The Placer herald., 1862-06-28
AN ACT
To authorize the County of Placer to loan
its credit 70 ssThe sacramento, Placer
and Nevada Railroad Company" to the
amount of 100000.

and Nevada Railroad Company" 10 the
amount of 100000.
Tie People of the State of California rep
resented in Senate and assembly, do enact as
folo,cs:
SEC L. Whenever the Sacramento. Placer and
Nevada iilroad Company by and through Its
Board of Directors aud 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-
thorties to issue to said Railroad Company the
bonds of said county in the total sum OF ) 900
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 specit.
election to be held in said county at which shall
be submitted the proposition of said loan to said
Railr oad Company, to be voted upon by the
qualified voters of said county.
SEC. B. The lid 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
period of four weeks next before the day Of said
election in two or more newspapers published IN
slid county. which notice shall specify the time o
slid election the object Of the same, the PROPOSE
too TO be voted upon. and the places where the
polls will be opened on said day for said elec
ton, VIII ch shall he the same as the preclnct Is
fixed for said purpose at the last pree eedlng gene
raj election They shall also appoint Judges and
Inspectors of said election and cause notice there
of to be given rs in other elections authorized 10y
law. No compensation shall be allowed to any
Judge. clerk. or inspector acting at said election
SEC. 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
nriuted upon his ballot the words ''Railroad Loan
Yes" or the words Railroad Loan. No." Said
election sh III be conducted and the returns there
of shall be mlde out and transmitted to the
County Clerk within the time and in the manner
prescrib, I'll by law ut general elections On the
fifteenth day after the day of h0ldin said election
the Board of Supervisors shall meet and canvass
said returns and declare the result
SEQ < If upon the canvassing OF SAID returns,
If sh, II be 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." majority have written or print
el unon them .'R R,ilroad Loan No." then the duty
of the Board of Supervisors in the premises
shall cease and determine; but il a majority OF
the votes so cast shall have written or printed
upon them the worls "Rairoad Loan, Yes then
the Board of Supervisors shall issue the bonds OF
said county in the manner hereinafter prescribed
SIC. g. When it shall be ascertaned 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
Railroad Loan Yes" or "Railroad Loan. No.
have written or printed upoh them Inc words
"Railroad Loan Yes then it shall be the duty of
said Board of Supervisors whenever thereto re-
ouested. by the President and Board of Directors
of said Railroad Company. to prepare and issue
to said Railroad Company the bonds of said
county to the amount of one hnndreI 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 dates shall bear interest ut the rate OF eight
per 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 and coupons shall
be M lle payable at the Office of the Treasurer in
said county.
SEC. I. Said bonds shall each be signed by the
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. The
coupons shall be signed by the Treasurer of said
county Both bonds and coupons shall be made
payable to the sacramento Placer and Nevada
Railroad Company or bearer and each bond shall
bear upon its back a certificate signed by the
President of the Board of Superv isors, and the
President of said Railroad Company, setting forth
that it is duly and formally issued contempla-
ted by law Said bonds shall be transferable by
delivery anl whenever so executed and issued.
shall be the bonds of the County of Placer and
shall bind said county to the payne mt of the prn
cpal and interest as therein expressed.
SEC. 8. 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
Company" 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
at the same periods the bonds of the county
SO executed and 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 aud countersigned
by the Vice President of the Company, and each
shall bear the Sc II Of said company, and interest
coupons shall be attached, corresponding in date.
amount rate and time of payment with the con-
pons attached to said county bonds, which cou-
pons shll be signed by the Treasurer of said
Company.
SEC s. 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
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 sid
Company. made and delivered to Lester l.. Rob-
inson and Francis l.. A Phoebe. bearing date first
Of September. eighteen hundred and sixty-one,
and Of record in said county but shall not be sub
cct to any other mortgage or iucumbrance upon
slid 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
bonds and mort GA pe of the Rail Road Company