The daily Butte record., 1858-05-22
AN ACT

for an amount not to exceed two hundred and =
thirty thousand dollars, to be expended in con-
structng Railroad and Wagon Roads 10 said 7
county, and - provide for the payment OF said :
Bonds
The PsopIe Of the State of CHforHia rspresentsi
Sesats md AsSDr1sy, do enact as foHors
SECTION l. Tte ord Of Supervisors in and fJr
the county OF Butte, are hereby authorize and
empowered at their discretion, to issue the bonds
of the county Of Butte, loan for the purpose
of constructing railroad within its limits. TO the
extent Of two hundred thousand dollars to the
Feather river Railroad Con psny, should a company
by that name be incorporated, or to any other
company now, or that may hereafter be Incorporated
whereby connection may be formed by means OF
q railroad between Oroville and tide water, by way
Of Sacramento or otherwise.
Sgc Whenever the Board Of Supervisors OF
said county shall agree to issue the bonds Of said
county as loan, to any Incorporated company for
the purposes mentioned In the first section, and
whenever 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 company and all
the corporate property thereof shall be held as Sc
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 shall 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 to he paid. Upon tho entry OF such order. the
Chairman of the Board Of super visors the County
Treasurer. aud the County Auditor, shall soon
thereafter practicable have prepared county /
bonds, corresponding in amount, number. place Of
payment, and to whom payable, as designated by |
said Board; provided that no bond shall be issued
for amount exceeding I've thousand dollars. The
bonds shall draw Interest at the rate of eight per
cent per anDum, and shall be made payable at the
Office OF the County Treasurer of said county, 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 shalt he 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 are. Coupons for the interest shall be
attached TO each bond, 80 that when paid they may
be removed without mutilation to the bonds, and
delivered To the County Treasurer to be by him
kept as u voucher for the payment % the same.
SEC. 3. The bonds aud their coupons shall be
secutvely numbered, signed by the chairman of
the Board OF Supervisors. the County Treasurer and
County Auditor; and when signed shall be deliv
cred to the Hoard OK Supervisors, at some regular
meeting thereof who shall cause the County Clerk
OF said county, in their presence, to countersign
said bands and To afix thereto the seal OF the
County Court and such sttestation shalt be entere
upon the records of said board giving the date the
number, the amount, when payable and to whom of
each bond. When said bonds shall have been thus
executed, and the said company shall have issued
and deliveref, in due form of law, to the Board of
Supervisors of said county, their arst mortgage
bonds, bearing interest payable semi-annuslIy, on
+ the first day of June and December Of each year,
after the first five years at the Iate of eight per
4 cent. per annum from the date of said bonds aud
!, corresponding in amoabt with said county bonds
k and MADE payable on the first day OF November
1878. 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
Board of Supervisors shall deliver, ~ considera
tion for said hrst mortgage bonds the said county
bonds To the said company to be used and not 9th
erwise, in the construction and purchase of mater
ais for the railroad to be constructed within the
limits Of the said county OF Butte.
!, SEC. 4 The Chairman Of the Board of Superv
sora at the time Of the delivery of said county bond
a to said company, shall take the receipt of said
"a company, through its proper officers. stating the
II date number, amount, TO whom and where payabl,
IA OF each bond, which receipt no shall to be
tered upon the records Of said Board of
% at regular meeting thereof; and the Chairman o
the Board OF Supervisors shall deliver the sal first
i, mortgage bonds Of said company upon the ceip
OF the same to the County Treasurer to b. by him
and his SUCCESSORS in Office safely kept: and the said
m Treasurer shall give his receipt to said Chairman
for said mortgage bonds which receipt shall state
" the date, number, amount to whom aud where pay
~ able, of each bond, and said chairman shall cause
III said receipt to be spread upon the records of said
n Board at the next regular meeting thereof which
to mortgage bonds, by virtue of this law, shsli hold
nv said railroad company and all the corporate
III erty thereof security for the payment of the
ar same In preference TO other and all other in
ts cumbrtnces that may have arisen against said
ID pany and Its property subseqent to the time that
iy the said Board OF Supervisors agreed to issue said
bonds az evidenced by the hrst original entry in re-
ct lation thereto in its records.
IT, SEQ 8. 1t shal be the duty of the Board of Su.
O. pervisors of said county and they are hereby au
nd therzed and empowered to levy yearly tax, to be
tyled "nterest tax on the assessed property OF
said county suil cent to pay the yearly interest
said county bonds not e1ceed ing eighty cents on the
hundred dollars. the to be and collect
ed at the same time and in the manner as the
a other properly tax " assessed and collected And
o. the interest that may be paid to him the
t. sad mortgage bonds, and the said treasurer shall
re pay cause To be paid out of said fund the inter
p, est on said county bonds rs IL fall due aud should
10 there be surplus after the payment of said nter
H. est the same shall be set apart as sinking fund
he for tho redemption of said bonds, and when the
We same shall amount to two thousand doliars
nj the Treasurer shall apply the same to the purchase
Du OF said bonds from the lowest bidder provided the
TO same does not exceed the par value; upon advert
sing for twenty days, ~ some newspaper published
oil in his county for bids.
sEc o. The Board Of Supervisors OF said county
are hereby authorized and empowered in behalf o.
w the county to enforce the pay OF said
no bonds by suit. IL default Is made in the payment
se the same at the time Of maturity, And they may
sell an transfer without recourse said mortgag,
~ bonds to the holders Of the said county bonds dol
lar for dollar or they may sell aud transfer the
=, received at par value All money realized out o.
said mortgage bonds shalt he an nviolabie fund fo
II the redemption of the county bonds and the bal
70 anee, II any, shall be paid over into the genera
~ county fluid. for county purposes
~ SEC T. The Board of Supe rvisors in and for u 1T,
"A county are authorized and empowered, and 1t Il
" hereby made theirduty to cause 10 be issued coun
ty bonds to the amount OF the further of thirty
thousand dollars. ip denomnat ms of one, three
- and Ave hundred dollars, and in depominations o
one, two and three thousand dollars, in all not /,
, exceed the foregoing OF thirty thousand dollar
- Of which two thousand dollars Of said bonds o
= inch thereof may be necessary, shall be ex
pended under the supervision of the Board Of Su
parvisors, In improving the road from 0roville Il
forbestown, In sad county aud the balance of sslt
thtry tnouspnp spAh w ekpenueu as heteihaue
provided.
sEo. s. The bonds shall draw ten per cent. pei
annum; they shall be cousecutively nu nbered a,
=. issued. One half Of said bonds shall be made pay
able pp the frst day of January In tbs year 1868
~ and the other halt shall be made payable on the
FIRST day ofJsnnsry 1868, at the ofce of the county
Treasurer of said county, or at the city OF New York
70 at the option Of the holder In the order in which
y they nnsebered. aud shall be made payable "a
- the person to whom hrst issued, or order. The
interest shalt be paid semannusiiy, the 6rst day
~ OF January and July in each year: The bonds shall
be signed by the Chairman OF the Board OF Ssperv
sors the County Auditor, and et The Sape they are
Issued shali be countersigned by the County Clerk
and atescd by the seal of the County Court Of said
~ ~ county Coupons for the Interest shall be attached