The Placer herald., 1862-10-11
THE RAILROAD BILL.

property within Salu county suDJeCJ W
Tor the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bonds. In making said levy said board
shall designate the number of cents on each one
hundred dollars Of said taxable property which
shall be so taxed for said purpose, and the tax SO
levied shall be known and designated as the Kall
Road Tax.
SEC r. The tax so levied shall be assessed
and collected at the same time, by the the same
officers, and in the same manner as other county
taxes are levied and collected, for which said Of
fcers and the County Treasurer, for disburse-
mrns. shall receive the same rate OF compensa-
ton as is allowed by law for the collection and
disbursement OF other county taxes. Ihe tax
collector upon the collection OF said tax shall
Give to each tax payer u separate receipt which
Shall show upon its face the amount of rail road
tax so paid by him. These receipts shall he
printed aud all similar in form; differing only in
! name date and amount.
SEC -. The County Treasurer shall separate
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 Road
Fund Of which fund he shall keep separate ac-
count.
SEC A. The Board of Supervisors shall pro-
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 at
the time of making the annual levy, estimate the
per cenage of tax necessary TO be levied to meet
said interest for the next succeeding year, and
shall Tx lne levy AT SGlu amount. oHOulu tneTe
for any reason be a deficiency in the Rail Fund,
derived from said tax for the pay ment OF any in
tercst as il falls due. it shall be the duty of said
Board to provide for the payment of said inter-
est ont Of the General Fund OF said County. and
in such case they shall in their next levy provide
a sufficient fund to pay the accruing annual in
tprest and also. to reimburse the General Fund
with the amount so taken from the same to pay
said interest.
SEC 10. In addition to the moneys arising
from he 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-
ncy raised by said Rail Road Tax Whenever
the amount paid into said Fund by the said Rail
Road Company -hall eqal the amount of interest
to fan due upon the said County Bonds tor the
ensuing year. no Raj 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 .aid bonds at their maturity: and for
this purpose they shall impose such special tax rs
they may deem necessary and the moneys rising
thpreform toge her with all the moneys received
from said Rail Road Company not applied to
payment of interest shall be applied toward the
redemption or SllN DOHuS III SllCU manner as Salu
Board may deem most eXpedient for the interests
Of said county.
SEC H. The interest accruino 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 folc-
ed collection be taken within said period by the
county
SEC. 18. At the time within the said period of
tI.
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 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 his
assgnors, of one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
shall deliver to such person one share of the full
paid stock deposited V it'll him by said company.
and said person shall be he owner thereof The
said tax receipts shall be transferable by indorse-
ment and may be presented for exchange by apy
indorsee, or if indorsed in blank by the bearer
oil the same. The Treasurer shall exchange tull
paid stock for said tax eceipts at the rate of one
share OF stock. for each hundred dollars of fax
receipts 50 long as said tax receipts shall be pre-
sentcd for exchange. II any holder shall prest mt
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the ap-
gregate to an even number Of hundreds OF dollars
the Treasurer shall issue shares of stock for the
even hundreds, and receipt signed by him for the
fractional sum. Such receipts shall he transfers.
bic and eXchangeable for took in the same manner
as the Rail Road Tax Receipts
SEC 20. so soon as the Tax Collector shall
have made his returns in each year. the Comfy
Treasul er shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par voIue of
the fun paid stock which has been dc posted with
him by the Rail Re I'D Company and in the event
that there be such excess, he shall notify said
Rail Road Company Of the fact and of the
amount of said excess. and said Rail Road Com.
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC q. The County Treasurer shall rec.int n
the Rail Road Company for all the stock received
by him from said Rail Road Company and shall
preserve all receipts received by him in exchange
for stock. rs his vouchers for said exchange. and
shall at the same time OF receiving such receints
write 'Cancelled'' on the face of each ana sbn,
in a book kept for that purpose keep an account
of the stock received and the tax receints nx
chanecd for stock.
SEC 22. At the end of three wears from tba
time OF issuing said bonds, provided for in this
Act the County Treasurer shall credit the Rail
Road Company upon the interest due or to Le
come due, upon its said bonds, with the fuil
amount of stock which during said period has
been exchanged foH said railroad tax receipts.
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for The
collection and disbursements of said railroad
taxes and shall return to said Company the cou-
pons for the interest thus paid and any shares of
stock which may be in bis hands uneXchaneed
If the interest upon said railroad bonds up to
said date shall not have been fully paid by the
exchange of stock as aforesaid. he balance shall
be Immediately due from said Con pany to the
County and shall be paid in cash, and its payment
may he enforced by the foreclosure of the mort
gage given by said company.
SEC. 23. The Board of Supervisors shall not