Minority Report of the Committee on Railways in Relation to the Hoosac Tunnel and the Railroads - The Original Classic Edition

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Said board of trustees is hereby authorized and directed to lease in perpetuity, or for such term of years as the governor and council may approve, the franchises and property, and thereafter to maintain, improve and, operate the railroad, with its branches, of the Vermont and Massachusetts Railroad Company, on the terms following: twenty-five per cent. of the gross earnings of said leased railroad and property shall be reserved annually by said board of trustees as a specific fund out of which they shall pay to said company, first, a sum sufficient to pay the interest on the indebtedness of said company, at the date of said lease, as said interest becomes due, and, second, a yearly rental equal to ten per cent. on the present capital stock of said company, free of all taxes upon the stockholders or said company (and on any additional stock, when the same shall be issued for existing convertible bonds), or such a proportion of said rental, not exceeding said ten per cent. and said taxes as said reserved fund shall be sufficient to pay: provided, however, that in no year shall there be paid to said company a rental of less than four per cent. on said capital stock, and said taxes together with the amount of said interest; and to the payment of such minimum rental and interest said board of trustees is authorized to pledge the faith of the Commonwealth. ...Said board of trustees is hereby authorized and directed to lease in perpetuity, or for such term of years as the governor and council may approve, the franchises and property, and thereafter to maintain, improve and operate the railroad, with its branches, of the Fitchburg Railroad Company, on the terms following: twenty-five per cent. of the gross earnings of said leased railroad and property shall be reserved annually by said board of trustees as a specific fund, out of which they shall pay to said company a yearly rental equal to ten per cent. on the present capital stock of said company, free of all taxes upon the stockholders or said company, and also on an additional capital stock of one hundred thousand dollars, which said company is hereby authorized to issue and hold for its own benefit, or such a proportion of said rental, not exceeding said ten per cent. and said taxes, as said reserved fund shall be sufficient to pay: provided, however, that in no year shall there be paid to said company a rental of less than eight per cent. on said capital stock and said taxes; and to the payment of such minimum rental, said board of trustees is authorized to pledge the faith of the Commonwealth. ...And the Eastern Railroad Company shall take any lands now belonging to the Boston and Maine Railroad in Charlestown or Somerville lying easterly of such new location; and the Boston and Maine Railroad shall take all the road-bed, land and property of the Eastern Railroad Company lying between the line above described for the westerly limitation of said new location of the Eastern Railroad and the westerly line of the old location of the Eas