10. Power of Trustees as to ap- to receive benefit of lands granted pointment of Engineer. by the United States. 11. Road may issue coupon bonds; amount of bonds; interest on bonds, when payable; said bonds to be a first mortgage upon road bed, &c. 12. Where railroads to deposit said bonds; duty of Comptroller and Treasurer thereto; when Trustees of Internal Improvement Fund to sign such bonds; Trustees to have certain security for payment of interest before bonds are delivered. 13. For what purposes said bonds shall be solely applied. 14. President and Directors of every railroad accepting the provisions of this act to make report to Board of Trustees, under oath, every six months. 15. Every Railroad Company, after completion of road, to pay certain per cent. of amount of indebtedness; for what this sum shall be applied. 16. Net earnings, if under six per cent., how to be divided; if over six per cent., what amount to be paid to Board of Trustees. 17. When Trustees to demand and receive capital stock. 18. Alternate sections of State land granted; when title to such lands shall vest in railroad. 19. Board of Trustees to fix price of public lands. 20. Duty of State Engineer as to canal connecting St. Johns and Indian rivers. 21. Capital stock of railroads exempt from taxation; officers and employees exempt from jury and militia duty. 22. Plats of actual surveys of routes indicated to be deposited in office of Secretary of State. 23. Railroad Companies entitled 28. Counties or towns holding stock entitled to representation in stockholders' meeting; vote of county or city, by whom cast. 29. County Judge and County Commissioners ex officio, eligible as directors. 30. County Commissioners to distribute stock, pro rata, to holders of tax receipts. 31. Counties may sell stock with consent of Company. 32. Such tax receipts, when lost, how reinstated. 33. Transportation of mail over such railroads, terms of, how agreed upon. 34. When branch to the northern boundary of the State may be made. 35. Repealing above section. 36. Amount to be paid for transportation of iron rails, &c. 37. When counties or towns may cancel bonds. 38. Sinking Fund, how applied. 39. Right of way through State lands granted. 40. When alternate sections of swamp and overflowed lands to be granted other Railroad Companies. by the Board. 42. Bonds may be issued to certain Railroad Companies to build certain bridges. 43. Trustees authorized to appoint a director for the Railroad Companies who accept the provisions of this act. 55. After approval, engineer to advertise for proposals to do such work; to whom work to be given; bond required of contractor; payment for such work may be made in land certificates; price; how these lands to be reclaimed. 56. How and when payments are to be made by Trustees. 57. Terms of passage through canal for vessels, &c.; salaries of 44. Power of Trustees over such officers. directors. 45. Trustees to surrender title to land; to receive reclamation therefor. 46. Powers of Board of Trustees when any Railroad Company violates the provisions of the sixth clause of sixth section of the Internal Improvement act. 47. Trustees to decide differences between Railroad Companies accepting the provisions of this act. 48. When and in what manner Trustees may proceed against any Railroad Company; proviso. 49. Powers of Circuit Courts under this act; Railroad Company allowed right of appeal. 50. Proceedings for Board of Trustees, how and by whom conducted; fees of Attorney-General and Solicitors. 51. Trustees authorized to recover any land that Railroad Company have forfeited. 52. Commissioner of Immigration made a member of the Internal Improvement Fund. 53. The Board of Trustees to report annually to General Assembly. 54. Trustees of Internal Improvement Fund granted certain powers in reference to construction of certain canals; before commencement, work to be approved 58. When petitioners to be incorporated; powers of incorporators; duties, &c., as to increase of stock. 59. Land in the route of the canal to be reserved from sale; State Engineer to file map of route of the canal. 60. What to be done in case any contractor abandons his work; contractor's bond may be sued on; damages, how to be estimated. 61. In what cases the representatives of the State to urge the General Government to reimburse the State for lands appropriated for such canal. 62. Disposition of money so returned. 63. Incorporators not allowed to issue bonds, certificates or mortgages; stockholders individually liable. 64. Limitation as to Matansas and Indian River Canal. 65. Governor and Board of Trustees authorized to bring certain suits against Francis Vose. 66. Power to Board of Trustees for payment of money decreed to Mr. Vose. 67. Power to Board of Trustees to settle bona fide.coupons. 68. Board of Trustees authorized to employ counsel; fees of counsel, by whom paid. 69. Attorney-General authorized Preamble. to bring certain suits. 70. Amount for court costs and traveling expenses of AttorneyGeneral to be appropriated. 71. Board of Trustees authorized to sell certain lands for certain purposes. 72. Cash and claims receivable for such lands. 73. The State of Florida accepts certain grants made by Congress. 74. Titles of purchasers from transferees of certain Railroad Companies and their assigns confirmed. 75. All land grants passed in 1881 subject to trust arising under Internal Improvement act. 76. Trustees of Internal Improvement Fund to purchase certain railroad under circumstances therein stated. 77. Title to railroads in case of purchase. 78. Powers of Trustees to issue bonds in exchange for certain old bonds; lien of same, how cancelled. 79. Powers of Trustees to sell or lease. 80. Trustees may operate roads ; application of earnings of roads. 81. Trustees in case of purchase may rebond roads; empowered to lease the same; terms and conditions of lease; power of Trustees as to rejection of bids; bond to be given. 82. Trustees may make arrangements to exchange old bonds for new ones; may bind themselves to sell, mortgage or rebond the railroads. 89. When parties may incorporate themselves; proviso; stock, &c. 90. Certain land to be reserved from sale; map of route. 91. When contracts may be readvertised; suit for damages on bond. 92. When United States to reimburse State. 93. Funds so received to be put in school fund. 94. Limitations as to commencement of work. 95. Lands granted subject to present debt of the Fund. 96. Causes why Trustees withdrew certain grants from Peace Creek, Inland and Navigation Company. 97. Trustees to take necessary steps to remove cloud from title to such lands. 98. Trustees to settle with St. Johns Railroad Company as to lands sold; terms of settlement. 99. Time allowed for settlement; company to be barred. An Act to provide for and encourage a liberal system of Internal Improvements in this State. WHEREAS, The Constitution of this State declares "that a liberal system of Internal Improvements being essential to the developement of the resources of the country, shall be en couraged by the government of this State, and it shall be the duty of the General Assembly, as soon as practicable, to ascertain by law, proper objects of improvements in relation to roads, canals and navigable streams, and to provide for a suitable application of such funds as may be appropriated for such improvements;" therefore, Fund. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Florida in General Assembly convened: So much of the five hundred thousand acres of land Proceeds of the swamp and granted to this State for Internal Improvement purposes, by overflowed lands set apart an act of Congress passed the third day of March, A. D. 1845, as an Internal as remains unsold, and the proceeds of the sales of such of Improvement said lands heretofore sold as now remain on hand and unappropriated, and all proceeds that may hereafter accrue from the sales of said lands; also all the swamp land or lands subject to overflow, granted to this State by an act of Congress approved September 28, A. D. 1850, together with all the proceeds that have accrued or may hereafter accrue to the State from the sale of said lands, are hereby set apart and declared a distinct and separate fund, to be called the Internal Improvement Fund of the State of Florida, and are to be strictly applied according to the provisions of this act. (a) Treasurer, SEC. 2. For the purpose of assuring a proper application of Governor, said fund for the purposes herein declared, said lands and all Comptroller, the funds arising from the sale thereof, after paying the neces- Register and Attorney-Gensary expenses of selection, management and sale, are hereby eral constituted irrevocably vested in five trustees, to-wit: In the Governor of Trustees. this State, the Comptroller of Public Accounts, the State Treasurer, the Attorney-General, and the Register of State Lands, and their successors in office, to hold the same in trust for the uses and purposes hereinafter provided, with the power to sell and transfer said lands to the purchasers and receive payment for the same, and invest the surplus moneys arising therefrom, from time to time, in stocks of the United States, stocks of the several States, or the Internal Improvement bonds issued under the provisions of this act, and drawing not less than six per cent. annual interest; also, the surplus inter- Duties of the terest accruing from such investments, and to pay out of said Trustees of the fund, agreeably to the provisions of this act, the interest from provement time to time, as it may become due on the bonds to be issued Fund. by the different railroad companies under the authority of this act; also, to receive and demand, semi-annually, the sum of one-half of one per cent. (after each separate line of railroad is completed) on the entire amount of the bonds issued by said railroad company, and invest the same in stocks of the United States or State securities, or in the bonds herein provided to be issued by said company. Said Trustees shall also 18 Fla., 531. invest the surplus interest of said sinking fund investment as it may accrue. Said Trustees shall also demand and receive (a) Sec. 1, Chap. 610, Act of Jan. 6, 1855. Internal Im. 15 Fla., 384. corded in the office and coun Treasurer. from each railroad company named in this act, the amount due to the Internal Improvement Fund from said railroad company, according to the provisions herein contained, on account of interest on the bonds issued by said company; and a refusal or neglect on the part of the president and directors of any railroad company herein named to comply with the provisions of this act, as to the payment to said Trustees of the amount due and payable to the fund, as provided in Sections fourteen, fifteen and sixteen of this chapter, on account of interest and sinking fund, the individual property of each and all the directors shall be liable in an action of debt to said Trustees for the amount due and unpaid, with twenty per cent. interest until paid. (b) SEC. 3. All bonds issued by any railroad company under the Bonds to be re- provisions of this act shall be recorded in the Comptroller's Comptroller's office and so certified by the Comptroller, and shall be countertersigned by the signed by the State Treasurer, and shall contain a certificate on the part of the Trustees of the Internal Improvement Fund that said bonds are issued agreeably to the provisions of this act, and that the Internal Improvement Fund, for which they are Trustees, is pledged to pay the interest as it may become due on said bonds. All bonds issued by any railroad company under the provisions of this act shall be a first lien or mort gage on the road-bed, iron, equipment, work-shops, depots and franchise; and upon a failure on the part of any railroad company accepting the provisions of this act to provide the interest as herein provided on the bonds issued by said company, and the sum of one per cent. per annum as a sinking fund, as herein provided, it shall be the duty of the Trustees, after the expiration of thirty days from said default or refusal, to take possession of said railroad and all its property of every kind, and advertise the same for sale at public auction to the highest bidder, either for cash or additional approved security, as they may think most advantageous for the interest of the Internal Improvement Fund and the bondholders. The proceeds arising from such sale shall be applied by said Trustees to the purchase and cancelling of the outstanding bonds issued by said defaulting company, or incorporated with the sinking fund: Provided, That in making such sale it shall be conditioned that the purchasers shall be bound to continue the payment of one-half of one per cent. semi-annually to the sinking fund until all the outstanding bonds are discharged, under the penalty of an annulment of the contract of purchase, and the forfeiture of the purchase-money paid in. (b) Line of railroad. SEC. 4. A line of railroad from the St. Johns river at Jacksonville and the waters of Pensacola bay, with an extension from suitable points on said line to St. Marks river or Crooked river at White Bluff on Apalachicola bay, in Middle Florida, and to the waters of St. Andrews bay, in West Florida; and a (b) Secs. 2 and 3, Chap. 610, Act of Jan. 6, 1855. |