The daily Butte record., 1858-05-21
Am ACT

The People Of the State of Clifoynia rspreseatsi in
seaats md Ass.1l5iy, do eaaef as foao'cs
sEcrt1s 1. The Hoard OF Supervisors in and TOR
he county OF Butte. hereby author zed and
at their discretion, 10 issue the bonds
II the county of Butte as a loan fcf, the purpose
n constructing railroad within it, limits. To the
'xtent of two hundred thousand dollars to the
Feather river Riiiroad Con paDy. should a company
BY that name be incorporated or to any other
company now, or that may hereafter be incorporated
Whereby q connection may be formed by means OF
railroad between 0roville and tide water; by way
Of Sacramento or otherwise
Sac Whenever the Board Of Supervisors Of
said county shall agree TO issue the bonds of said
county "a a loan to any incorporated company for
the purposes mentioned In the first section, and
whenever said company shall, hy and through its
proper and constituted authority agree to receive
said loan, and TO gire therefor its first mortgage
bonds, whereby the said railroad company and all
the corprrsts property thereof shall be held AZ se-
cnrity for the payment of said first mortgage bonds
and the Interest thereon TO said county The Board
Of Supervisors in that event, at regular meeting
thereof shalt by order entered upon its records,
declare its assent to such loan the amount In what
amounts, to what company and where each amount
is % be paid Upon the entry OF such order. the
Chairman Of the Board Of Super visors, the County
Treasurer, and the County Auditor, shall as soon
thereafter as practicable have prepared county
bonds, corresponding in amount number. place OF
payment, and to whom payable, as designated by
said Board; provided that no bcrd shall be issued
for an ainoun. exceeding Ave tn nd dollars The
bonds shall draw interest at the rate of eight per
cent per annum apd shall be made payable at the
Office OF the County Treasurer OF said county or in
the city of San francisco, OF in the city of View
York at the option OF said company, ON or before
the first day Of Jannary. 1870 The interest arising
on said bonds shall be iue and payable semi annu'
ally on the first day of January and July in each
year, and shall be due and payable at the same that
the bonds Coupons for the interest shalt be
attached to each bond, that when paid, they may
be removed without IN utilation to the bonds, and
delivered u the County Treasurer to be by him
kept as a voucher for the payment of the same.
! SEQ 3. The bpnhs and their coupons shall be con-
seeutiveiy numbered, signed by tie chairman Of
the Board of Supervisors, tn. County Treasurer and
Cmnty AUDITOR and when 40 signed shall be deliv-
cred to the Board of Supervisors, at some regular
meeting thereof who shall cause the County Clerk
( OF said county, in their presence, to countersgn
said bonds, and to afix thereto the seal Of the
County Court; and such attestaton shall be entered
upon the records of said board giving the data, the
number, the amount. when payable and TO whom OF
each bond when said bonds shall have been thu.
executed, and the said company shall have issued
and delivered, in due form of law, TO the BOARD Of
Supervisors Of aid county, their FIRST mortgage
bonds, bearing interest, payable scmi-annusily, on
the first day of June and December of each year
after the Brst five years. at the Iatc OF eight per
cent. per anpum, from the date Of said bonds, aud
| corresponding 10 amount with said county bonds
and maae payable on the first day of November
1878. to the county of Butte her order, at the
Office of the county treasurer Of said county. In
that event. aud not otherwise, the Chairman of the
Board of Supervisors shall deliver as "a considera
tion for said lrt mortgage bonds, the said county
bonds to tho said company, to he used, and not 9th
ais for the railroad 10 be constructed within the
limits of the said county OF Butte.
SEC. The Chairman of the Board Of Superv
sors, Mt the time Of the delivery of said county bond
to said company, shalt take the receipt of said
company, through its proper officers. stating tn,
date, number, amount, to whom and whore payabl,
OF each bond which receipt ne shall cause to be en-
tered upon the records Of said BOARD of Supervisors
at n regular meeting thereof; aud the Chairman o
the Board OF supervisor shall deliver tho sail frs
mortgage blnds of sail company, upon the re ceip
nf iias Ia FRA tn ha hv tu
and his in onoe safely kept and the said
Treasurer shall give his receipt to said Chairman
for sail mortgage bonds, which receipt shall sttt
the date, number, amount to whom aad where pay
able, of each bond and aid airman shall caus'
said receipt to he spread upon the records of said
Board at the next regular meeting thereof; whct
mortgage bonds, hy virtue of this law shSll holt
said railroad company aud all the corporate prop
erty thereof security for the payment of til,
same, in preference to any other aud all other in
cumbrtnces that may have ari EN- against said com
pany and its property. subse1eut To the time tina
the said Board of Supervisors agreed to issue sai'
bonds evidenced by the first original entry in re
lation thereto in IL. records.
sac. g. It shal bs the duty of the Board of Su
pervisors of said county, AMI they are hereby au
therized and empowered to levy yearly tax. to b.
styled interest tax,' on the assessed property o
said county sufficient to pay the yearly interest oi
said comfy bonds not exceeding eighty cents on tn
hunited dollars the same to be assessed and collect
cd at the same time and in the same manner as tn
other properly tax IL assessed and collected An
the Treasurer of said county shall place to that fun
: the interest that may be paid over to him on tn
said mortgage bonds, and the said treasurer shal
pay, or cause to be paid, out of said fund the inter
est said county bonds as it fall due; ami should
y there ba surplus after the payment of said inter
: est, the same shall DO SGT apart sinking fun
o for the redemption of said bouds, and when th
same shall amount to two or more thousand dollar
the Treasurer shall apply the same TO the purahis
of said bonds from the lowest bidder provid ed, tn
o same does not exceed the par value; upon advert
, sing for twenty days, IN some newspaper publishe
y N his county for lids.
SIC O. The board of Supervisors of said count
are hereby authorized aud empowered in behalf
the county To enforce the pay ment OF said morgag
bonds, by suit il default Is made in the pay
- the same at the time Of maturity, And they ma
q, sell aud transfer without recourse. said mortgag
Q bonds to the holders Of the said county bonds do
p lar for dollar, they may sell and transfer tn
same without recourse to any other parties for vau
received, at par value All money realized out
said mortgage bonds shall he an inviosble fpud "a
a the redemption of the county bonds, and the ba
. ance, If any shall b. paid over into the geners
n county ia 4or county purposes.
! sac 7, The Board Of Supe visors Ia aud for II
4 county are authorized and empowered, and II
hereby made their duty to capse To be ISSUED cour
ty bonds to the amount OF the further sum of thrt
thousand dollars in dcnomnati MS OF one, thre,
and i've hundred dollars, aud ia concentrations
one, two, and three th,usapd dollars in all not I
exceed the foregoing spp OF thirty thousand dollar
of which sumtwo THOUSAND dollars of said bonds c
so inch thereof as may be necessary, shall be Oh
pended, under the supervision of the Board Of Sy
p.rvisors, In improving The road from Oroville |
forbestown, In said county; and the balance ofsai
thirty thousand shall be eSpendsf as hereinatts
provided.
sko. s, The bouis shah Srsw ten per cent pc
annum: they shall be copsecptiyey nu nhered a
issued. one half of said bopds shau be ipsde pay
able on the first day of January IN tbs year 1856
, and the other half shalt bc made payable on til
arst day ofJana,ry 1861 at the Office of the count
Treasurer OF said county, Al the city ef New Yor
at the option Of the holder 10 the orfhr in whie
, they are numbered. and shall be wase payable !
the person to whom Arst issued, or b sordsr. TIL
interest shall be paid semsnnuaily, or the rst da
of January aud July in each year. The bonds shsl
be signed by the Chairman vi the nasrd of Saperv
sors, the County Aui'tor, aud at the same they ar
issued shall be eountersign-d by the County Clerl
and atteted by the seal OF the County Court OF
county. Coupons for she interest shall be attache
TO each of said bonds, that they may be remove
without injury mutilauon to the bond. and d.
livered 60 tho rcessursf voucher for the pay
meut OF the saws. They shalt be coasecu "a isei
numbered aud signed by the Chairman of the Boar
of Supervisprs Rnd hy the Connty Auditor. Tn