The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1862-11-29

10 autnOTizc the County u fAaceE W IVAN
Its credit to ''The Sacramento, Placer
and Nevada Railroad Company" to tho
amount of 100000.
resented ia Senate and .dssem5iy, do enact as
j0ii0lcs:
$50 |. Whenever the Sacramento. Placer and
Nevada Il tilroad Company by and through its
Board OF Directors and President shall make writ
Ten application to the Boald of Supervisors of the
county of Placer ut any regular or stated meet
ing OF said Supervisors requcstiNg said comfy
of Placer through its properly constituted ai-
thorities, to issue to said Railroad Company the
bonds of said county in the total sum of 1000
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 sumo. 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 ut which shall
he submitted the proposition OF said loan to said
Railr nd Company. to be voted upon by the
qualified voters OF said county.
SEC. ). The 5 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 ot
making SAD OrupF oilV DOUtu HHll cause II
notice of said election to be published for the
period of four weeks next before tn" 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
ton 10 be voted upon. and the places where the
polls will be opened on said day for said cleo
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 rs in other elections authorized by
law No compensation shall be allowed to any
Judge, clerk or Inspector acting at said election.
SEC L. 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 Railroad Loan.
Ycsn or the words "Railroad Loan, Mo- Said
election shall be conducted aud the returns there
of shall be made out and transmitted to the
County Clerk within the time and in the manner
prescribed by law 1T general elections On the
fifteenth day after the day of holding said election,
the Board of Supervisors shall meet aud canvass
said returns, and declare the result,
SEC. S. Ii upon the canvassing of said returns,
it shall he found that Of the votes east at said
election having written or printed upon them the
words Railroul Loan Yes" or the words "Rail-
road Loan. No." majority have written or print
ed upon them 'R abroad Loan, No. then the duty
of the Board of Supervisors in the premises
shall cease and determinc but If q iity OF
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 ascertaincd 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
..Rnilroad Loan, Yes or "Rlilroad 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. by the President aud 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 hundred 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 Tor which they are
issued: shall be payable in twenty years from
their date; shall bear interest ut The rate OF eight
per cent per amman, 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
above specified. Both bonds and coupons shall
be made payable ut the once OF the treasurer in
said county.
SEC / 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
ty seal affixed to each and every bond. Tn"
coupons shall he signed by the Treasurer Of said
PAYABLE to the Sacramento Placer and Nevada
Railroad Company or bearer and each bond shall
bear upon its back 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 by law Said bonds shall be transferable by
delivery and whenever so executed aud issued,
shall be the bonds of the County of Placer, aud
shall bind said county to the payment of the prn-
cipal and interest rs therein expressed.
SEC s. Whenever the bonds Of the county Of
Placer shall be issued and delivered to the Rail
road Company. us 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 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 Ivy the President
and Secretary of the Company. and countcrsigned
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 aud time Of payment, with the cou-
pons attached to said county bonds. which cou-
pons shall be signed by the Treasurer OF said
Company.
the time desi grated in the last section. by and
through its proper officers execute under the
seal of said Company, Il second mortgage upon
all the property real aud personal and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said company, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mort gage 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-one,
and Of record in said county, but shall not he sub
ject to any other mortgage or incumbrance upon
said property The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Raj Road Company. to
the President Of the Board of Supervisors, of the
bonds and mortgage of the Rail Road Company
as prescribed in this Act.
SEC. 10. The mortgage provided for in the
last section shall provide by its terms for sink
~ 81 L;6pa ~ aiatiS ~ r. ~