The Placer herald., 1862-07-12
THE RAILROAD BILL.


interest to become due within said year upon said
County bonds. In making said levy said boarJ
shall designate the number of cents on each on
hundred dollars Of said taxable property which
snail oe SO taxed iof SAID purpose, and the tax 40
levied shall be known and designated as the Rail
Road Tax. A'"'i
SEC. II. The tax SO levied shall be assossoa
and collected at the same time by the the somo
officers, and in the same manner as other comntu
taxes are levied and collected, for which said S
fcers and the County Treasurer. for dishnrsn o.-
ments. shall receive the same rate of comnonsS
tion as is allowed by law for the collection om1
disbursement of other county taxes. The TOW tox
collector upon the collection of said tox sboI1
give to each tax payer separate receipt which
shall show upon its face the amount of rail rood
tax so paid by him. These receipts shall Io
printed and all similar in form; differing onlv in
name, date and amount. "
Sec. 13. The County Treasurer shall senora,o
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 Rnil RooJ
Fund, of which fund he shall keep a separate oc-
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 fon
this purpose they SHALL as nearly as possible ot
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 wear 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 anv in
terest 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 and
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 nav
said interest.
Sec. l5. 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 fall 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 ON the
time of issuing said county bonds, the said board
of Supervisors shall provide q 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 Us
they may deem necessary. and the moneys rising
theretorm together with all the moneys received
from said Rail Road Company not applied to
payment of interest shall be applied toward the
redemption of said bonds in such manner as said
Board may deem most expedient for the int, rests
OF S,id county.
SEC. H. The interest accruing upon the Railroad
Bonds 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 be required to be paid in money to
the county, nor shall any proceedings for its toic
ed collection be taken within said period by the
county.
SEC. 49, At the time within the said period of
win hn nj
given by the Rail Road Company to the County
shall fall due. the Rail Road Company shall issue
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 delivery to
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 the
payment by the holder OF said receipts. or ms
as:ipnors, of one hundred dollars OF the Kali
Road Tax herein provided for, the said Treasurer
shall deliver to such person one share OF the full
paid stock deposited with him by said COMPANY,
and said person shall be the owner thereof The
said tax receipts shall be transferable by lndorse
ment and may be presented for exchange by any
indorsrc. or if indor>ed in blank by the bearer
of the same The Treasurer shall exchange 1uii
paid stock for said tax receipts at the rate OF one
share OF stock for each one hundred dollars OF TAX
receipts SO long as said tax receipts snail DE pre-
sentcd for exchange. If any holder shall present
to the Treasurer receipts amounting TO more IMAM
one hundred dollars but not amounting IN tne ag
rreeate to an even number of hundreds OF dollars,
the Treasurer shall issue shares of stock or the
even hundreds, and receipt signed by him Tor the
fractional sum. Such receipts shall be trahs1era
bic and exchangcabe for stock in hesame manner
as the Rail Road Tax Receipts. IN
SEC 90 SO soon as the Tax Collector shall
have made his returns in each year, the County
Treasures er shall estimate whether the amount VI
Rail Road Tax collected for which Rall hoad 'aA
receipts have been given exceeds the par vaiue ol
the Gi II paid stock which has been deposited WIN
him by the Rail Re ad Company; and in the evens
that there be such excess, he shall no.ny sau M
Rail Road Company of the fact ana OF 'no
amount of said excess, and said Rall koaa CG1 ;th
pany shall Immediately issue and depoHl, WI, VII
said Treasurer sufficient addltlOnal lul P"'u 9N
to meet said excess. , ..
SEC 81. The County Treasurer shall recelPt "
the Rail Road Company for all the STOCK receNcu i
by him from said Rail Road Company anu sl'l'
preserve all receipts received by MN ~ eAo""nS
for stock, as his vouchers for said eHchahsc' M az"
shall at the same time of receiving such le'etpiI tpiI
write Cancelled" on the face OF eacn, anu sn"'.
in a book kept for that purpose keep an i'ceoun'
of the stock received and the tax receipts ca
changed for stock. c, the
SEC. 22 At the end of three years from ,;o tno
time of issuing said bonds, provided ioi ~ pn;j
Act the Comfy Treasurer shall credit the Ran
Road Company upon the interest due, or M 10 fvI, %
come due, upon its said bonds, WIN od ind has has
amount of stock which during sala Peiiou
less Iss" an amount equal to the allowed and Ind
Maid to said Tax Collectors and Treasurer 'Ui nS
Collection cole and disbursements of said rnllroaa rn
taxes. and shall return to said Company Tue Uoo
pons for the interest thus paid ana any a sn".o
stock which may be in his hands uheAon%"S Is yn to
If the interest upon sa'd ral'fo fi,u naid by the
exchange Of stock aforesaid the balance nanx to shh ss
be Immediately due from said Con Pihy ;ts yn,vment
COuntv and shall be paid In CASH. anu a'1 p'u,ort-