Article 1. The said Finegan & Co. Stipulate and agree to Construct a rail road from Fernandina to Cedar Key upon a route to be designated by the President of the Florida Rail Road Co., in all respects Conforming to the requirements of the Sixteen Sections of the act of the General Assembly of Florida approved the ??? day of January A. D. 1855 Entitled an act "to provide for and encourage a liberal system of internal improvement in this state".
Article 2. The grade line on said road shall not exceed fifteen feet to the mile as a Maximum.
Article 3. The said Joseph Finegan & Co. Stipulate and Agree also to construct all bridges, culverts, trestle work and piling required upon said road, and to erect suitable depots at each terminus, and fully equip the road with locomotives and passenger and freight cars ?? and to erect master stations on the route, and a wooden pier at Fernandina and Cedar Key, and all other structures necessary for the ???? working of said Road.
Article 4. All of the work to be executed with strict regard to the requirements of law, and the whole to be completed within two years from the first day of October next.
Article 5. In case any part of the bonds hereafter provided to be paid to the said contractors shall need? Be negotiable at a rate netting to the contractor Eighty cents on the dollars, a further time shjall be allowed for the completion of this work, it being understood that the contractor shall have at least two years for the completion of the work from the time all the bonds can be negotiated at Eighty per cent on the dollar.
Article 6. The depot buildings shall not exceed a cost of two thousand dollars each, and equipment shall not exceed six passenger cars and one freight locomotive. ???? engines of not more than twenty tons each, Eight passenger cars of first class, two of second class, three baggage cars, fifteen box cars, and forty flat cars.
Article 7. In case of any alteration being directed by the Legislature on the application of this company in the detail of construction for the road, the execution of this work to conform thereto.
Article 8. The Florida Railroad Company agrees to pay said Finegan & Co. the sum of Twenty thousand Dollars per mile, for the said road, existing at the same rate all t??? out t???, and also One hundred Thousand Dollars for the structures necessary to cross from the west side of the Nassau River to Amelia Island, and One Hundred Thousand Dollars for the culvert, and other water crossings, on the line of the road including the crossing to Cedar Key, and for the pier at Fernandina and Cedar Key.
Article 9. The payment to be made as follows, Ten Thousand Dollars per mile in bonds of the Company guaranteed as provided by law, as soon as twenty miles has been prepared for the iron, and the ??? and proportionate equipment for the same? Is within the jurisdiction of the state, and so on for each succeeding section of ten miles; One Hundred Thousand Dollars in bonds of the Company guaranteed as provided by law for the structures, from the west bank of the Nassau River to Amelia Island in proportion as the work progresses monthly; and the remaining One Hundred Thousand Dollars ??? ??? ??? and Ten Thousand Dollars per mile in cash or common bonds of the Company, in proportion as the work progresses.
Article 10. In case of the issue of Common Bonds of the Company, they shall be made payable in thirty five years from their date, and shall bear interest Eight per cent per annum payable semi annually either in the city of New York or Charleston South Carolina, and to secure this same, the Company will pledge all the town sites and real estate they own, or ??? ??? or otherwise become entitled to, along the line of said road or at or near the terminal points thereof and will also mortgage the road and other property of the Company subject of course to the first mortgage or lien created by law in favor of the guaranteed binds, and to make this pledge the more effectual the Company will vest in ??? ??? to be agreed upon by the parties hereto, the legal title in all the said ??? and other property of the Company, to be held subject to the payment of the interest and principal of the said land; and will also provide a sinking fund of one per cent per annum, to be ??? from annual assessments upon the stock under a penalty of forfiture of the stock in ??? of the trust fund.
Article 11. If required by the said Finegan & Co., the said Florida Railroad Company, will ??? to them Four Hundred Thousand Dollars, in common bond of the Company secured as provided in the last preceding section: provided said Finegan & Co. shall furnish ample security to to be approved by the President of the Company, for the due appreciation of their proceed to the work of construction: Which Four Hundred Thousand Dollars of bonds may be convertible into the stock of the Company, and shall be redeemable out of the first proceeds of the land and other property of the Company pledged under the provisions of the Tenth Article.
Article 12. The interest accruing upon so much of the convertible bonds provided for in the preceding Article 11, as may from time to time be in advance of work actually done, and pay earned ??? to the terms of this contract shall be paid by the said contractor without charge to the said Florida Railroad Company.
Article 13. The work is to be prosecuted under the direction of a Competent Chief Engineer to be employed by the contractor and approved by the President of the Company.
Article 14. The 2nd Article having provided that the grade line of the road shall not exceed a maximum elevation of 15 feet to the mile, and it being ??? by the contractor that under possible circumstances the said clause may cause an excessive expenditure not contemplated at the time of the original agreement, it is agreed that if the amount of excavation and embankment in any one mile, in order to ??? the grade of fifteen feet shjall exceed fifty thousand cubic yards, the excess shall be paid for at the rate of twenty cents per yard.
Article 15. The said Fenigan & Co. agree to furnish in addition to the equipment specified in the Sixth Article, the following items: namely Six locomotive engines, forty five box cars, one baggage car, and twenty flat cars, their compensation being increased in proportion.
Article 16. It is understood that it shall be at the option of the Florida Railroad Company alone, whether they will pay in cash or bonds, under the ??? in ??? line from ??? of Article 9.
Article 17. It is agreed and understood that in case the lands at the terminal points of the road specified to in Article 10 shall pay into the possession of a separate company, the Florida Railroad Company shall make some provision by which the company owning said terminal points shall subject them to a lien for the security of the Common Construction bonds provided to be paid to the said Finegan & Co.
Original Signed By:
David L. Yulee
President Florida Railroad Company
Joseph Finegan & Co.
John C. McRae