The Placer herald., 1862-07-19
THE RAILROAD LAW.
AN ACT
AN ACT
To authorize the County Of Placer to loan
its credit to ssThe sacramento, Placer
and Nevada Railroad COmpany,'' to the
amount of 100000.

and Nevada Railroad COmpany,'' to the
amount of 100000.
The People of the State of California rep
resented in Senate and assembly, do enact as
foUOlcS:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Board of Directors and President shall make writ
ten application to the Board of Supervisors of the
county of Placer at any regular or stated meet
ing of said Supervisors requesting said county
of Placer, through its properly constituted au-
tborities, to issue to said Railroad Company the
bonds of said county in the total sum of $lOO,OOO
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
SEC 2. Upon the receipt of said petition from
said Sacramento, Placer and Nevada Railroad
Company, the Board of Supervisors shall enter
tain the same, and in order to ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said Company,
said Board Of Supervisors shall, within sixty days
after the receipt of said petition, order special
election to be held in said county at which shall
be submitted the proposition OF said loan to said
Railroad Company, to be voted upon by the
qualified voters OF said county.
SEC 3. The s,id election shall be fixed by said
Board of Supervisors. for some day not less than
thirty, nor more than sixty days from the time OF
making said order. Said Board shall cause q
notice of said election to be published for the
neriod of four weeks next before the day Of said
election in two or more newspapers published in
said county, which notice shall specify the time OF
said election, the object Of the same, the PROPOSE
tion 10 be voted upon, and the places where the
polls will be opened on said day for said elec-
ton, which shall be the same as the precincts
fixed for said purpose at the last preceding gene
raj election They shall also appoint judges and
inspectors of said election and cause notice there
of to be given us in other elections authorized by
.; cho1l la al To
Judge. clerk or inspector acting at said election.
SIC. 4. Upon the day fixed by said order, the
said election shall be held. Each of the electors
voting at said election, shall have written or
printed upon his ballot the words "Rallroad Loan.
Yes" or the words "Railroad Loan, No" Said
election shall be conducted and the returns there
of shall be made out and transmitted to the
County Clerk within the time and in the manner
prescribed by law at general elections. On the
fifteenth dav after the day of holding said election
the Board of Supervisors shall meet and canvass
said returns. and declare the result.
SEC s. If upon the clnvassn9 OF said returns,
it shall he found that of the votes cast at said
election having written or printed upon them the
words .Railroad Loan, Yes" or the words "Rail-
road Loan. No." a majority have written or print
ed upon them .'R ,ilroad Loan, No. then the duty
of the BOARD of Supervisors in the premises
shall cease and determines but il u ma Iity OF
the votes so cast shall have written or printed
upon them the words Railroad Loan, Yes" then
the Board of Supervisors shall issue the bonds of
said county in the manner hereinafter prescribed.
SEC g. When it shall be ascertained in the
manner prescribed in section five of this Act, that
the majority of the votes cast at said election,
having written or printed on them the words
..R lilroad Loan, Yes or "Ralroad Loan, No."
have written or printed upon them the words
:" Railroad Loan, Yes" then it shall be the duty of
said Board OF Supervisors whenever thereto re-
ouested. bv the President and Board of Directors
ID ~ "a N rp md icgIta
to said Railroad Company the bonds of said
county to the amount of one hundrel thousand
dollars Said bonds may be in sums OF two hun
dred and fifty five hundred, or one thousand dol
lars each as may be requested by said Railroad
Company; they shall express upon their face the
n ture Of the same. and object for which they are
issued: shall be payable in twenty years from
their date: shall bear interest at the rate of eight
par cent per annum, payable semi-annually on
the first DAYS of July and 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 ana coupons shall
be nude plyable ut the once OF the treasurer in
said county.
SEC. :. S,id bonds shall each be signed by the
President of the Board of Supervisors and the
Treasurer of the county. and Shall have the coun-
ty seal affixed to each and every bond. The
coupons shall he signed by the Treasurer OF said
county. Both bonds and coupons shall be made
nayable to the sacramento. Placer and Nevada
Railroad Company or bearer" and each bond shall
hear upon its back a certificate signed by the
President of the Board Of Supervisors. aud the
President Of said Railroad Company, setting forth
that it is duly and formally issued as contempla-
ted bv law. Said bonds shall be transferable by
delivery and whenever executed and issued
shall be the bonds of the County of Placer and
shall bind said county to the payment of the prin-
cipal and interest as therein expressed.
SEC g. Whenever the bonds OF the county of
Placer shall be issued and delivered to the Rail-
road Company. as prescribed in the last section
the ..Sacramento. Placer and Nevada Railroad
Companvu shall, at the same time deliver to the
President of the Board OF Supervisors of said
county for the benefit of said county. the bonds
of said Railroad Company OF equal number in
like amounts, maturing at the same time, bear
ing the same rate of interest. and interest payable
ot the same periods as the bonds OF the county,
so executed aud issued. Said Railroad bonds
shall be made payable to the county of Placer, or
its order. and shall be signed by the President
and Secretary Of the Company. and counterslgned
by the Vice President of the Company and each
shall bear the seal of said company, and interest
coupons shall be attached corresponding in date,
amount rate and time of payment with the cou-
mons attached to said county bonds, which cou-
pons shall he signed by the Treasurer OF said
Company.
SEC. 9. The said Railroad Company shall at
the time designated in the last section, by and
through its proper officers, execute under the
seal of said Company, second mortgage upon
all the property, real and personal, and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said compnny, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
its face that it is subject to the mortgage of said
Company. made and delivered to Lester L. Rob-
inson and Francis L. A. Phoebe. bearing date first
of September, eighteen hundred and sixty-on G,
and Of record in said county but shall not be sub
ject to any other mortgage or ncumbrance upon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company to
the President of the Board of Supervisors of the