds
of the State heretofore issued under an act to amend the
charter of the Chatham Rail Road Company, ratiiied the
fifteenth day of August, eighteen hundred and sixty-eight.
On which surrender the same amount of bonds delivered
by said Company to the State under the said act shall be
cancelled. Said subscription shall be preferred stock and pay
a dividend of six per cent, before any dividend shall be
declared on the other stock.
Interest provided Sec. 5. In Order to provide for the payment of the interest
Road"Bonds!^™
^^^^ "which may accrue on the bonds issued as above mentioned,
there is hereby and shall be annually levied and collected
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