The Placer herald., 1860-06-09

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same said bonds shall be received at their par
value
Sec. 6. When said subscription shall have been
made said Board OF Supervisors shall, by an order,
direct the President of said Board, the County
Treasurer and the County Auditor, who for that
purpose shall constitute board of Commissioners
to issue the bonds of said county to said railroad
companies respectively for the amounts subscribed
to the stock thereof in sums of one thousand dol
lars each, which bonds shall be payable in twenty
years from the date of their issuance, and shall
draw interest at the rate of ght per cent per
annum, payable semi-annually at the Office of the
Treasurer OF said companyat San Francisco, or at
New York at the option of the railroad compan-
les respectively; and it shall be the duty of the
said Board of Supervisors to provide for the pay
ment punctually of the interest upon all of said
bonds issued under and by Writ .e Of this Act ont
of the fund created AS hereinafter specified pro-
vided, that more than fifty thousand dollars of
said bonds shall he issued to the Sacramento Pla-
Ger and Nevada Railroad Company until the said
company shall have completed aud placed in
travelling order thirteen consecutive miles Of said
road
SEC. Z. Upon the making OF said order, said
Board Of Commissioners shall issue said bonds. as
provided in section six OF this Act and said bonds
shall be signed by the President of said Board of
Supervisors. the County Treasurer and the County
Auditor, and cOuntersi gncd by the County Clerk
of said county in the presence of the Commission
ers and coupons for interest shall be attached to
said bonds so that the coupons may be removed
without mutilatng the bond. which coupons shall
be signed by the Board of Commissioners; and
when any payment of interest shall be made on
the bonds the coupons representing the interest
paid shall be detached from the bond and deliv-
cred to the Clerk of the Board of Supervisors,
who shall cancel and file the same in his Office.
SEC 8. When said bonds shall have been exc
cuted rs provided in section six and seven, the
| President of the Board of Supervisors shall de-
| 1.-Two 1rplo Of thy mo tn hp Sno Mt
| Placer and Nevada Railroad Company, and twen-
ty-fve of the same to the Eastern Extension Rail-
road Company, and take the proper receipts
therefor, and the Board Of Supervisors shall enter
on their journal the date and amount of each
bond and the place of payment thereof; provided,
that the bonds shall not be issued to the Sucra-
mento. Placer and Nevada Railroad Company
otherwise than is specified in the proviso to sec
| tion six.
SEC. Q. Upon the receipt of said bonds, the
said railroad companies respectively shall execute
and deliver to the said Commissioners shares of
stock ut par value equal to the amount of bonds
received by them, and shall indorse the same az
fully paid for; and in event shall said county,
or any of its officers agents, be held to great
cr liability under this Act or any law ex-
listing, than to pay said bonds and the interest
thereon rs herein provided for
SEC. 10. All the dividends declared by the
railroad companies aforesaid, on the stock owned
by the county, shall G paid to the Treasurer of
the county, and whenever n surplus shall have
accumulated in said fund OF five thousand dollars
over and above the amount necessary to meet any
payment of interest when it falls due the Tren-
surer shall advertise, in newspaper published
in said county, to receive proposals for the re-
demption of bonds to the amount Of said surplus,
at period of not less than six weeks from the
date of the advertisement. All proposals shall
be accompanied by the bonds and shall state the
lowest amount at which the owner will allow the
same TO be redeemed and Cancelled which shall
not be above its pnr value including interest due
At the time fixed in the notice. the Treasurer shall
open the proposals and shall accept OF those Oie l.
ed at the lowest rate.
SEC. H. Whenever any bond is redeemed, the
Treasurer shall write across the same that it is
Cancelled giving the date of the same. and deliver
it to the Clerk Of the Board of Supervisors, and
said Board shall enter in their journ Is the date
amount and number Of the bond, and when can
celed.
SEC. II. The Chairman of the Board of Su-
pcrvsors shall, under the general direction o.
said Board in the name and in bchalf of said
county, represent and vote said stock at all meet
ings of the said companies. and at such meetings
shall have the same rights, privileges, power and
authority rs other stockholders
SEC 13. The Board of Superv isors shall ap-
point three Comm issioncrs to locate the said
wagon roads, and to expcnd thereon the appro-
priations therefor hereinbefore made. which Com
nissiOners shall give bonds to the county in such
manner and for such amount as the Supervisors
shall direct. If said commissioners, or any one
of them shall negl, ct refuse to act or if from
any cause a vacancy shall occur, or if said Com
missioners, any one of them. shall be guilty OF
official misconduct glcct of duly, said Board
of Supervisors hereby empowered to remove
the same and to supply such vacancy ms they oc-
cur from time to time; and the said bonds, sub
scribed and approved us aforesaid, shall be issued
in the manner prescribed in section six of this
Act and delivered to the said Commissioners in
such amounts at such times. and under such Iii
recton as to the expenditure thereof, the
Board of Supervisors shall direct.
SEC. IA. All Acts and parts of Acts in cOn1ct
with this Act are hereby declared of no force, il
50 far as they conflict with the provisions Of this
Act.
SEC. u. This act shall take effect and be in
force from and after its passoge
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