The daily Butte record., 1858-05-18
AM ACT


thirty thousand dollars, to be expended in con
structin2 Railroad and Wagon Roads In said
county, and TO provide for The payment Of said
Bonds
The People Of the State Of Cdi,forHia rpreseHfsi in
sennts mad AssrDpbly, do enact as Joaops,
SECTION l. The Board Of Supervisors in and for |
smpowsred at their discretion, to issue the bonds
Of the county OF Butte, as loan for the purpose
cf constructing railroad within its limits. to the
extent Of two hundred thousand dollars TO the
Feather river Railroad Con pany, should company
by that name bs Incorporated, or to any other
company now, that may hereafter be incorporated
whereby 4 connection may be formed, BY means OF
q railroad between orovile and tide water, by way
OF Sacramento % otherwise. t
SRc Whenever the Board of Supervisors OF
ssfd county shall agree to Issue the bonds OF SAID
county as loan, to aoy incorporated eompany ,oI
whenever said company snaff, 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 se-
curty for the payment OF said hrst mortgage bonds
aud the interest thereon 10 said county. The Board
Of Supervisors tu that event at regular meeting
thereof shalt BY an 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 be paid Upon the ertry Of such order. me
Chairman OF the Board of Super visors, the County
Treasurer, aud the County Auditor, shall as soon
thereafter a. practicable have prepared county
bonds, corresponding in amount, number place OF
said BOARD; provided, that no bond shall be issued
for an amount exceeding five thousand dollars- The
bonds shall draw interest at the rate Of eight per
cent per annum. and 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 frat day of January 1879. The interest arising
| on said bonds shah be iue and payable semi annu-
ally on the first day OF January and July Ia each
ysar and shall be due and payable At the same that
| the bonds are. Coupons for the interest shall he
-Ia,. Nl.Au
bo removed without IN mut,lation to the bonds, and
delivered 10 the County Treasurer to be by him
kept as q voucher for the payment Of the same.
| SEC. a The bonds and their coupons shall be con
secutively numbered, signed by the chairman o
the Board of Supervisors. the County Treasurer and
County Auditor; and when 30 signed shall be deliv
cred to the Board Of Supervisors, at some regnla
meeting thereof who shall cause the County ClerI
| Of said county, in their presence, to countersgi
said bonds, and To aix thereto the seal Of th
County Court; and such attestation shall be eeterc
upon the records of said board, giving the date, tn
number, the amount, when payable and to whom o
each bond. When slid bonds shall have been thu
executed, and the said company shall have issue
and delivered in due form of law to the Board o
Supervisors OF said county, their first mortgag
| bonds, bearing interest," payable semi-annuahy, o
the first day of June and December Of each year
after the first five years. at the late OF eight pc
cent per annum, from tue date OF said bonds, an
| correspondin in amount with said county bond
and made payable on the hrst day OF November
| 1878 to the county OF Butte or her order, mt tn
| once OF tht county ueASuftr Oh hdlu l
that event, and not otherwise, the Chairman Of tn
Board Of upsrvisors shall deliver, asa considera
tion for said first mortgage bonds, the said count
bonds to the said company, to be used, and not 9th
erwise, Ia the construction and purchase OF mater
ais for the railroad to be constructed within tn
limits Of the said county OF Butte
SIC. The Chairman of the Board Of Superv
sors at the time Of the delivery of said county bond
to said company, shall take the receipt of sal
company, through its proper efIicers stating th
date, number, amount, to whom and where payabl
Of each bond, which receipt ne shall cause to be On
tered upon the records of said Board OF Supervisor
at a regular meeting thereof; aud the Chairman q
the Board of Supervisors shalt deliver the said frs
mortgage b,pds Of said company, upon the re cep
of the same to The County Treasurer to bs by hin
aud his successors in office safely kept; and the sal
Treasurer shall give his receipt to said Chairman
for said mortgage bonds, which receipt shall stat
the date, number, amount, to whom aud where pay
able, Of each bond, and said chairman shall cans
said receipt to be spread upon the records OF ssiC
Board Al the next regular meeting thereof; vhcl
mortgage bonds, by virtue Of this law, shsl hole
said railroad company and all the corporate prop
erty thereof as security for the payment OF tn,
same in preierence to any other and all other In
cumbrances that may have ari cn against said CON
pany tnd Its property, subselsnt t. the time tina
the said Board Of Supervisors agreed TO issue s,ic
bonds evidsnced by the first original entry in
lation thereto in its records.
$50. s. 1t shaii be the dvty Of the Board of Su
pervisors of said county. and they are hereby au
thorzed and empowered to levy yearly tax. to b,
sty led interest tax tho assessed property o.
said county sufficient To pay the yearl interest or
said connty bonds not exceeding eighty cents on tn
hundred dollars, the same to bo assessed and collect
ed at the same time and IL the same manner as tn
other property tax Is assessed and collected. An
the Treasurer of said county sha place to that fun
the interest that may be paid over To him on til
said mortgage bonds, and the said treasurer shal
pay or to be paid out OF said fund the inter
est sad county bonds as il fall due; and should
there be surplus after the Payment of said inter
est, the same shall DO set apart as sinking fun
for the redemption of said bonds, and when TIL
same shall amount To two or more thousand dollar
the Treasurer shall apply the same to the purchas
Of said bond from the lowest bidder provided, th
same does not exceed the par value, upon advert
sing for twenty days, IN some newspaper puelishe
in his county for bids
Sic a. The Board of Supervisors of said count
are hereby authorized and empowered IN behalf
the county to enforce the pay ent Of said nortgag
bonds, by suit II default Is made In the yment {
the same al the time of maturity, Aud they ma
| sell and transfer without recourse, said nortgae
PONDS TO the holders Of ths said county bonds do
lar Tor dollar, or they may sell and trapsfer IN
same without recourse to any other partestor vaiu
received, at par value. All money realized out
| said mortgage bonds shall he an involable fund Il
the redemption OF the county bonds, and the bs
ance, IL any, shaii be paid over into tho gener'
county fuud, for county purposes.
| $50 Z. The Board Of Supervisors In and for ~
| county are auth orixed aud empowered and II
| hereby made theirdu to cause to be issued eoui
~ bonds To the amount af the further of thlri
thou and dollars, in dspeminati ms Of one, thre
and ave hundred dollars, and in denominatiens
one, two, and three thousand dollars, In all not
exceed the foregoing sum of thirty thousand dolla
Of which sum two Thousand doNRrs ot said bonds,
80 uch thereof as may bc necessary, shall be .,
pended. under the supervision OF the Board of 8,
psrvisors, in Improving the road from Orovile
forbestoyp, In said county; and the balance OF sal
thtrty.thousand shall be expended as hereinan'
provided.
ESQ 8 The bonds shall draw ten per cont. p,
annum: they shall be eonsesvuyely nu nbcred
issued. one half OF said bonds shall DO made pay
l able on the FIRST day Of January In tbs year ISL
aud the other half shall be made payable on tn
arst day of January ls0A at the office of the count
Treasurer Of said county, at the city Of New Yor
at the opten VI the holder. In the order in whc
they are numbered. aud shall be made payable I
the person to whom arst issued, or h order. TIL
interest shall be paid semi-anuusiiy on the rst da
be signed by the Chairman Of the Board of Superv
sors the County Auditor, and at the same they al
issued shalt be countersigned by the County Clerl
aud attestsd by the seal of the County Court OF sal
cannix Cannans for ih n interet 4 shAll be he