The Placer herald., 1862-08-02
THE RAILROAD BILL.

lOr the purpose OF meeting the whole amount or
lnteres' 70 become que within said year upon said
shall designate the number of cents on each on
hundred dollars of said taxable property which
shall be so taxed for said purpose and the tox so
levied shall be known and designated as the Rail
Road Tax ~
SEC. II. The tax SO levied shall be asses,od
and collected at the same time by the the same
officers and in the same manner as other countu
taxes ore levied and collected, for which said n.
ficers and the County Treasurer, for disburse
ments, shall receive the same rate of comnenSo
tion rs is allowed by law for the collection ond
disbursement of other county taxes. The tnr
collector upon the collection of said tax shall
give to each tax payer separate receipt which
shall show upon its face the amount of rail rohd
tax so paid by him. These receipts shall Lo
printed and all similar in form; differing only ;n
name, date and amount.
SEC. 13. The County Treasurer shall sen,roto
the amount collected on rail road tax from othsr
moneys in the Treasury and shall keep the same
in separate fund to be called the Rail RooJ
Fund, of which fund he shall keep separate No..
count.
SEC. IA. The Board OF Supervisors shall n,o.
vide for the prompt payment Of the interest on
said county bonds, as the same falls due. and for
this purpose they shall, Us nearly as possible ut
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 anv 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. and
in such they shall in their next levy provide
u sufficient fund to pay the accruing annual in.
terest and also, to reimburse the General Fund
with the amount 50 taken from the same to pay
said interest.
SEC l5. 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 sold
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 shall eqal the amount of interest
to f,l due upon the said County Bonds for the
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC I6. At the expiration of five years from the
time of issuing said county bonds. the said board
of Supervisors shall provide a 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 rs
they may deem necessary. and the moneys frisng
thereform toge her 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 expedcnt for the interests
OF siid county.
SEC. II. The interest nccruing 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 foic
ed collection be taken within said period by the
county.
SEC. Is. 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
number of shares Of full paid stock of said
company equal in value al par to the amount Of
said interest, and shall deposit said stock with
the Treasurer of said county for his disburst ment
rs hereinafter provided.
SEC. 19. 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. OF his
assignors, of one hundred dollars OF the Rail
Road Tax herein provided for, the said treasurer
shall deliver to such person one share OF the 1ul
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
indorsce, or if indorsed in blank by the bearer
of the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate OF one
share OF stock for each one hundred dollars OF taA
receipts so long as said tax receipts shall be pre-
sentcd for exchange. If any holder shall present
to the Treasurer receipts amounting to more lnah
one hundred dollars but not amounting In the ag-
rrerate to an even number OF hundreds OF dollais'
the Treasurer shall issue shares Of stock for the
even hundreds, and receipt signed by him Tor the
fractional sum. Such receipts shall be transfer"-
bic and eXchangeable for stock in the same manner
as the Rail Road Tax Receipts. -
SEC 90 SO soon as the Tax Collector shall
have made his returns in each year, the County
TT oh act i'm ia u Whpfhpr
Rail Road Tax collected for which Rail Road thH
receipts have been given exceeds the par Vaiue "a
the full paid stock which has been deposi,ed wiz. WIZ
him by the Rail Re ad Company and IN tne even, e;I
that there be such excess, he shall no,'y s.t" NV
Rail Road Company of the fact ana ol .no
amount of said excess. and said Rail koaa CU1 ;.h
pany shall Immediately issue and deposis wv, "len
said Treasurer sufficient additional lui p"'u 'o0A
to meet said excess
SEC 81. The County Treasurer shali rece'Pl ~
the Rail Road COMPANY for all the stock received
by him from said Rail Road Company ana snail
preserve all receipts received by him IN excnangss
for stock as his vouchers for said exchangc' anu M
shall at the same time of receiving sucn recelPi11
write "Cancelled' on the face OF each, ana fn.'.
in a book kept for that purpose keep an account
of the stock received and the tax receipts eA-
changed for stock. ..,, +bo
SEC %. At the end of three years from n:s .ne
time of issuing said bonds, provided ioI III pu;, 'n
Act the County Treasurer shall credlI 'he To- TO-
Road Company upon the lnterest out ;,, - ne fu]l
come due, upon it's said bonds, win G ;nJ 1"s hos
amount of stock which during said perloa a;n.s na'
been exchanged for said railroad tax receiP.s, PJ
less an amount equal to the sums allowed aha ,ha
paid to said Tax collectors and Treasurer TOR ans
taxes and shall return to said Company the eouf uf
pons for the interest thus paid and any sn"res
stock which may be in ms 'rn,d ni1as Londs up to
said date shall not not have been fully paid by ysbnu Ii
exchange Of stock as aforesaid the balance o SDi the