The Placer herald., 1856-05-17
AN ACT

To enable the County of Placer to take and hold
Stock IN any Company, having for its object
the extension of the Sacramento Vaiiey Rail
road to the to,cn Of .4udurn.
Sec. l. The People of the State of California
represented is Senate and Assembly do enact as
follows: At the general election to be held in and
for the county of Placer for the year of our Lord
1856, poll shall be opened at each of the estab-
lished precincts in said county, at which the quail
flied electors thereof shall be required to vote.
either "Railroad-Ies," or Railroad-No" All
electors voting 'Railroad--Ies," shall be held to
have voted in favor of the said County purchasing
taking and holding stock in any company, organ
lied for the purpose of extending the construction
of the Sacramento Valley Railroad to the town of
Auburn in said county; and all electors voting
"Raroad-No," shall be held voting against the
purchasing, taking and holding such stock by the
said county. The ballots thus given shall be re-
ceived, kept, counted and disposed of, and the
returns of such votes shall be made, opened and
declared in the same manner as other votes given
at said election If majority of said electors
shall vote ''Ralroad-No," then this act shall be-
come imperative. and all further proceeding
Hereunder shall determine; but if majority of
said electors shall vote, "Railroad-Ies" then
this act shall continue in force and effect
SEC 2. If at said election majority OF said
electors shall vote ''Railroad-Yes" then it shall
be recommended to the legislature of said State
for the year 1857, to pass an act enabling the said
county by and through the Board of Supervisors
thereof, to purchase, take and hold stock in any
company organized for the purpose of extending
the construction of the Sacramento Valley Rail
road as aforesaid. and for the purposes thereof to
issue bonds of the said county to any aggregate
amount not exceeding one hundred thousand dol
lars; such bonds to be in the sum of five hundred
dollars each; to be signed by the chairman OF said
Board of Supervisors and cOuntersigned by the
County Treasurer of said county. The principal
therein expressed shall be made payable to the
holder twenty years from the date thereof at the
Office of the said County Treasurer. Such princi-
pal shall bear interest at the rate of ten per CEN
tum per annum. payable in the city of New York
on the first day of January in each year upon cou-
pons to be annexed to said bonds. Such coupons
shall be signed by the said County Treasurer and
delivered with the bonds to which they belong -
The said Board of Supervisors shall cause the said
ded however, that no bonds aforesaid shall in any
event be issued until after the route of the said
Railroad shall have been duly surveyed and cs-
tablished to the said town of Auburn, and the
work thereupon duly commenced.
Sec. 3. 1t shall also be recommended as afore-
said, that for the payment of the interest accru-
ing upon the said bonds and the redemption and
payment of said principal, the said Board of Su-
pervisOrs shall be required to cause TO be annual
ly levied and collected an additional and special
tax of the One-half of one per centum upon the
assessed value of all taxable property within said
county; and that such additional and special tax
shall be levied and collected as other county
taxes; and that the act to be recommended as
aforesaid shall also contain proper provisions for
the keeping of the monies arising from the said
additional and special tax and for the payment of
the interest and principal of the said bonds.