of the outstanding bonds issued by said defaulting Company or incorporation with
the Sinking fund provided that in making such sale it shall be conditional that
the purchasers shall be bound to continue the payments 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. And whereas the said Florida Railroad Company
having entirely failed since the 5th day of November 1863 to pay the one half of
one per cent semi annually on the bonds issued by said Company according
to the provisions of the second section of said act to provide for and encourage
a liberal system of Internal Improvements in this State and also the interest on
the same; And whereas according to the provisions of the third section of said
act the said Trustees of the Internal Improvement Fund did on the 6th day of
October 1866 take into their possession the said Florida Railroad and all its
property of every kind and advertise the same for sale for cash at public
auction at the Town of Gainesville Florida on the 1st day of November 1866:
And whereas on the day and at the place last mentioned the terms of sale
being announced "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 of the
outstanding bonds are discharged under a penalty of an annulment of the
contract of purchase, and the forfeiture of the purchase money paid in and
that the iron and locomotives now upon and belonging to said road should
remain upon the same and not be removed therefrom, and that the purchasers will
within a reasonable time repair and complete said road in proper condition to be run
and operated according to the original intention and design of said road and
that the said sale was subject to all the conditions of the act to provide for
and encourage a liberal system of Internal Improvements in this State;
and the said Florida Rail road and all its property of every kind having
been then and there exposed and put up for sale was purchased
by Isaac K. Roberts he having bid the sum of Three hundred and twenty
three thousand four hundred dollars for the same. And Whereas the said
Isaac K. Roberts did direct that the Florida Railroad and all its property of
every kind shall be conveyed to the said Edwd N. Dickerson and his associates
And whereas the said E.N. Dickerson and his associates duly conveyed the
said Railroad property to a company which was called the Florida Railroad
Company created under the State Internal Improvement act before named
to wit: the act of 1855. And whereas the name of the said last mentioned company
was changed by an act of the Legislature of Florida approved January 18th 1872 to
the name of the Atlantic Gulf and West India Transit Company: and whereas by
the terms of such mesne conveyances the obligations of the said Railroad Company
under the said Internal Improvement act became devolved upon and charged
upon the property of the said Atlantic Gulf and West India Transit Company
And whereas it was their duty under the said act to pay the one half of one per
cent semi-annually upon the first mortgage bonds outstanding issued under said
act of 1855 to liquidate the principal thereof And whereas they utterly failed
and neglected to pay the said one half of one per cent semi annually on the
bonds outstanding as aforesaid. And whereas Aristides Doggett esquire was
appointed Receiver of the said Internal Improvement Fund in a cause then pending