The daily Butte record., 1858-05-20
AN ACT

structing Railroad and Wagon Roads In said
county, and to provide for the payment Of said
he People Of the State Of Cai,forafs r.preseatsd
SeHats nnd Asssnsbiy, do enact as follows II
sEcfioN l. The Board Of Supegsis0rs In and for
he county Of Butte, hereby authori zed and
Empowered, at their discretion, TO issue the bonds
the county OF Butte, loan for the purpose
constructing railroad within its limits. to the
feather river Railroad Con psny, sirouli company
y that name be Incorporated, or to any other
ompany now, or that may hereafter be incorporated
Whereby a Competition may be formed. by means OF
rail'osd between OroviIle and tide water, by way
II Sacramento otherwise. -
SEQ Whenever the Board OF Supervisors OF
said county, shall agree TO issue the bonds Of said
,ounty a. q loan to any Incorporated company for
The purposes mentioned in the flrst section, and
whenever said company shall, by and through its
proper and constituted authority, agree 10 receive
said Load and TO give therefor Its first mortgage
bonds, whereby the said railroad company and all
the corporate property thereof. shall be- held Sc
curity for the payment of said drst mortgage bonds
and the interest thereon to said county The Board
Of Supervisors In that event. at any regular meeting
thereof SHALL by order entered upon its records
declare its assent to such Loan the amount In what
Is to 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 soon
thereafter SIS practicable have prepared county
bonds, corTssfo nding In amount number. place OF
payment and 10 whom payable, as designated by
said Board provided that no boni shall be Issued
for an amount exceeding Ave Thousand dollars. The
bonds shall draw interest at the rate OF eight per
cent per annum, and shall be made payable AT the
once OF the County Treasurer OF said county. or In
the city Of San Prsueiseo, or 10 the city of New
York mt the option OF said company, on or before
the first day of January 1879. The interest arising
on said bonds shall be iue and payable semi annu-
ally on the first day of January and July in each
year, and shall he due and payable at the same that
the bonds are. Coupons for the interest shalt be
attached to each bond, that when paid, they may
be removed without mutlation to- the bonds, and
delivered 70 the County Treasurer to Do by him
kept as u voucher for the payment Of the same.
SEC. 8 The bonds and their coupons slyall he
sscutvely Numbered. signed by the chairman of
the Board Of Supervisors, the County Treasurer and
County Auditor; and when 40 signed shall be deliv-
cred to the Board Of Supervisors, at some regular
meeting thereof who shall cause the County Clerk
of said county, In their presence, to counter
said bonds, and to affs thereto the seal OF the
County Court; and such attestaton shall be entered
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 Che said company shall have issued
and delivered, in due form of law, to the Board Of
Supervisors Of said county, their first mortgage
bonfs, bearing interest, payable sem-annually. on
tho first day of June and December Of each year.
after the Arst Ave years. at the Iste Of eight per
cent per annum from the date of said bonds and
corresponding In amount with said county bonds,
and made payable on the first day OF November,
1878. 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
Board OF Supervisors shall deliver, asa consdera-
ton 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 materi
ais for the railroad to be constructed within the
limits OF the said county OF Butte.
sEC. The Chairman of the Board Of Supervi-
sors At the time ofthe delivery of said county bonds
to said company, shall take the receipt of said
company, through its proper enicers. stating the
| date, number, amount, to whom and where payable
OF each bond which receipt he shall t0 be
tered upon the records Of said Board of Supervisors
at regular meeting thereof and the Chairman OF
the Board OF Supervisors shall deliver the sail first
mortgage ,nds Of said company, upon the cei pt
| OF the same to the County Treasurer to be by him
and his In Office safely kept: and the said
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
said receipt to be spread upon the records of said
| Board at the next regular meeting thereof; which
mortgage bonds, by virtue of this law, shsll hold
| said railroad company and all the corporate prop
erty thereof as security for the payment of the
same, in preference to any other and all other In
cumbrances that may have ari en- against said com.
pany and It's property. subseqent To the time that
the said Board of Supervisors agreed to issue said
bonds evidenced by the hrst original entry in
| lation thereto in It's records.
! ssc. 8. 1t hall be the duty of the Board of Su.
pervisors of said county. and they are hereby au.
tborised and empowered to levy yearly tax, to be
styled "gierest tsx" en- the assessed property Of
said eouuty sufficient 10 pay the yearlg interest
said county bonds not exceeding eighty cents the
hundred dollars the same be assessed collect
cd at the time and in the same manner the
other property tax " assessed and collected. And
the Treasurer OF said county shall place to that fund
the interest that may be paid over to him on the
sqid mortgage bonds and the said treasurer shall
pay, or cause to be paid, out of said fupd the inter-
est said county bonds ~ II fall due; and should
there he surplus after the payment Of said inter
est, the same shall be set apart as sinking fund
for the redemption Of said bouds, and when the
same sh all amount to two or more thousand dollars
the Treasurer shall apply the same to the purchase
same does not exceed the par value; upon adverti-
sing for twenty days ~ some newspaper published
In his county for bids.
sEc O. The board of Supervisors of said county
are hereby authorized and empowered in behalf OF
the county, TO enforce the pay nent OF said mortgage
bonds, by suit, if default is made in the payment of
| the same at the time OF maturity, And they may
sell and transfer without recourse, said mortgage
bonds the holders OF the said county bonds dol
| lar for dollar or they may sell and transfer the
without recourse to any other parties Tor value
received at par value All money realized out Of
said mortgage bonds shalt he involabe fu I'D for
the redemption of the county bonds, and the bal
ance, IL any, shall be paid over into the general
county fluid, for county purposes. w.
SEQ Z The Board of Supe visors In and Tor lite
county are authorized and empowered, and II Is
hereby made their duty to capse to be ISSUED ceun-
ty bonds to the amount OF the further sum oi thirty
thou sand dollars, in denominati us of one, three
and~fve hundred dollars, aud in deqoTinatQps o'
one two snd three thousand dollars, in all not to
exceed the foregoing sum OF thirty thousand dollars
d
so u pch thereof as may be necessary, shall be ex'
pended under the supervision OF the Board of Su-
p,rvsors in improving the road from oroville u
thirty thousand shall ,Se expended as hereinafter
provided. w M
$50 s The bonds shall draw ten per cer. per
annum: they shall be copsecutively ny nbered as
issued. one heif Of said bonds shall he made pay
able on the ar.t day Of January In the year 1855
and the other half shall be made payable the
arst day ofysnasry 1868, at the Office the county
Treasurer Of said cognty, orat thecty of New York
they are nup6ered, and sbsll be ufade payable to
the person 70 whom grst issqed, or his order. The
interest shall be paid semi snnqsliy on the frst Day
of January aud July in each year. ghe bonds shar
be signed by the Chairman of the neare Of Supervi.
sors The County Auditor. aud at the same they are
issued shalt be copntersigned by the County Clerk,
aud atested BY the seal Of the Cqupty Court Of said
county Coupons for the interest sheil esattsched
to each Of said bonds, that they may be removed
| without Injury mutilaticn to the bond, aud de-