The Placer herald., 1860-05-26
AN ACT

ana TO assist in constructing certain wagon
roads therein named.
The People Of the State of California, repre-
sented in Senate and assembly, do enact as
JoilOus:
SECTION |. The Board of Supervisors of the
county of Placer shall at its first regular meeting
after the passage Of this Act submit to the quail
he'd electors OF said county proposition for said
county to subscribe for one hundred thousand dol
lars of the stock Of the Sacramento, Placer and
Nevada Railroad, twenty-five thousand dollars of
the stock of the East rn Extension Railroad
twelve thousand five hundred dollars toward the
construction of wagon road from Secret Springs
on the divide between the Middle and North Forks
of the American river. in Placer county, to Car
son Valley. and twelve thousand five hundred to-
wards the construction of wagon road from
Dutch Flat. in Placer county, to Carson Valley.
SEC 2. 1t shall be the duty of said Board of
Supervisors, at its first regular meeting after the
passage OF this a ct to cause a notice TO be pub
lished in each of the newspapers published in said
county. stating that proposition will be submit
ted to the qualified electors Of said county at Il
time therein named, which shall not be less than
thirty days after the first publication of the same.
for the said county to subscribe ore hundred and
fifty thousand dollars for the purposes specified in
section one of this Act.
SEC. 3. The time fixed for said election shall
not be at any general election; and said Board Of
Supervisors shall appoint Judges and Inspectors
poets the same as. by law. general elections are
conducted: and at the end OF ten days after the
same is held, said Board shall meet and declare
the result provided, the officers of such election
shall receive no pay for such services from the
county.
SEC. T. The ballots cast at said election shall
have written or printed thereon one or more Of
the following propositions: "Subscription to the
Dutch Flat Road. Yes" Subscription to the Sc
crct Spring Road, y es;" transcription to the Sac
ramento. Placer and Nevada Railroad cs"
transcription to the Eastern Extension Railroad,
Yes" or shall have written or printed thereon one
or more of the following propositions; "Subscrp
ton to the Dutch Flat Road, No;' Subscription
to the Secret Spring Road. Mo-" Subscription to
the Sacramento, Placer and Nevada Railroad,
No;' Subscription to the Eastern Extension Rail
road No." In case there shall be majority of
the ballots cast at such election in favor of sub
scripton over those cast against subscription
upon any one or more Of said propositions then,
in that event, the Board OF Supervisors Of said
county are authorized and directed to take and
subscribe, for the use and benefit of said county.
to the capital tock of either or both OF said rail
roads. should either both said propositions pre-
vail at said election. the amount or amounts set
forth in section of this Act, and TO appropriate
to the said wagon road or roads the amount or
amounts set forth and indicated in said section
one. should either or both the propositions con
celning the subscription to one or both said roads
| be adopted.
SEC. ). The subscription for the stocks of said
railroad companies shall he made by the President
Of the Board of Supervisors upon an order made
| by said Board. and shall lie conditioned to pay
| the same in the bonds Of said county. al for the
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 Tor 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 eight 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, out
of the fund created as hereinafter specifed; pro-
vided, that no more than fifty thousand dollars OF
said bonds shall be issued to the Sacramento Pa
Ger and Nevada Railroad Company until the said
company shall have completed and placed in
travelling order thirteen consecutive miles Of said
road.
SEC. 7. Upon The making of said order, said
Board of Commissioners shall issue said bonds, rs
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 countcrs gned 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 s. 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 thu same to the Sacramento,
Placer and Nevada Railroad Company, and twen-
ty-ive 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. 8. Upon the receipt of said bonds, the
said railroad companies respectively shall execute
and deliver to the said Commissioners shares of
stock st 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 or agents. be held to great
er liability under this Act or any law now exist
ing than to pay said bonds and the Interest there
on as herein provided for
SEC 10. All the dividends declared by the
railrt ad companies aforesaid, on the stock owned
by the county shall he paid to the Treasurer of
the county, and whenever surplus shall have
accumulated in said fund OF five thousand dollars
ov er and above the amount necessary to meet any
payment of interest when it falls due, the Irea-
surer shall advertise, in newspaper published IN
said county, to receive proposals for the redemp-
ton of bonds to the amount of said surplus, at
period not less than six weeks from the date OF
the advertisement All proposals shall be accom-
panied by the bonds and shall state the lowest