The daily Butte record., 1858-05-27
AN ACT


structing Railroad and Wagon Roads In said
county and To provide for the payment Of said
Bonds
The People Of the State of Caiforni1 r,prsssatsI in
SENATE md AssD'bly, do enact AZ sfoliot9s
SECTION | The 80 lrd Of Supervisors in and for
he county Of Butte, hereby authori zei and
mpowsrsi at their ii -eretol, u issue the bonds |
IF the county of Butte, loan for the purpose
If constructing railroad within its limits to the
,xtent OF two hundred thousand dollars TO the |
Feather river Railroad Con pany. shunlI a company
by that name he Incorporated to any other |
company now, that may hereafter be Incorporated
whereby a connection may be formed by means OF
railt Dad between Oroyille and tide water by way
OF Sacramento or otherwise.
SEC Whenever the Board Of Supervisors Of
said county shall agree to ssue the bonds Of said
county a. loan, to any incorporated company for
the purposes mentioned in the first section, and
whenever said company shall by and through its
proper and.cOnstitued authority, agree to receive
said loan aud TO give therefor its first mortgage
bonds whereby the said railroad company aud all
the corporate property thereof shall be held 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 meet ng
thereof shall. by order entered upon It's records
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 supervisors the County
Treasurer, aud the County Auditor shall as 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 bo 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. in
the city of San Francisco, or in the city of New
York at the option of said company, or before
the fast day of January, 1879 The interest arising
said bonds shall be iue and payable semi annu-
ally on the first day of January and July in each
year, aud shall be due and payable at the same that
the bonds are. Coupons for the interest shall be
/ attached to each bond, so that when paid they may
be removed without mutaton to the bonds, and
delivered "a the County Treasurer to be by him
kept AS voucher for the payment of the same
SIC 3 The bonds and their coupons shall be CON
/ scout vely numbered, signed by the chairman of
the Board OF Supervisors, the County Treasurer and
CDnnty Auditor; ani when 80 signed shall b. deIiv-
cred to the Board of supervisors, at snIpe regular
meeting thereof who shall cause tlleCouDty Clerk
OF sail county, in their presence, to countersign
said bonds, .and to afIix thereto the seal Of the
County Court at. such attestation shall be entered
upon the records Of said board giving the date ths
number, the amount, when payable and To wh9n OF
each bond. When said bonds hall have been thus
executed, and the said company shall have issued
and deiverei. in due form of law, to the Board al
Supervisors of said county, their first mortgagr
bonds, bearing interest, payable semi-annu ally, on
/ the first day of June and December of each year
after the first nve years at the Iate of eight per
| cent. per annum, from the date of said bonds aud
corrcspnnting in amount with said county hpnis
and maae payable on the hrst day OF November
/ 1873. to the county of Butte her order, at the
Office of the county treasurer of said county. In
that event and not otherwise. the Chairman of the
Boari Of Supervisors shall deliver, considera
tion for said first mortgage bonds, the said county
bonds to the said company, t. be used AMI not 9th
erwise, in the construction and purchase of materi
ais for the railroad To be cOnstructel within the
/ limits of the said county Of Butte.
SEC. ! The Chairman of the Board Of Sdpervi
sorS at the time of the delivery of said county bond
! to said company, shall take the receipt of said
company, through its proper elicers. stating tn,
date, number, amount, to whom and where piyabl,
of each bond, which receipt shalt cause to be en-
tered upon the records of said Board Of Supervisors
at IA rey ma aptt py nj hahn ,n
the Board of Supervisors shall deliver the sal first
IN prtgage Jnis Of said company upon the re- ceipi
of the same to the Oounty Treasurer to be- by him
and his in office safely kept aud tho sal
| Treasurer shall give his receipt to sail Chairman
| for sail mortgage bombs, which receipt shall state
the date number, amount, to whom aad where pay
able, of each bond, and stii airmdn shall caus.
| said receipt to be spread upon the records Of aid
BOARD at the next regular meeting thereof whic a
mortgage bonds, by virtue of this law, shsll hol !
said railroad company aud all the corporate prop
| erty thereof security for the payment Of the,
same. IN preference to any othcr AMI all other in
| cumbrtncesthat may have ar en- against sail com
pany and rs property, suhseqent t. the time that
tn" said hoari OF supervisors agreed To issue said
bonds evidenced by the first original entry ia re-
lation thereto in its recoris.
SsC. .. II halt be the duty Of the Board Of Su-
pervisors Of said county. and they are hereby an
/ thorized and empowered to levy yearly tax to be
styled interest tax, on the assessed property of
said county sufficient to pay the yearls interest on
said county bonds not exceeding eighty cents the
hundred dollars, the same to he asrssi and collect
ell at the saus time aud in the same manner as the
other properly tax is ASSESSED aud collected And
the Treasurer of said county shall place that fund
/ the interest that may be paid over To him on the
! said mortgage bonds, and the said treasurer shall
pay, or cause to he pad, out of said fund the inter
est on said county bonds ~ 1t fall due aud should
there be surplus after the payment of said inter
est, the same shall be set apart rs sinking fund
for the redemption of said bonds, and when the
same shall amount TO two more thou and dollars
the Treasurer shall apply the same to the purcha So
of said bonds from the lowest bidder; pro vided the
same does not exceed the par value, upon adverti-
sing for twenty days, IN some Newspaper published
in his county for bids.
SEc g Tho Hoard of Supervisors of said county
are hereby authorized and empowered in behslf OF
the county, to enforce the pay OF said mortgage
bonds by suit, II default Is made in the payment of
the same at the time of maturity, AMI they may
sell aud transfer without eourse, said mortgage
bonds to the holders of the said county bonds dol
lar for dollar, or they may sell AMI transfer tha
same without recourse to any other parties for value
received at par value All money realized out of
said mortgage bonds shall he an nvioltble iund for
the redemption OF the county bonds, and the bal
ance. IL any, shall b. paid over into the general
county fu Il, tor county purposes
$50 I. rhe board of Supc visors In and for D tie
county are authorized aud empowered, and it j.
hereby made theirduty to cause /, be ISSUED coun-
y bonds TO the amount of the further sum of thirty
thousaud dollars, in denomnati ms of one, three,
and five hundred dollars, AMI in demo natious of
one, two, and three thousand dollars In all not to
exceed the foregoing sum of thirty thousand dollars
Of which SUN two thousand dollars of said bonds, or
l
pended, under the supervision of the Board of Su-
parvisors, In improving the road from Oroville to
forbestown In said county; and the balance of said
thirty thousand shall be expended AS hereinafter
provided.
SKc. $. The bonds shall draw ten per cent per
aunum they shalt be consecutively nu ubored ~
issued. One half Of sti bonds shall he male pay
able the ar,t day of January Ia ths year ist J.
and the other halt shalt DO made payable on tho
cst day ofJanntry 1861, at the once of the county
Treasurer OF sad county, orat the city Of New fork
at the option Of the holder in the order in which
they are numbered. aud shall be made payable to
1 the person to whom irst issued, OF $ order The
interest shall be paid semi annually on the irst a ,
of January aud July in each year. The bonds Sha
be signed by the Chairman aftie board of Supervi.
sors. the County Auditor, aud at the they are
issued shall be countersgned by the County CLERK
aud Stteted by the seal OF the County Court OF said
county Coupons fur the interest shall be attache
to each Of said bonds 80 that they may he removed
without Injury or mntiatQn to the bond and de.