The daily Butte record., 1858-05-24
Am ACT

structinsa Railroad aud Wagon Roads In said
county, anl t. provide for the payment OF said ,
The fs6Pts df the State Of Cdforaia regJs4eatsi ia
SeHtte nad Asssn,Iy, do eaaet az fcGoWs:
sEcTi"S Tue Board of Supervisors in AMI t'r
Lhe county OF Butte. ars hereby author rel ami
smpJweTsi At their discretion, To i<-us the bonds
Df the county Of Butte, a loan for the purpose
VI con.tructBy railroad within Ii limits u the
extent of two hdndreI thOu,sDd ddiilrs to the
Feather river Railroad Con rtny sh0ul a company
by that name be incorporated. or to any other
company now or that may hereafter he incorporated
whsrsby eonnection may be formed by means OF
a rail- Dad 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 6Oni' OF sid
county a. a loan, TO any Incorporated company for
the purposes mentioned ia the first section, and
whenever said eompany shall, by and through its
proper and constituted ae,hcr.J. agree to receive
said loan, and 10 give therefor ,ts drt mortgage
bonds, whereby the said railroad comp,ny anf all
the corporate property thereof, shall be held as Sc
curity for the payment of said hr,t mortgage bonds
and the interest thereon to szii county The Board
of Supervisor. in that event at any regular meeting
thereof shalt, by order entered upoa its records
declare t assent to such loan, the amount in what
amounts, tn what company and where each amount |
IL to I've paid. Upon the entry Of such order. the
Chairman Of the Board Of super yisOrs, the County
Treasurer, aud the County Auditor, shfH AS soon
thereafter practicable have prepared co1nty
bonds, corresponding In amount, number place oi
payment, ani to whom payable, a. dsSignatei by
said Board, provided that NJ bond shall bs Issued
for an amour: exceeding five thousand dollars. The
bonds shhll draw interest at The rate OF eiSbt per
cent per annum. and shall be made payable At the
onice ot the County Treasurer Of said county or In
the city of san Frtnciseo, or in the city of New
/ York at the option of said company, or before
the frst day Of January 1872 The iUteres. arising
. on said bonds shah be ipe and payable semi aunu
ally on the first LAY Of January sui July in each
year aud shall be due and payable At tile same that
the bonds are. Coupons for the interest SHAH be
attached to each bond, that when paid, they may
be removed without mutaton 10 the bonds AID
delivered u the County Treasurer W be by him
keu aa "A ~ he IA M nj Of he
SEC .. The bouds and their coupons shall be con
secutively numbered, signed by the chairman OF
the Board of Super vsOrs, ths County Treasurer aud
CJunty Aulitor ant when 80 signed shall be dev-
cred to the Board Of Supervisors, at sou'e regular
meeting thereof who shall cause the County Clerk
Of s1id county, in their presence To countersign
said bonds and ~ anix thereto the seal Of the
County Court ath such atte-tation shall be entered
upon the records of sail board giving the date the
number, the amount. when payable and to whom of
each bond. when ss.id bonds hail l,ave been thus
executed, AMI the said company shall have issued
an deiverof in due form of law. to the Board OF
Supervisors Of -td county, tIeir Srst mortgage
bonis, bearing interest payable enIi-annu ,lly, on
the hrst day of June ani December of each year.
after the FIRST five years, at the Jtte of eight per
cent per annum, from the date of sad bombs aud
correspon ling in 1nodat with said county bonds
and made payable on the drst day Of November.
1873, t. tbs county of Butte or her order. at the
on6ce Of the county treasurer OF sail county, In
that event an1 not otherw,e, the Oh htirmln OF the
Board of SIpcrsi -ors ,hill deliver, asa consdcra
ton for sal hrst mortgage bonds, the said county
erwise. in tIe obstruction and purchase OF materi
ais for the railroad to be con>tructel within the
limits of the said county Of Butte.
SEc. The Chairman of the Boarl OF Supervi'
at the time of the delivery OF said county bonds
, TO said company, shall take the receipt of sad
. company through its proper enicers. stating the
date. uu uhcr, amount, to whom AMI where payable
A of each iul, wch receipt ne shall cau," to br
tore upon ths rucOrls OF sli Board of Supervisor
At rexul " ~ 'eting thereof aud tbs Chairman o
the bolri of Sipery4or' sh AL deliver thu sail hrs
irgage and Of sail comp tuy, up1n the re CO pi
OF the same t. t.8 CJVnty Treasurer to b, by him
aud his ,ucce spr. ~ ON safely kept and the said
Treasurer shah give his receipt to said Oh tirmtn
. for stit mortgage b1ls which receipt shall state
Z the date, number, nbuut, To whom a1d " ere pay
able, OF each bon ant sail { airnln shalt cause
said reccip, 10 be spreai upon the records of sail
. Bptri at the next regular meeting thereof; whic
. mortgage bolls, by virtue OF this law. sh Ill hold
y said railroad company agt All the corporate prop
4 erty thereof zcsUritY fJs the payment of the
sams, "a prlioreuee to any other AMI all other IA
8 cum0rancssth,t may have ari en against Sad com
pany aud IT. pop rty. sub-c ieht t. The time that
thc said Bptrl of SuIervi'ors agreed To issue AL
bonds evidenced by the irst original entry In re.
u latlon thereto IN IT. records.
!. SEc. ). II hall b. the dgty Of the Board of Su
i peryisors Of sIil county ami they are hereby al
thorih ri and empowered TO levy yearly tax to be
styled Interest tax 0u the assessed property Oi
said county nBcie 10 pay the yearly interest on
sad county bonds not exceeding eighty cents ths
huni ed dollars. the same to be- Assessed and collect
ed at the same time aud in the manner aSt tn,
. other properly tax u assessed and collected. And
the Treasurer of said county shall place TO that fund
; the interest that may b. paid ever to him on tn,
said mortgage bonds, and the said treasurer shal
pay, cause to be paid out OF said fund the inter
}, est said county bonds as IL fall due; AMI Ihouli
y there bo surplus after tho payment Of said inter-
> est, the Same shall be set apart shaking fund
q for the redemption of said bonds, and when tn,
same shall amount to two or more thousand dollars
the Treasurer shall apply the same to the purch
of said bonds from tue lowest b isr provided, ia,
same does not exceed the par value, upon ADVERT
, sing tor twenty days, IN sons newspaper published
u in his county for bids
Sac q. The Board Of Supervisors Of aid count,
are hereby authorized and empowered Ia behalf %
the county tn enfarcr the pay nent oi said mortg,
q bonds by suit IL default l.. IN tie in the tymant
- III, same at the tune of maturity, Ani they ma,
sell anl transfer without re curse said mortgag,
y bonds g. the hOlders Of the said county bonds dol
lar for dollar, or they may sell aud transfer th,
same without recourse to any other parties for value
. | received, at par value All money realized out o
, said mortgage bonds shall he an inviolabe fund fo
= the redemption Of tho county bonds, AMI the bal
ance u any, shall b. paid over into the genera
/, county ftnd for county purposes
SIC I. The board Of Sups visors In aud for u It,
, county are authorized aud empowered, and il |,
hereby made theirdut to cause to DO lssueI couB
y bonds 10 the amount OF the further sum of thirty
thousand dollars. in deuominati ms of one, three
and i've hundred dollars, and In demo mi ttions o
one two, and three thousand dollars in all not u
exceed the foregoing SUN VI thirty thsusaai dollar
of which sum two thousand dollars Of said bonds,
so nch thereof as my hc necessary, shall be- ex
pended under the supervision of the Board of Su-
psrvisors, In Improving the road from 0roville IL
forbestown, In said county; aud the balance ofsad
thirty thousand shalt bc expended as hereinafter
provided.
SEC. \, The bonds shall draw ten per cent per
snnum: they shall be consecutivey nu nbered o.
issued. one half OF s,i bonds shall be made pay.
able on the arst day of January in ths year ls6j
aud the other halt shalt be made payable the
hrst day OF fJanatry 1885 at the office of the county
Treasurer Of said couny orat the city Of New York
at the option of the holder ia the order ia which
they numbered. and shall b. made payable TO
the person to whom hrst issued or : order The
interest shall be paid semannnally the hrst
OF January and July in each year The bonds sha II,
be signed by the charmtn ofthe Board OF Supervi.
sose the County Auditor, ami at ths same they are
issued shall be eountersigaed ~ ths County CLERK.
aud attestsl by the seal vi the County Court OF said
county. Coupons for tbs interest shall be 4ttsehsd
to each OF said bonds. that they may he removed
withoat injury or matilston to the bond, and lie.