The Placer herald., 1862-12-13


The People Of the State of California rep
resented ia Senate and assembly, do enact as
foiiotcS:
SEC l. Whenever the Sacramento, Placer and
Nevada Z ,ilroad Company by and through Its
Board of Directors and President shall make writ
ten nDplic tion TO the Dolld OF Superv isors oil the
county OF Placer ut any regular or stated meet
ing OF said Supervisors requesting said county
of Placer through its properly constituted au
thorities to issue to said Railroad Company the
bonds OF said county in the total SUN OF O0,o00,
it shall be lawful for said county to issue its bonds
and dispose OF them in the manner following aud
subject to the following conditions
SEC. 2. Upon the receipt oil sad petition from
said ) ,cralnento. Placer and Nevada Railroad
COMPANY the Board of Supervisors shall enter
tain the sumo, and In order TO ascertain whether
the people OF said county are wiling that Its
credit shall be loaned as desired by said Company,
said Board Of Supervisors shall, within sixty days
after the receipt of said petition order u special
election to be held in said county at which shall
be submitted the proposition OF said loan to said
Railroad Company, to be voted upon ny the
qualified voters OF said county.
SEC. g. The nd election shall be fixed by said
| Board Of Supervisors for some day not less than
thirty. nor more than sixty days, from the time OF
making said order. Said Board shall cause
notice of said election TO be published for the
| period of four weeks next before the day Of said
| election in two more newspapers published in
|
said election, the object Of the same, the PROPOSE
tion 10 be voted upon. and the places where the
nolls will be opened on said day for said cleo
| lion which shall be the same as the precincts
fixed for said purpose at the last prec eding gene
| raj election They shall also appoint judges and
inspectors of said election and cause notice there
of to be given rs in other elections authorized by
law No compensation shall be allowed to any
Judge clerk. or Inspector acting at said election.
SEC 4. Upon the day fixed by said order. the
l.. i l,NE nal,a
voting at said election, SHALL have written or
printed upon his ballot the words "Railroad Loan.
Yes.u or The words Railroad Loan, Mo- Said
election sha II be conducted and the returns there
of shall be made out and transmitted to the
| County Clerk within the time and in the manner
prescribed by law at general elections. On the
fifteenth davaiter the day of holding said election,
the Board of Supervisors shall meet and canvass
said returns and declare the result
| SEC s. II upon the canvassing of said returns,
it shall be lound that of the votes cast at said
election having written or printed upon them the
words Railroad Loan, Yes" or the words "Rail-
road Loan No." Il majority have written or print
cd upon them Ii ,ilroad Loln No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but II a MAJ oity OF
the votes so cast shall have written or printed
upon them the words Railroad Loan Yes" then
the Board of Supervisors shall issue the bonds o!
said county. in the manner hereinafter prescribed.
SIC. G. When ii shall he asccrtained in the
manner prescribed in section live OF this Act, that
the majority of the votes cast at SAID election,
having written OF printed on them the words
"Pailrood Loan Yes or "Railroad Loan, No.
have written or printed upon them the words
"Rairoad Loan. Yes then il shall be the duty of
said Board OF Supervisors whenever thereto re-
ouested by the President and Board OF Directors
| of said Railroad Company, to prepare and issue
to said Railroad Company the bonds Of sud
county to the amount Of one hundre thousand
dollars Said bonds may be in sums Of two hun.
drcd and fifty, five hundred or one thousand dol
| lars cnch as may he requested by said Railroad
Company; they shall cypress upon their face the
n ture Of the SAM and objection which they are
issued: shall be payable in twenty years from
their date: shall bear interest 1T the rate OF eight
per cent per annum, payable semi-annually on
The first days of July and January Of each year
md shall have interest coupons attached express
sing the rate and time of payment of interest nc
obove specified. Both bonds and coupons shall
be made p.vableat the Office of the Treasurer in
| said county.
SEC. 7. Said bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county. and shall have the coun-
tv seal affixed to each and every bond. Th"
couDons Shall be signed by the Treasurer of said
county Both bonds and coupons shall be made
poyable to the sacramento, Placer and Nevada
Railroad Company or bearer" and each bond Shall
bear upon its back certificate Signed by the
President of the Board OF Supervisors. and the
| Preside mt of said Railroad Company, setting forth
that it is duly and formally issued as contempli-
ted bv law. Said bonds shall lie transferable by
delivery and whenever so executed and issued,
shall be the bonds of the County Of Placer, and
shall bind said county to the payment OF the prin-
cipal and interest as therein expressed.
| SEC S. Whenever the bonds Of the county of
Placer shall be issued and delivered to the Rail
road Company. as prescribed IN the last section,
the sacramento. Placer and Nevada Railroad
Comnany'' shall. at the same time deliver to the
| IF tha ard n Of
| county for the benefit of said county the bonds
of said Railroad Company of equal number in
like amounts, maturing ut the same time, bear
ing the same rate OF interest and terest payable
ot the same periods as the bonds of the county
so executed and issued. Said Railroad bonds
shall be made payable to the county of Placer or
| its order and shall be signed by the President
and Secretary of the Company and countersgned
| bv the Vice President OF the Company, and each
shall bear the seal of said company, and interest
coupons shall be attached, corresponding in date,
amount rate aud time of payment, with the cou-
pons attached to said county bonds. which cou-
pons shall be signed by the Treasurer OF said
Company
SEC. s. The said Railroad Company shall at
the time designated in the last section. by and
through its proper officers. execute under the
seal Of said Company, q second mortgage upon
III! the property, real and personal and franchises
| of said Company, then owned and possessed and
thereafter to be acquired by said company, as
security for the payment OF said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
its face that it is subject to the mortgage of said
Company. made and delivered to Lester l.. Rob
| nson and Francis l.. A. Phoebe bearing date first
| of Septcmbcr eighteen hundred and siyty-one,
and of record in said county, but shall not be sub
ject to any other mortgage or incumbrance upon
said property The bonds Of Placer County shall
oni, be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. to
/ r.