The Placer herald., 1860-06-02

said bonds shall be issued to the Sacramento, Pla-
Ger and Nevada Railroad Company until the said
company shall have completed and placed in
travelling order thirteen consecutive miles Of said
road.
Sec T. Upon the making of said order, said
Board of Commissioners shall issue sad 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 countersigned 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 mutilating 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 as provided in section six and seven, the
President of the Board of Supervisors shall de-
liver one hundred of the same to the Sacramento,
Placer and Nevada Railroad Company, and twen-
tv-five 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 Sacra-
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 vt par value equal to the amount of bonds
received by them, and shall indorse the same as
fully paid for and in no event shall said county,
or any of its officers agents, be held to great
er liability under this Act, or any law now 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 OH the stock owned
by the county, shall lie paid to the Treasurer of
the county, and whenever II 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 Treu-
surer shall advertise, in n newspaper published
in said county. to receive proposals for the re-
demptiOn of bonds to the amount of said surplus.
| at a 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 he above its par value including interest due.
At the time fixed in the notice, the Treasurer shall
open the proposals and shall accept of those offe
| ed at the lowest rate.
| SEC IL. 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 lis the date
amount and number Of the bond and when can
celed
SEC ~. The Chairman of the Board of Sl-
pervisors shall. under the general direction O
said Board, in the name and in behalf of said
county, represent and vote said stock ut all meet
ings of the said companies, and at such meetings
shall have the same rights, privileges. power and
authority as other stockholders.
Sec Is. The Board of Superv isors shall ap.
point three Commissioners to locate the said
wagon roads, anu to eypend thereon the appro-
priations therefor hereinbefore made, which Com
missioners shall give bonds to the county in such
manner and for such amount rs the Supervisors
shall direct. If said commissioners, or any one
of them shall neglect refuse to act, or if from
any cause a vacancy shall occur. or If said Com
missioners, or any one of them, shall be guilty OF
official misconduct ne glcct of du.y said Board
of Supervisors are hereby empowered to remove
the same and to supply such vacancy as they uc-
cur from time to time; and the said bonds. sub
scribed and approved 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 di-
recton as to the expenditure thereof, as the
Board of Supervisors shall direct.
Sec. IA. All Acts and parts of Acts in conflict
with this Act are hereby declared of no force, in
so far as they conflict with the provisions of this
Act.
SEC. Is. This act shall take effect and be in
force from and after its passoge
Approved Apail 3Oth, 1860.