The daily Butte record., 1858-05-17
AN ACT

for an amount not TO exceed two hundred ana
thirty thousand dollars, TO be expended in con.
struetng Railroad and Wagon Roads 10 said
county, aud to provide for the payment OF said
Bonds
Senate md AsssmbLy, do enact as foAops:
SECTION /. The Board OF Supervisors ia and for
he county OF Butte, hereby authori zed and
at their discretion, TO issue the bonds
,f the county OF Butte, as Loan for the purpose
Jf constructing railroad within its limits to the
extent Of two hundred thousand dollars to the
Feather river Railroad Con pany, should a company |
by that name be Incorporated, or to any other
company now, or that may hereafter be incorporated
whereby conneetieo may be formed, by means oil
a rail- Dad between OroviIle and tide water by way |
Of Sacramento or otherwise.
SEC 2 Whenever the Board OF Supervisors Of |
said county shall agree TO issue the bonds of said
county a loan, to any incorporated company iof
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 thercfor its first mortgage
bonds. whereby the said railroad company and all
the corporate property thereof shall be held rs So
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 shalt by order entered upon its records
declare its assent to such loan, the amount in what
amounts, to what comnapy and where each amount
IL 10 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 coon
thereafter as practicable have prepared county
bonds, corresponding in amount, number place of
payment, ana TO whom paYaDle. As ueslKnateu ul
said Board; pro yided that 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 ~ 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, 1879 The Interest arising
on said bond. shall be lue aud payable sent anpe-
ally on the hrst day Of January and July in each
year and shall be due and payable at the same that
the bonds Coupons for the interest shall be
attached to each bond, that when paid, they may
be removed without mutllation TO the bonds, and
delivered IL the County Treasurer to be by him
| kept as u voucher for the payment of the same.
Ssc q The bonds and their coupons shall hs con-
| secuttvely numbered, signed by the chairman Of
the Board of Supervisors the County Treasurer and
County Auditor; and when 30 signed shall be dellv-
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 aihx thereto the seal OF the
County Court aud such attestaton shalt be entered
upon the records of said board, giving the date, the
number, the amount, when payable and to whom oi
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 oi
Supervisors OF said county, their first mortgage
bonds, bearing interest, payable semi-annu.ly, on
| the first day of June and December of each year
after the irst five years at the late of eight PEI
cent. per annum, from the date of said bonds, aud
| corresponding In amount with said county bonds
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 Ii
that event. and not otherwise, 1.-The Chairman oi the
Board of Supervisors shall deliver, asa considera
ton for said irst mortgage bonds, the said county
bonds to the said company, to be used aud not 9th
erwise in the construction and purchase of materi
als for the railroad to be constructed within the
limits OF the said county OF Butte.
| &c 4 The Chairman of the Board of Supervi
sors at the time fthe delivery of said county bond
| to said company, shall take the receipt OF SAID
company through its proper eihcers, stating The
date. number, amount, to whom and where payable
.T .a,hk hon IA ~ Al ltIspt u
tered upnn the records of said Board OF Supervisors
at a regular meeting thereof and the Chairman o
the Board of Supervisors shall deliver the sail first
mortgage bonds of said company, upon the rece p
of the same tn the County Treasurer to BE- by hin
aud his succe IN office safely kept and the said
Treasurer shall give his receipt to said Chairman
said mortgage bonds, which receipt shall state
the date, number, amount to whom sod where pay
! able, of each bond and said chairman shall cause
said receipt to be spread upon the records OF sad
Board at the next regular meeting thereof; which
mortgage bonds, by virtue of this law, shsll hold
said railroad company and all the corporate poop
| erty thereof as security for the payment OF the
in preference TO any other and all other in
cumbrances that may have ari-en against SAID com
pany and It's property suhseqent to the time tn AT
the said Board of supervisors agreed to issue said
bonds evidenced by the first original entry IN re-
latioa thereto in it, records
Ssc g. It hall be the duty Of the Board of Su-
pervsors Of said county. and they are hereby an
thsriEed and empowered to levy yearly tax, to be
styled Interest tax, the assessed property OF
said county sufficient tn pay the year interest on
said county bonds not exceeding eighty cents on the
hundred dollars the same to be assessed and collect
cd at the same time and in the same manner as the
other property tax is assessed and collected. And
the Treasurer Of said county shall place TO that fupd
the interest that may he paid over to him on tbs
said mortgage bonds, and the said treasurer shal
nav or cause TO be paid out of said fund the inter
est on said county bonds "a it fall due aud should
there be surplus after the payment OF said inter
est, the shall be set apart as n sinking tun'
for the redemption of said bonds, and when th
m sh all amouut to two more thousand uollari
the Treasurer shall apply the same to the purcha>
of said bonds from the lowest bidder; PROVIDED I'M
same does not exceed the par value upon adverti
sing for twenty days, IN some newspaper puolishe'
in his county for bids.
| $50 d This Roard of Supervisors of said count
are hereby authorized and empowered in behalf q
The ronnty 10 enforce the pay uent OF said meryas
bonds by suit. II default is made in the payment
the same at the time of maturity, Ana they ma
| sell and transfer without recourse saiI mof'gsg
bo uis to the holders of the said county bonus, uo
lar for dollar, or they may sell and transfer Tn
same without recourse to any other parties inr Nu
received, at par value Az money resnsen oat
said mortgage bonds shall he an inviolable fund fu
the redemption of the county bonds, and the IA
anee, II any, shall be paid over into the genera
county fuod, tor county purposes
| Ssc 7. The Board of Supe visors in ana Tor u "
| countv are authorized aud empowered, and II
hereby made their duty to cause to DO ISSUED oouf
ty bonds to the amount OF the turther sum oi thr'
thousand dollars, in dcnominati MS OF one, thfe
aud Ave hundred dollars and In denominations
one two and .hree thousand dollars in all not
exceed the foregoing sum OF thirty thousand dolls
| Of which sum two thousand dollars of said bonds
so uch thereof as may be necessary, shall he e'
pended, under the supervision OF the Board OF 5,
| parvisors in improving the road from oroviue
Forbestown in said county; and the balance ofsai
thirty thousand shall be expended as herensft'
provided.
SEc The bonds shalt draw ten per cent. p'
anuum: they shaft be consccutively numbered
issued One half of ssii bonds shall he made pa,
able on the first day OF January in the year ls6
and the other halt shalt be made payable on th
arst day OF fJauuary ls6S at the Office Of the count
Treasurer OF said county, at the city of New fot
at the option OF the holder in the order in whie
, they are numbered. and shall be made payable
a the person to whom hrst issued, or h order. TT
interest shall be paid semi-annualy on the first ds
of January and July 10 each year. The bonds sha
be signed BY the Chairman Of the Board of supers
sors, the County Auditor, and At the same they
2 issued shall be oountersgned by the County Uler
and attesed by the seal OF the County Court OF n
. for ha int al