The Placer herald., 1860-05-19
A N ACT

roads therein named.
The People Of the State of California, repre-
sented in Senate and Assembly, do enact as
toUoscs:
SECTION l. 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
fed 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 Eastern 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. q 1t shall be the duty of said Board of
Supervisors at its first regular meeting after the
passage of this act, to cause 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
of the same, and it shall be conducted in all res
pcCtS tHc a., ny law, etiicIai CicONiohH NV
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. 4. The ballots cast at said election shall
have written printed thereon one or more OF
the following propositions: Subscription to the
Dutch Flat Road, Yes;' Subscription to the Sc
crct Spring Road. Yes;' Subscription to the Sac
rameno, Placer and Nevada Railroad. ics;'
transcription to the Eastern Extension Railroad,
1es;' or shall have written or printed thereon one
or more of the following propositions; ''Subscrlp-
ton to the Dutch Flat Road, Mo- Subscription
to the Secret Spring Road Mo- Subscription to
the Sacramento, Placer and Nevada Railroad,
Mo- 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
scription over those cast against subscriptions
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 stock of either or both OF SAID rail-
| roads should either or 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 roads the amount or
amounts set forth and indicated in said section
one, should either or both the propositions con-
cerning the subscription to one or both said roads
be adopted.
SEC 5. The subscription for the stocks of said
railroad companies shall be made by the President
of the Board of Supervisors nrnn "n order -" ole
by said Board and sh I'll ! e conditioned to pay
the same in the honds of said county n Tor the
same sad bonds shall be received al tnclr 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 lor that
purpose shall constitute bould of Commissioners
| 10 tho Of sold 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-annuay at the office OF the
Treasr rer 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 sad
bonds issued under and by Writ &c of this Act, out
of the fund created as hereinafter specified; pro
vidcd. that no more than fifty thousand dollars of
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 oil sad
road.
SEC 7. Upon the making of said order, said
Board of Commi ssioncrs 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 counters gned by the County Clerk
of said county in the presence of the Commission
ers and coupons for nterest 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 delv'
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 tn" same to the Sacramento
Placer and Nevada Railroad Company, and TWEEN
ty-fve OF the same to the Eastern Extension Rail
road Company and take the proper receipts
therefor and the Board Of Supervisors shall entel
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 10 sec
tion six.
SEC g. Upon the receipt of said bonds, the
said railroad companies respectively shall execute
and deliver to the said Commissioners shares O
stock vt par value equal to the amount of bonds
received by them, and shall ndOrse the same a.
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.
l SEC 10. All the dividends declared by th'
!, railroad companies aforesaid, on the stock owned
by the county, shall be paid to the Treasurer o
r the county, and whenever % surplus shall bav'
: accumulated in said fund OF five thousand dollar
ov er and above the amount necessary to meet an,
payment of interest when it falls due, the Trea
surer shall advertise. in newspaper published il
said county, to receive proposals for the redemp
ton of bonds to the amount of said surplus, at
neriod not less than six weeks from the date o
the advertisement All proposals shall be accom-
! panied by the bonds and shall state the loves
amount at which the owner will allow the sam
to be redeemed and Cancelled, which shall not b