The Placer herald., 1862-05-24

levy a 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 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 desg gnated as the Rail
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 dsburse
mcnts. shall receive the same rate OF cOmpcnsa-
tion as is allowed by law for the collection and
disbursement of other county taxes. The tax
| collector upon the collection of sad tax shall
give to each tax payer separate receipt which
! shall show upon its face the amount OF rail- road
! fax so paid by him. These receipts shall be
! printed and all similar in form; differing only in
| name. date and amount
! SEC l3 The County Treasurer shall separate
! the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
| in n separate fnnd to be called the Rail Road
| Fund, of which fund he shall keep separate ac-
count.
| SEC H. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest on
said county bonds, as the same falls due. aud for
this purpose they SHALL as nearly ia possible at
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 any in
terest as it 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
Il sufficient fund to ply the accrulng annual M
terest. and also, to reimburse the General Fund
with the amount so taken from the same to pay
said interest
SEC Is. 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 prnclpAl
upon the bonds of slid company held by said
county; and said money shall he used by the said
Board OF Supervisors for the payment of interest
on stid 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 fall due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. Is. 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 said bonds at their maturity; and for
this purpose they shall impose such special tax as
they may deem necessary. and the moneys rising
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 expedent 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, shall any proceedings for its toc-
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
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
rs hereinafter provided.
SEC. 10. Upon the presentation and delivery to
said County Treasurer Of one 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
asst gnors 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 Uith him by slid 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
inlorsee. or if indorsed in blank by the bearer
paid stock for said tax receipts at the rate of one
share Ol stock. for each hundred dollars of tax
receipts so long as said tax receipts shall be pre-
sented 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 a receipt signed by him for the
fractional sum. Such receipts shall be ranstera
ble and exchangeable for stock in thesame manner
as the Rail Road Tax Receipts.
SEC 20 So soon the Tax Collector shall
have made his returns in each year, the County
Treasurer 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 deposited with
him by the Rail Read 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. 2l. 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 AL 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 and shall
in book kept for that purpose keep an account
of the stock received and the tax receipts ey
changed for stock.
SEC 20. A the end of three years from the
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 sad bonds, with the full
amount Of stock which during said period has
been exchanged 70" 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 unexchanged.-
If the interest upon said railroad bonds up to
said date shall not have been fully paid by the
exchnnNe OF stock ns nfnrnsad The balance shall