The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1862-12-27
THE RAILROAD BILL.

which other taxes are levied for County purposes;
levy special tax upon all the real and personal
property within said county subject to taxation
for the purpose Of meeting the whole amount Of
interest to become due within said yeaf 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 rrcse and the tax 70
levied shall be known and designated us the Rail
Road Tax.
Sec IL. 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 disbnrse!
ments. shall receive the same rate OF conpensa-
tion as is allowed by law for the collection and
disbursement OF other county taxes. The tax
collector upon the collection OF said tax shall
give to each tax payer IL separate receipt which
shall show upon its face the amount of rail road
tax so paid by him. These receipts shall no
printed and all similar in form; differing only In
name, date and amount.
SEC. 10. 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 he called the Rail Roud
Fund, of which fund he shall keen separate ac-
count.
SEC. IA. 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 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 pay ment OF any in
terest as ii falls due. il shall be the duty Of said
Board to provide for the payment of said inter
est out of the General Fund of said County. ind
in such case they shall in their next levy provide
suflici, mt fund to pay the accruing annual in
tcrest. 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 the Rail Road Tax aforesaid the County
Treasurer shall also place in said Fund all moneys
paid into the Treasury of sad 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 Tux. 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 Tor the
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC. g. At the expiration of five years from the
time Of issuing said county bonds. the said board
| of Supervisors shall provide u 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 rising
| therelorm toge her with all the moneys received
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 said 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 fore
ed collection be taken within said period hy tha
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
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
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 full
paid stock deposited with him by said company,
and said person shall be the owner thereof. The
said receipts shall be transferable by indorse-
ment and may be presented for exchange by any
| indorsce, or if Endorsed 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 hundred dollars of tax
receipts so long rs said tax receipts shall be pre-
scented for exchange. If any holder shall present
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the ag-
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 be transfers.
bic and eXchangcable for stock in the same manner
as the Rail Road Tax Receipts.
SEC 20. So us the Tax Collector shall
have made his returns in each year, the County
Treasur er shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par value of
the full paid stock which has been de posted with
him by the Rail Re ad 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. 81. The County Treasurer shall receipt to
| 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, as his vouchers for said exchange and
shall at the same time of receiving such receipts
write Cancelled" on the face of each, aud shall
in book kept for that purpose keep an account
| of the stock received and the tax receipts ex-
changed for stock.
SEC 22 AT the end of three years from ths
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 be
come due, upon its said bonds with the full
amount of stock which during said period has
been exchanged for 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 his hands unexchapgea-
If the interest upon said railroad bonds up to
said date shall not have been fully paid by the
exchange of stock rs aforesaid, the balance shall
be Immediately due from said Company to the
County and shall be paid in cash, and its pay ment
may be enforced by the foreclosure Of the mort.
gage given by said company.