1903 private laws – Ch.404 Sec.9

That said company shall have the right to borrow money when so authorized by its board of directors in general or special meeting assembled, and to issue coupon bonds at a rate of interest not exceeding six per cent., and to secure the payment of the same by mortgage or deed of trust, or trust agreement with any bank, trust company or corporation, on its property, franchises and effects, or otherwise. And, should said company issue second-mortgage bonds as hereinafter provided, in that event it shall not issue firstmortgage bonds exceeding twelve thousand dollars per mile of its main road and branches.