The Placer herald., 1860-06-16
AN ACT


To enable the county of Placer to subscribe for
stock to the Sacramento, Placer, and Nevada
Railroad; to the Eastern Extension Railroad,
and 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
.toU0,cs:
SECTION l. The Board of Supervisors of the
county of Placer shall. ut its first regular meeting
after the passage of this Act, submit to the quail
fled 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, IN Extension Railroad;
twelve thousand five hundred dollars toward the
construction of a 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 q 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 Act to cause notice to be pub
lished in each of the newspapers published in said
county, stating that II proposition will be submit
ted to the qualified electors of said county at
time therein named, which shall not be less than
thirty days after the first publication OF the same.
for the said county to subscribe one hundred and
fifty thousand dollars for the purposes specifiedin
section one of this Act.
Sec. g. 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
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. 4. 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
cret Spring Road Yes;" Subscription to the Sac.
ramento, Placer and Nevada Railroad. ies;"
Subscription to the Eastern Extension Railroad,
Yes;" or shall have written or printed thereon one
or more Of the following propositions; "Subscrip-
tion to the Dutch Flat Road, MOI" Subscription
to the Secret Spring Road, Mo-" transcription to
the Sacramento, Placer and Nevada Railroad,
Mo-" Subscription to the Eastern Extension Rail
road, No." In case there shall be u majority of
the ballots cast at such election in favor OF sub
scripton 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 stock of either both of said rail
roads. should either or both said propositions pre-
vail at said election. the amount or amounts set
forth in section one of this Act and to appropriate
amounts set forth and Indicated in said section
one should either or both the propositions con-
cernng the subscription to one or both said roads
be adopted.
SEC s. The subscription for the stocks Of said
railroad companies shall be made by the President
of the Bourd of Supervisors upon an order made
by said Board, and shall be conditioned 10 pay
the same in the bonds of said county, ard 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 for that
purpose shall constitute bOnrd 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 sem-annually at the office of the
Treasurer of said companya 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 oil OF said
bonds issued under and 10y virtue of this Act, out
of the fund created as hereinafter specified; pro-
vided, 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 OF said
| road.
SEC I. 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 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 mutilatng the bond. which coupons shall
| be signed by the Board of Comm issoners; and
when any payment Of interest shall be made Oh
the bonds the coupons representing the interest
paid shall be detached from the bond and dellv'
cred to the Clerk of the Board OF Supervisors
| who shall cancel and file the same in his Office.
SEC. g. When said bonds shall have been exc
cuted rs 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 TWEEN
ty-five of the same to the Eastern Extension Rall
| road Company, and take the proper recelpts
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 provso to Sec
tion six.
SEC 9. Upon the receipt of said bonds, the
said railroad compan es respectively shall execute
and deliver to the said Commssi sioners shares Ol
stock ut 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 nny of its officers or agents, be held to great
er liability under this Act, or any law now ex'
isting, than to pay said bonds and the interest
thereon rs herein provided for.
SEC TO- All the dividends declared by the
railroad companies aforesaid, on the stock owned
by the county, shall re paid to the Treasurer Of
the county, and whenever q 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 Trea
surer shall advertise, in n newspaper published
in said county, to receive proposals for the re