The Placer herald., 1862-09-06
THE RAILROAD LAW.
AN ACT
To authorize the County OF Placer to loan
its credit to ''Thc sacramento, Placer
and Nevada Railroad Company" to tho
amount Of 100000.

foiioD&
SEC |. Whenever the Sacramento, Placer ana
Nrvad, L ,ilroad Company by and through its
Ho,rd of Directors aud President SHALL m IKE VIII
ten application TO the Board of SupervlsorSoI OF the
county OF Placer ut any regular or stated meet
ing OF said Supervisors requesting said county
of Placer through its properly constituted nu-
thorities, to issue to said Railroad Company the
bonds of said county in the total sun of ) Sl0oooo.
II shall be l,wll for sli county to issue ts Dohls
and dispose of them in the m inner following ana
subject to the following conditions.
SEC @ Upon the receipt OF sild petition from
said Sacramento. Placer and Nevada kulroad
Company. the Do,rl of Supervisors shall enter
t,in hp 5 me and in order to ascertain whether
the peopr of said comfy are Wiling thll lts
credit shall be loincl as desired by sald Company
| said Bo,rl OF Supervisors shall within sixty days
after the receipt of said petition, order spec IL.
election to be held in said county ut which shall
he submitted the proposition OF said loan to sild
| Railr g,d Company, to he voted upon Wy Tue
qualified voters OF said county -,
| SEC 3. The $ ill election shall be fixed by said
Board of Supervisors. for some day not less lhan
thirty. nor more than sixty days. from the time OF
m kim sud Or l.r. Sid Board shall clusc Il
notice of s,id election to be published FOR the
period of four weeks next before th" day OF sad
election in two or more newspapers pnplShcd IN
said connty which notice shall specify the time OF
said election the obi ,ct OF the stme, the PROPOSE
pulls will be opened on said day for said rlcc-
| tion VIII ch shall he the same as the precincts
| fixed for said purpose at the last preceding gene
raj election. They shtll also appoint judges and
inspectors of said election ana Cause notice there
of to be given rs in other elections authorized by
law No COMPENSATION shall he allowed TO any
Judge clerk, or Inspector acting at said election.
SEC 4. Upon the day fixed hy said order. the
said election shall be held. Each Of the electors
voting at said election. shIll have written or
7 1.Ii tl,,,. a., p,,I /
! Yes" or The words III ,rold Lo IN, No." Said
election sh, II be conducted and the returns there
of shall BE- m rle out an transmitted to the
| County Clerk within the time aud in the manner
| prescribed Ivy law ut general elections. On the
fifteenth day after the day Of holding said elect on
| the Board Of Supervisors shall meet and canvass
| said returns. and declare the result
SEC s. II upoi the ctnvassing of said returns
| il shall he found that Of the votes cast ut s,id
election h wing written or printed upon them the
words 'R ilro II Loln, Yes or the words Rail
ro,d Loln No." Il majority have written or print
ed upon them 'R tilro,d Lom, No. then the duty
of the BoArl OF Supervisors in the premises
| shall cease and determine; but il Il nj ljo ity OF
the votes so cast shall have written or printed
upon them the worls "Raroad l.otn. Irs' then
| The Bolrd of Supervisors Shall issue the bonds OF
said county in the III inner hereinafter prescribed
SEC 6. When it shall be ascertlncd in the
m amer prescribed in section five OF this Act that
| the IN ,iorty of the votes cast ut said election
| having written or printed on them the words
! ..P ,ilroad Loan. Yes or "Rlilroad Loan, No.
| have written or printed npon them The words
..Eailrom Loan Yes" then it shall be the duty of
| said Board OF Supervisors whenever thereto re-
| nnestcd bv the President an Board Of Directors
| OF said Railroad Company. to prepare and issue
| to said Railroad Company the bonds of said
! comfy to the amount OF oac hundrc thousand
dollars. Said bonds may be in sums OF two hun
drcd and fifty five hundred, or one thousand'dol.
| | ncb m I bp rpuupStpU Dy II ,ilrO,,i 4
| ComDanv; they shall express upon their face the
n .ure Of the sam and 'ohjccti for which they are
issued; shall he payable in twenty years from
their date; shall bear interest at the rate of light
per ccat per annnm, payable Sem-anntmlly on
| the first days Of July an January Of each year.
and shall have interest coupons attached express
sing the rate and time OF payment Of interest as
| above specified Both bonds aud coupons shall
be mtdc p,yablc at the Office Of the Treasurer in
said county.
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"
| coupons Shall he signed by the Treasurer Of said
| county. Both bonds and coupons shall he made
pavable to the sacramento. Placer and Nevada
! Railroad Company or bearer and each bond sl II
! bear upon its back certificate signed by the
| President Of the Board of Supervisors. and the
P.cs lent of stid Railroad Company, setting forth
that it is duly and formally issned contempla,
! ted hy law. Said bonds shall he transferable by
| delivery AMI whenever executed aud issued
| shall be the bonds of the County Of Placer and
| shall bind s,d county to the payment of the prin-
| cipal and interest therein expressed.
SEC s. Whenever the bonds Of the county of
Placer shall be issued and delivered to the Rail
roal Company. us prescribed in the last section
the sacramento. P,crr and Nevada Railroad
Company shall at the same time deliver to the
President of the B)rh Of Superv isorS of said
county for the benefit Of said county. the bonds
of said Railroad Company OF equal number in
like amounts, maturing ut the s.imc time, bear
ing the same r,te OF interest, and interest payable
at the same periods as the bonds OF the cOIintv
so executed and issued. Said Il ,ilroad bonds
shall be made pay ,be to the county Of Placer or
its order. and shall he signed by the President
and Secretary of The Company and countrrsigncd
by the Vice President OF the Company. and each
shall bear the seal Of said company. and interest
coupons shall II" attached. corresponding in date.
amount. rate and time OF pigment with the
pous attached to s,id county bonds. which cou-
pons Shall be signed by the Treasurer OF said
Company.
SEC. o. The said N,ailroad Company shall at
| the time designated in the last section, hy and
| through its proper officers. execute under the
| seal of said Company, second mortgage upor
all the property real and personal and franchise.
| OF said Company, then owned and possessed and
there ,lter to be acquired by said compnny. -.
| security for the ptym"mt of said railroad bonds
| and coupons as prescribed in the last section;
which said mort gage shall be and express apo,
its flee that it is subject to the mortgage of sid
Comp my. nude and delivered to Lester l.. Rob-
ilson and Francis l.. 4. Phoebe. bearing d,te first
of September, eighteen hundred anl sixty-onc
and of record in said county. hut shall not he sub
| ject to any other mort gage or incumhrance upon
said property. The bonds Of Placer County shll
only be delivered to said Rlil Road COMPANY
upon the delivery Ivy said r Ill Road Company to
the President Of the Board Of Supervisors of the
bonds and mort age Of the ltlil Road Company v
rs prescribed in this Act.
SEC. 10. The mortgage provided for in the
! list section shall provide by its terms for sink
ing fund to hc reserved from the revenues of sai,
Comptnv. sufficient to secure the payment of tn,
principal d intercW OF the bonds of said Com
panv so given to the County. at maturity ant
shall so pie lge the revenues of the Company tt
the said sinking fund that no dividends shall b,
declared Iy the Company except Of its moneys il