The daily Butte record., 1858-05-26
Am ACT

Butte county ~ issue the bonds Of said county, "
for an amount not To exceed two bunired and ,
thirty THOUSAND dollars TO be expended in con
structiug Rsiiroad and wayon Roaas-ia said !
county, aud b provide for the payment of said
Bonds
The People the State sT Chtfornia reprsseatsi
senate md lsf'0s5'y 10 enact asfouons'
SECTION the ard Of Supervisors 10 aud TOR
the county OF Butte. are hereby authOr zed anu
empowered at their discretion. To issue tte bonds
of the county of Butte, = loan for the purpose
Of constructng railroad within Its limits. TO the
extent of two hundred thousand dollars to the
Feather river Railroad Con pany shout a company
by that name be incorporated, to any other
company now or that may hereafter he incorporated
whereby connection may be formed by means OF
a rails Dad between Oroviile and tide water, by way
of Sacramento or otherwise.
SEc Whenever the Board Of Supervisors of
said county, shall agree to issue the bonds of aid
county as a loan, to any Incorporated company for
the purposes mentioned in the first section, aud
whenever said company shall, by and throuth lt'
proper and consttuted authority, agree to receive
said loan, and to give therefor its first mortgage
bonds whereby the said railroad company aDd all
the corporate property thereof. shall be held
curity 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 record
declare its assent to such loan the amount in what
| amounts, TO what company aud where each amount
| il to be paid Upon the entry Of such order. the
Chairman of the Board Of super visOrr the County
| Treasurer and the County Auditor, shall As soon
thereafter practicable have prepared county
bonds, corresponding in amount number. place OF
said Board provided, that no bond shall be issued
for amour. exceeding Ave thousand dollars. The
bonds shall draw interest at the rate Of eight per
cent. per annum. and shall be made payable a. 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, or before
the first day of January, 1879 The interest arising
on said bonds shall be iue and payable semi annu.
ally on the first day of January aud July in each
year aud shall be due and payable at the same that
the bonds are. Coupons for the interest shall be
! attached bond. when
be removed without mntilation to the bonds, and
delivered To the County Treasurer to be by him
kept as y voucher for the payment of the same.
SEc 3 The bonds and their coupons shall he con-
cutvely numbered, Signed by the chairman of
the Boirl OF Supervisors, the County Treasurer and
unity AUDITOR and when 80 signed shall b. deliv-
cred to the Board Of Supervisors at some regular
meeting thereof who shall cause the County Clerk
of said county, ia their presence, to conntersgn
said bonds, and to aihx thereto the seal Of the
County Court and such attestation shall be entered
upon the records Of said board wing the date, the
number, the amount. when payable ani to whom OF
each bond. When sGid bonds hall have been ttI-
executed, AMI the said company shall have issued
and deyerei, in due form of law, to the Board OF
supervisors Of said county, their Brst mortgage
bonds bearing interest payable senIi.annutily, on
the first day of June and December of each year
after the brst five years at the Iatc OF eight per
cent per annum, from the date of said bonds aud
corresponding In amount with said cnnnty bonds
and made payable the first day of November
1873 to the county of Butte or her order, at the
Office of the county treasurer OF said county. In
that event. and not otherwise the Chairman of the
Boar of supervisors sh all deliver, considcra
tion for said irst mortgage bonds, the said county
bon Is to the said company, to br used and not 9th
erwi'e, in the construction aud purchase "t mater
ais for the railroad to be con-tructel within the
limits Of the said county Of Butte.
, SEC The Chairman of tho Board of Superyi
A sors attha time ofthe delivery of said county bond
4 to slid comptny, shall take the receipt of said
| company through its proper officers. stating the
d date. number, amount, to whom and whore payable
of each bon1 which receipt ne shall tn b. en
tered upon the rccor Is Of said Board of supervisors
4 at regular m,etlng thereof; an the Chairman o
the Board of Supervisors ia Ill deliver ths sal first
A IN rrtgags jndS of said company, upon the Gel p
A OF the to the County Treasurer to b, by hin
and his in Office safely kept and tn. said
n Treasurer shall give hs receipt to sail Chtirman
for sal mortgage bpnis which receipt sh al st II,
y the date, number, amount, to whom anl where pay
q able, Of each boai, ani stid 'airnin shall cause
sid recei ipt to be spread upon the records of id
Board at the next regular mistiug th ,re1f; which
mortgage bonds, by virtue of thi, law. sh,ll hold
said railroad company and all the corportt prop
erty thereof as security for the payment of tn,
same. In preference to any other AMI all other in
cumhrancss that may have ari en- against said com
pany and its property subelent t. the time th,l
the aii Board OF Supervisors agreed to issue slil
bonds eyiicncei by the first Orisina entry in re.
lation thoretp in IT. records.
sac. 5. It hall De- tho duty Of the Bpard Of Su
pervsors of said county. ani they hereby au
theriged and empowered to levy yearly tax, to be
STYLED interest tax" on the atsc,sei property oi
said county safsient to pay the yearls interest
said connty bonds not exceeding eighty cents on the
hun ttei dollars the to be assessed and collect
/. ei At the samn time AMI in the m,nner the
other properly tax - assessed and collected And
, the Treasurer Of said dcouuty shall place t. that fund
X the interest that may be- paid over to him on the
said mortgage bonds. aud the said treasurer shall
pay, causa to be paid out of sail fund the inter
est on ssid county boud 1t fall dns; ant hpull
there be surplus after the paym iut of said inter
est, the same shall be- set aptrt asa sinking fund
. | Tor tho redemption of said bonds and when the
same sh ,ll am to two thousand dollars
the Treasurer shall apply the same to the purchase
of said bonds from the lowest bid cr provided the
gl..,, .l.,.4 d..
4 sing for twenty days, IN SONS new'paPr published
a | In his county for bids
= sEo O. The Board of Supervisors of said county
+ are hereby AUTHORISED And empowered In behalf o
the county. to enfnroe the pay nent OF said mortgage
n bonds by suit. If default Is m tle in the payment OF
the same at the time of maturity, AMI they may
Gsl ami transfer wtho u recourse, sail mortgage
bosi, TO the holders OF the aid county hons, dol
4 ~ for dollar or they may sell aud transfer the
without to any other parties for value
|, | received at par value All money realized out oi
said mortgage bonds shall he an involablc fu al for
tna redemption Of the county bonds, AMI the bal
anee. n any. shall b. paid over into the general
county ia a - county purposes.
sEc 7 The Doarl o, Sups vi-ors In and Tor II tie
, county are authorized ani empnwerei, ANA IL Is
hereby made therduty to ctuse to 60 ls'usI eonn-
ty bonds TO the amount of the further # thirty
thousand dollars in denominati US of one, thre.
and Ave hundred dollars, and IN demon nations of
one two and three thousand dollars. in all not to
exceed the foregoing of thirty thousand dollars
Of which sum two thousand dollars Of said bonds
so nnch thereof as may be necessary, shall be
pended, under the supervision OF the Roari OF Su-
psrvsors, In improving the road from Orovile to
Forbestown In said county; AMI the balance of said
thirty thousand shall be expended as hereinafter
provided.
sEc. T. The bonds shall draw ten per cent. per
aunum they shalt ha oonsechtively numbered A.
issued. one half Of s,ii hoals shall he male pay
able ON the first day Of January ia th- year lsSl b
aud the other halt shall be made payable the
arst day of January 1888, the office of the county
Treasurer Of said county or at the city OF New York
at the option OF the holder IN the order in which
: they are numbered. aud shall be made payable to
the person to whom arst issued, or h order. The
interest shall be paid somi-annaslly, on the nrst day
of Januaty and July in each year, The bonds shalt
be signed by the Chairmsn of the Board OF Supervi
sors, the County Auitor. and at the Same they
issued shalt be eountsrsigned by the County Clerk
4 ~. a.