The daily Butte record., 1858-05-25
AN ACT

structing Railroad and wagon Roads in said
county, aud % provide for the payment of said
Bonds
+Ae Psopiso Of tse State Of Cagornia rspresentsi in
Senate md Ass-1Ibiy, do enact as foioDs;
SECTION / Ths 30 ard of Supervisors ia and for
he county of Butte, are hereby an,hor red and
mpowere'i, AZ their discretion to i>sue the bonds
4 the county OF Butte, a. a loan for the purpose
# constructing a railroad within Its limits. to the
xtent OF two hundred th0u-aud dollars to the
feather river FLilr0a'i Con pany, shouli company
~ that fame be incorporated, to any other
company now or that may hereafter be incorporated
whereby connection may be formed by means OF
rail- Dad between 0roville and tide water, by way
" Sacrarreuto of otherwise
sEc Whenever the Board of Supervisors Of
said county, shall agree to issue the bonds OF said
county ~ = loan, to any Incorporated company for
the purposes mentioned In the first section. and
said company shall, by and through its
proper and constituted authority, agree To receive
said loan and to give therefor its first mortgage
bonds, whereby the said railroad coTfgoy and all
the corporate property thereof, shall be held a.
curty for the payment of said first Mortgage bonds
and the interest thereon To said county. The Board
Of Supervisors in that event. at any regular meeting
thereof shall by order entered upon it's records
declare ts assent to such loan, the amount in what
amounts to what company and where each amount
Is to be paid. Upon the entry of such order. the
Chairman of the Board Of Supervisors, the County
Treasurer. aud the County Auditor, shall as soon
thereafter as practicable have prepared county
bonds, corresponding In amount, number place of
payment, and to whom payable. a. designated by
said Board; provided. that no bond shall tie issued
bonds shall draw interest at the rate of eight per
cent, per annum, ansf shall be made payable at the
office Of the County Treasurer OF said county. or in
the city of san Francisco. or In the city of New
York at the option Of said company, on or before
the first day of January, 1873 The interest arising
ssd bonds shall be iue and psyAfe er-f annu.
ally on the first day of January and July in each
year and shall be due and payable at the same that
ths bonds Coupons for the interest shall be
attached to each bond, that when paid, they may
| he removed W thont mutilation to tho bonds, and
Z Hall ahn Ia i.s by in,
kept ~ 4 voucher for the payment of the same.
sEc 3 The bonds and their coupons shall he con-
secutively numbered, signed by the chairntn OF
the Board of Supervisors the County Treasurer and
Wnty Aud tor; and when so signed sliafl be delv-
cred to the Board OF Supervisors, at some regular
meeting thereof who shall cause the County Clerk
of said county, in their presence to countersigr
said bonds, and To aiFx thereto the seal Of the
County Court and such station shall be entered
upon thc records of said board giving the date the
number, the amount, when payable and to wnom o
| each bond. when sGid bonds hall have been thu
| executed, and the said company shalfhave issued
aud delivered. in due form of law, to the Board q
Supervisors of ssid county, their fest mortgag
honts. bearing interest payable semi-annu ally, OF
the frat day of June and Isc-mber of each year
after the first five years at the late of eight PEI
cent per annum. from the date of said bonds ant
corresponding in amount with said county bonds
and MADE payable the first day of November
1878. 10 the county of Butte her order. at th'
| Office Of the county treasurer of said county. II
that event, and not otherwise the Chairmtu of tn,
Board of supervisors shall deliver, a.a consiiera
ton for said trst IN ,rtgage bonds, the said count
bonds TO the said company, to be used and not 9th
erwse, in the construction and purchase of materi
ala for the r,,ilr0Ns tV bc conStructel within th
limits of the said county of BFtte.
SIC. 4 The Chairman of the Board of Supervi
sors at the time of the delivery of said county bo
to said company, shall take the receipt of st
company, through its prop.t enScors. stating tn
date. number, amount, to whom aud where ptyabl
OF each bond which receipt he shall cause tn be er
tered upon the records of said Board of Supervisors
at a regular meeting thereof; and the Chairman q
the Board of Supervisors shall deliver tbs sal frs
IN ,rgage ,nis of said company, upon the reccip
of the same to the County Treasurer to b. by hin
and his in Office safely kept; and the sat
Treasurer shall give his receipt to said Chtirmtr
for sail mortgage bonds, which receipt shall stat
the date number amount. to whom and where ply
able, of each bond, ami said cpatrmln shall cauS
said receipt to be spreai upon the records of sal
| Board at the next regular mo ting thereof, whic
, mortgage bonds by virtue OF this law, sh Ill hol
said railroad company aud all the corporate pop
/ erty thereof security for the payment OF til
same, in preference to any other and all other in
cumbrtnecs that may have ar enng,in7t said CON
nany and tts property. subseqeut to the time tht
the said Bo,.rd of Supervisors agreed to Issue II
bonds as evidencol o. the first original entry in re
latien theretp in is records.
SsG ). IL hall be the duty of the Boar. q( Su
pervsors of said county. AMI thcy are hereby au
therEed md empow wsrei to levy yearly tax, to b
styled "iuterest tsx,' ON the asSessei property q
said county sufficient to pay the yearly interest
said cnnuty bonds not exceeding eighty cents tn
hundted dollars the same To be assessed aud collect
al at the same time ant in the sam, nlnner as tn
other properly tax Is assessed aud collected, An
the Treasurer of snd county shall place t. that fun
the interest that may be paid oyoe to him on tn
said mortgage bonds aud the said treasurer sha
: pay cause to he paid out of said fund the inter
est on said county bonds "a IL fat dua; and shout
there bo surplus after the payment of said inter
est the same shall be set apart asa sinking fun
= for the redemption of said hanls, and when tn
, same shall amount to two or more thou,and dollar
the Treasurer shall apply the same to the purcha'
of said bonds from the lowest bid ler; provided, tn
, same does not exceed the par value upon advert
sing for twenty days, IA soma new paper publishe
in his county for bids
Sar q. The Board of Supervisors OF said count
are hereby authorized and empowered In behalf
the county, To enforce the pay nent OF said morgap
bonds by suit VI default j. made in the payment
. the same at the time of maturity, Aui they ma
soil and transfer without recourse, said mortgag
bonds IT, the holders of the said county honls do
- lar for dollar, they may sell and transfer tt
same without recourse to any other parties for Walt
received, at par value All money realized out
said mortgage bonds shall he an iuviolabe fu ld {,
: the redemption of the county bonds, and the ba
ance, IL any, shall be paid over into the gener
eaunty fund for county purposes,
/, SEo /. The Board of Supe viSors in and for u Il
! county are authorized and empowered, and 1t
hereby made their duty to cause to be issuei cou'
~ bonds 10 the amount of the further sum of thir
thousand dollars in denominati ns of one, thre
' aud hve hundred dollars, aud In denominations
one, two, and three thousand dollars. in all not
exceed the foregoing sum of thirty thousau doila
of which sum two thousand dollars of said bonds,
so nuch thereof as may be necessary, shall he q
pended under the supervision OF the Boari of 81
p,rvisors in improving the road from Orovlle
forbestown, In said county; and the balance Of fsa
thirty thousand shall be expended as hereinaft
provided.
$50 The bonds shall draw ten per cent p
aunum. they shall be consecutvely nu ubered
l. issued One half of stif bonds shall be m tie pa
able the tirst day of January in ths year ls6
: | aud the other halt shall be made payable on III
drst day of fJsnnary 1898, at the office Of the eean
Treasurer of said county, or at the city of New yoi
: at the option of the holder IN tine order in whie
: they are numbered. and shall be made payable
the person TO whom aest issaed, or h $ order. I'll
interest shalt be paid scmi-annuaty the first ia
OF January and July In each year. The bonds shs
!, | be signed by the Charmsn ofthe Hoard Of Supcrv
sars, the County Auditor ani at the same they Al
issued shalt be eounersigned by the Conaty Cier
aud attested by tho seal of the County Court OF
, county Coupons for the interest shall be attsche
to each of said bonds. that they may he reuave
without injury or mutilation to the bond. aud a,
Iirnrsh Il, thn Traasurar as a voucher far the nal