The Placer herald., 1862-07-26
THE RAILROAD BILL.

ior Che purPose Vi neeting the whole amount of
interest to become due within said wear upon said
County bonds In making said levy said board
shall designate the number of cents on each ono
hundred dollars of said taxable property which
shall be so taxed for said purpose and the tax 40
levied shall be known and designated as the Ro;j
Road Tax.
Sec. Il. The tax levied shall be assessed
and collected at the same time, by the the some
officers, and in the same manner as other countv
taxes are levied and collected for which said ~
fcers and the County Treasurer. for dishnrse.
ments. shall receive the same rate of comnonso
tion as is allowed by law for the collection and
disbursement of other county taxes The toy
collector upon the collection of said tax shall
give to each tax payer separate recent which
Shall show upon its face the amount of rail rood
tax so paid by him. These receipts shnli Ia
printed and all similar in form; differing onIv IN
name, date and amount.
SEC l3. The County Treasurer shall senorote
the amount collected on rail road tax from Other
moneys in the Treasury and shall keep the same
in separate fund to be called the Rail Ron6
Fund, of which fund he shall keep separate ac
count.
SEC IA. The Board of Supervisors shall nro.
vide for the prompt payment Of the interest on
said county bonds, as the same falls due, and for
this purpose they SHALL as nearly as possible nt
the time of making the annual levy, estimate the
per centage of tax necessary to be levied to meet
said interest for the next succeeding year and
shall fix the levy at said amount. Should there
for any reason be deficiency in the Rail Fund
derived from said tax for the payment of any in
terest as it falls due. it shall be the duty of said
Board to provide for the payment of said inter
est out Of the General Fund of said County md
in such they shall in their next levy provide
Il sufficient fund to pay the accruing annual in
terest, and also, to reimburse the General Fund
with the amount so taken from the same to pay
said interest.
SEC Is. In addition to the moneys arising
from The Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all moneys
paid into the Treasury Of said county by said
Rail Road Company, for interest or principal
upon the bonds of said company held by said
county and said money shall be used by the said
Board Of Supervisors for the payment of interest
on said County Bonds in like manner as the mo-
ney raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Rail
Road Company shall eqal the amount Of interest
TO fln due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC l6 At the expiration of five years from the
time of issuing said county bonds the said board
of Supervisors shall provide Sinking Fund for
the purpose of securing the payment of the
principal Of said bonds at their maturity; and for
this purpose they shall impose such special tax as
they may deem necessary, and the moneys rising
thereform togel her with all the moneys received
from said Rail Road Company not applied to
payment of interest shall he applied toward the
redemption of said bonds in such manner said
Board may deem most cxpedient for the into rests
Of said county
SEC. IT, The interest accruing upon the Railroad
Bond given by the Company to the County dur
ing the period Of three years from the date Of
said bonds shall not until the expiration OF said
three years he required to be paid in money to
the county, nor shall any proceedings for its fore
ed collection be taken within said period by the
county.
SEC. l8. At the time within the said period of
three years when the interest upon the bonds
given by the Rail Road Company to the County
shall fall due. the Rail Road Company shall issue
a number Of shares Of full paid stock of said
company equal in value at par to the amount Of
said interest. and shall deposit said stock with
the Treasurer of said county for his disbursement
as hereinafter provided.
SEC. 10. Upon the presentation and deliveryto
said County Treasurer Of one or any number OF
the Rail Road Tax Receipts mentioned in Section
eleven. by any holder Of the same showing tbs
payment by the holder Of said receipts or bis
asSgnors. of one hundred dollars OF the KAN
Road Tax herein provided for, the said Treasurer
shall deliver to such person share OF the luil
paid stock deposited with him by said company
and said person shall be the owner thereof. The
said tax receipts shall be transferable by indorse
ment and may be presented for exchange by any
indorsee or if ndorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate o one
share OF stock for each one hundred dollars OF tax
receipts so long as said tax receipts shall be pre-
sentcd for exchange. If any holder shall present
one hundred dollars but not amounting in the ag-
preratc to an even number Of hundreds OF dollars,
the Treasurer shall issue shares OF stock lor lne
even hundreds, and receipt signed by him for inc
fractional sum. Such receipts shall be translera-
bic and eXchangeable for stock IN the same m'lnef
as the Rail Road Tax Receipts. ,
SEC 20. So soon as the Tax Collector snail
have made his returns in each year, the County
Treasure shall estimate whether the amount oI
Rail Road Tax collected for which Rall hoad 'uA
receipts have been given exceeds the par Vaue ~
the fl III paid stock which has been deposited Win
him by the Rail Rcad Company; and in the even.
that there be such excess, he shall no,lly su,o o
Rail Road Company of the fact ana OF 'ho
amount of said excess. and said kali hoau CJ ;4h
pany shall Immediately issue and oePoss a.ne%
said Treasurer sufficient additional luii p"iu eo'
to meet said excess
! SEC 2I. The County Treasurer shall recelPt 10
the Rail Road Company for all the stock fece'eu
by him from said Rail Road Company, ana snaiI
preserve all receipts received by MIN III eAch"ns
for stock. his vouchers for SAID eHchansc, NV ,
shall at the same time of receiving such receiP,S
write Cancelled" on the face of each, ana s@n"'. @
in n book kent for that purpose keep an accoun'
of the stock received and the tax recepts e."
changed for stock. 49, .ho
Sec %. At the end OF three years lfci .h;s
time of issuing said bonds provided Tor III nI ,n;I
Act. the County Treasurer shall credit the nan
Road Company upon the interest due, or ~ e,I, ~
come due upon its said bonds, WIN s .ne iu,s hns
amount of stock which during sald PeIiou ;nts
been exchanged for said railroad tax reoe'pJ pa
less an amount equal to the sums a'lo"er t .ho
paid to said Tax Collectors and Treasurer ~, 1roaS
collection aud disbursements OF salu run M om o"H
taxes. and shall return to said Company the coo
pons for the interest thus PAID ana any nnod or"
! stock which may be in his hands GheAcn"nS N
If the interest upon SAID ra'lrouu I, o;I bv the
said date shall not have been fully pau o' hall
exchange of stock as aforesaid, the oaiance the
| be Immediately due from said Company ,ont ~