The Placer herald., 1862-09-06
THE RAILROAD BILL.

levy special tax npon 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 saif puip pcse and the tax so
levied shall be know and designated as the Rail
Road Tax.
SEC u 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, Tor disbulse-
ments. shall receive the same rate OF compensa-
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 separate receipt which
Shall show upon its face the amount of rail road
tax so paid by him. These receipts shall be
nrinted and ali similar in form differing only in
name. date and amount.
SEC. l3 The County Treasurer shall separate
tbe amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in Il separate fund to be called the Rail Road
Fund of which fund he shall keep separate ac-
count.
SEC IA. The Board of Supervisors shall pro-
vide for the prompt payment oil the interest on
said county bonds us The same falls due. and for
this purpose they shall, 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
tnrcst as it falls due ii 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
n 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. 5 In addition to the moneys arising
from he Rail Road Tax aforesaid the County
Treasurer shall also place in said Fund all mon, Us
paid into the Treasury Of said county by suid
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 pa, meni Of interest
on said County Bonds IN like manner as the mo-
ncv raised by said Rail Road Tax. Whenever
the amount paid into said Fund hy The said Rail
Road Company hall eqal The amount OF inttiest
to fan due upon the said County Bonds Tor The
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. IG At the expiration of five years {, ON the
time of issuing said county bonds. The said loard
of Supervisors shall provide n Sinking Fund for
the purpose OF securing the pa!n ent OF the
princpaI of aid bonds at their maturity: and for
This purpose they shall impose such special tax rs
they may deem necessary. and The mon, y : rising
thereform ioge her with all the moneys received
from said Rail Road Company not apl lied 10
payment Of interest shall be applied towiud the
redemption of said bonds in such manner as said
Board may deem most eXpedent Tor the interests
of said county.
SEC. II. The interest accruine upon the Railroad
Bonds given by the Company to the County dur
ng the period OF three years from the date of
said bonds. shall not until the expiration OF said
three years he required TO be paid in money to
the county, nor shall any proceedings for its ioc-
ed collection be taken within said period by the
county.
SEC lS At the time within the said period of
three years when the Interest upon the bonds
oivcn by the Rail Road Company TO the County
shall fail due. the Rail Road Company hall 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 humber of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder of the same. show ing the
payment by the holder Of said receipts or his
asSi gnors, of one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
shall deliver to such person share OF the full
paid stock deposited V ith him by said oompapy
and said person shall be The owner thereof The
said tax receipts shall be transferable by ndorse
ment and may be presented for exchange by any
ndorsee or if ndorsed in blank by the benrcr
OF the same. The Treasurer shall exchange full
paid stock for said tax recei pts at the rate of one
share Of stock, for each one hundred dollars of tax
receipts so long as said tax receipts shall be pre-
scented TOR 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 trnnstera
BILE and exchangeablefo for 81 ock in the same manner
as the Rail Road Tax Receipts.
Sec. 20. SO soon as 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 tull paid stock which has been Il, posited 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 teposit with
said Treasurer sufficient additional full paid stock
to meet said excess
SEC. 81. The County Treasurer shall rec.nt n
the Rail Road Company for all the stock r,cni,oI ~
by him from said Rail Road Company. and shaii
preserve all receipts received hy him in EXCHANGE
for stock, rs his vouchers for said exchange and
shall at the same time of receiving such rereints
write "Cancelled' on the face OF each and shall
| in Il book kept for that purpose keep IAN ncconnt
of the stock received and the tax reccints eY.
changed for stock. va
SEC ~. AT the end of three years from tbe
time OF issuing said bonds. pruvid,d fol in This
Ac'. the County Treasurer shall credit the Rail
Road Company upon the interest due or TO lie
come due. upon its said bonds with tbe tnI1
amount Of stock which during said pcriod bos
been exchanged TO said railroad tax rtcein,s,
less an amount equal to the sums alltw,d nd
paid to said Tax Collectors and Tr,sr,,r fer tbc
collection and dlsbn's' m"nts Of said rail,tod
taxes. and shall return to said Company thr tCu-
pons for the Interest thus paid and al v shares of
stock. which may be in his bands uncXchanctd-
If the interest upon said ralIoad Lords nm to
said date shall not have been fully paid ly the
exchange OF stock as aforesaid. the aancc shall
he Immediately due from said Con pany TO tho
County and shall be paid in cash, and its pnvn,nt
may he enlcrced by th" foreclosure Of the mort
gage given by said company.
SEC. 23. The Board of Supervisors shall not