The Placer herald., 1860-05-12
AN ACT


ment of the same.
sented in Senate and assembly do enact as
follo,cs:
SECTION l. II shall be the duty of the Board of
Trustees of the town of Auburn to call special
election in said town for the purpose of submit
ting to the qualified electors of said town the
proposition for said town to subscribe fifty thou
sand dollars to the capital stock of the Sacra-
mento, Placer and Nevada Railroad Company.
Sec. At any time after the passage of this
Act, whenever twenty-five citizens and taXpay-
ers of said town of Auburn shall petition the
Board of Trustees to that effect. 1t shall be the
duty of said Board of Trustees to cause notice,
of at least twenty days, to be published in the
Placer Herald. published at Auburn, stating
that said proposition will be submitted to said
qualified electors, and the time and manner of
voting thereon. Said Board of Trustees shall
also cause ballots to be prepared with the words,
transcription to the Sacramento Placer and
Nevada Railroad Company" printed thereon
Every ballot in favor of said proposition shall
have the word 'yes" written or printed thereon.
and every ballot against said proposition shall
have the word mo" written or printed thereon.
The ballots shall be opened and counted in the
same manner as the ballots for corporation Off
GERS of said town, and when opened and counted,
the Board of Trustees shall declare the resnlt.
SEC. 3. If at said election greater number of
tion shall vote yes upon said proposition than
shall vote no." then, and in that event said
Board of Trustees is hereby authorized, empow-
cred, and directed. i'll the name of and on behalf
of said town of Auburn, and for the use and
benefit of said town to take and subscribe to the
capital stock OF the Sacramento, Placer and Ne
vada Railroad Company. fifty thousand dollars
Sec. 4. Said subscription shall be made by said
Board of Trustees, who shall perform that duty
Immediately thereafter.
SEC. 5. Said Board shall make such subscrip-
tion with condition that the bonds be paid in
the bonds of said town Of Auburn, to be issued
as hereinafter directed. and not othorwise and
for said subscription said bonds shall be received
at par, dollar for dollar, for the subscription.
Sec. 6. Said Board Of Trustees, Immediately
after said subscription shall have been made,
shall issue the bonds of said town. in sums of not
less than two hundred and fifty dollars each. to
the amount of said subscription, payable to the
Sacramento, Placer and Nevada Railroad Com
pany. Said bonds shall draw interest at the rate
of eight per cent per annum; interest payable
semi-annually, on the first days of January and
June, and shall be made payable at the Office of
the Treasurer of said town. or in the city of Sac
ramento or San Francisco, at the option Of said
Railroad Company; and the interest shall be made
payable at the same place where the principal is
made payable. Said bonds shall he made pay
able Mt the end of twenty years from the day of
their issuance, and shall be signed by the Presi-
dent and Clerk of the Board of Trustees, in the
presence of the Board of Trustees. and it shall
be the duty Of the b. ard of Trustees to cause
the fact of such signing, and the amount, date
and number OF each bond to be entered on their
journals, and q lso the time when and where pay
able. When said bonds are issued as above di-
rected, it shall be the duty of said Board of Trus
tees to deliver the same TO the Board of Directors
of said Railroad Company, and take receipt
from the President and Secretary of said Board
of Directors for the same, stating the amount,
date and number of each bond. and the time
when payable. which receipt shall be copied on
the journals Of said Board of Trustees and filed
away with clerk of same.
SEC. /. Coupons for the interest shall be at
tachcd to each bond so that the same may be re-
moved without mutilating the bond, and said
coupons shall be signed by the President and
Clerk of said Board of Trustees. When any in
tercst shall be paid on bond. the coupon for the
interest then due ana puia, ,l,,,li he dotnched and
delivered to the Clerk Of the Board Of Trustees,
and by him at once cancelled, and the said Board
shall cause the same to be pasted into the pro-
ceedings of the Board on their journals, at the
next meeting Of the Board after the same is re-
ceived
SEC. s. 1t shall be the duty of the Board Of
Trustees of said town of Auburn to levy tax
on all the taxable property of said town in the
month of March of each year, to be styled an ''Iu
terest Tax" sufficient to pay the amount of in
when collected, shall be paid over to the Treasu
rer of said town, to be by him applied to the pay
ment Of said interest as it falls due. Said tax
shall be levied and collected as other taxes of
said town are by law levied and collected.
SEC. 9. 1t shall be the duty of the said Trea;
surer to make arrangements out of said moneys,
for the payment of the interest said bonds at
least thirty days before the time of payment.
SEC. TO- Whenever any dividends shall be de-
clared and paid over to the Board of Trustees of
said town, and the same shall amount to one
thousand dollars or more, it shall be the duty of
the Treasurer of said town to advertise for thirty
days in some newspaper published in said town,
and also for thirty days in some newspaper pub
lished in the city where the same are payable, for
proposals for the redemption of said bonds. pro-
vided the same shall not be for more than their
par value. All proposals for the surrender Of
bonds shall be accompanied by the same and shall
be opened in the presence of the Board of Trus-
tees, who shall receive the proposal of the lowest
bidder; and when any bond shall be redeemed the
President shall write the word cancelled on the
face of the same, in the presence of the Board,
and the Clerk shall enter the fact of such cancel
lation and the amount and date, and number of
the bond, on the journals of the Board, and the
President shall sign his name and the date of the
same under the word cancelled.
SEC. H. The said Board of Trustees shall. by
resolution, authorize from time to time their
President, or any member of the Board, to cast
all votes representing the stock belonging to said
town in all meetings of the stockholders of said
Railroad Company.
SEC. IL. Said Board of Trustees sha have the
power at any time to submit to the qualified cleo
tors of said town the proposition to sell or trans
fer and assign said stock, having given twenty
days previous notice in newspaper published
in said town, stating in said notice the mode and
manner Of so doing, and if a majority of the
electors voting on the proposition vote in favor
of said sale, transfer and assignment then said
Board of Trustees may sell, assign, or transfer
the same provided, that all the proceeds of such
sale, transfer or assignment shall be applied to-
wards the redemption of said bonds as provided
in section ten of said Act, and provided also that
the said Board strictly comply in mode and man
ner as advertised