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

levy special tax upon all the real and personal
property within said county subject to taxation
Tor the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bonds. Ii making said levy said board
shall designate the number Of cents on each one
hundred dollars OF said taxable property which
shall be taxed for saifkpupcse, and the tax SO
levied shall be know and designated as the Ran
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 ard collected, for which said Of
fcers and the County Treasurer, for disburse-
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 a separate receipt which
Shall show upon its face the amount of rail road
| tax SO paid by him. These receipts shall be
printed and all similar in form; differing only in
| name, date and amount.
| SEC Is. The County Treasurer shall separate
| the amount collected on rail road tax from other
moneys in he Treasury and shall keep the same
| in separate fund to be called the Rail ROad
Fund, Of which fund he shall keep a separate ac-
| count.
SEC ii. The Board of Supervisors shall pro-
| vide for the prompt payment OF the interest on
said county bonds. as the same falls due. and for
| this purpose they shall, as nearly possible ut
| the time of making the annual levy. estimate the
per centage OF tax necessary to be levied TO meet
| said interest lOr the next succeeding year, ana
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
torest as it falls due. ii shall be the duty Of said
Board to provide for the payment of said inter-
est out 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 Is. In addition to the moneys arising
from he Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all mont Us
paid into the Treasury Of said county by said
Rail Road Company, for interest or principal
upon the bonds of sad company held by said
county: and said money shall be used by the said
Board of Supervisors for the pay ment Of interest
on said County Bonds in like manner as the mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund hy he said Rail
Road Company hall eqal The amount OF interest
TO fan due upon the said County Bonds for The
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC lG. At the expiration of five years rom the
time OF issuing said county honds. the said oaid
of Supervisors shall provide Sinking Fund Tor
| the purpose of securing the payment of the
principal of aid bonds at iheir maturity; ard toS
this purpose they shall imposr such special lax
they may deem necessary and the moneys; rising
therelorm toge her with all the moneys received
from said Rail Road Company not apl lied 10
|
redemption of said bonds in such manner as said
Board may deem most expedient for the interests
| of said county
| SEC II. The interest accruine upon the Railroad
! Bonds given by the Company to the County dur
! inc 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 foic-
| ed collection be taken within said period by the
| county.
t,o I ip1a lin tbo C,id
three years when the interest upon the bonds
eivcn by the Rail Road Company TO the County
Shall fail 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
| as hereinafter provided.
SEC 49, Upon the presentation and delivery to
said County Treasurer Of one or any number of
| the Rail Road Tax Receipts ment toned in Section
eleven, by any holder of the same. showing the
| payment by the holder OF said receipts or his
| usSignors. 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 ith him by said 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 hy any
| indorsee. or if indorsed in blank by the bearer
| Of the same The Treasurer shall pXcbapoc full
paid stock for said tax receipts at the rate of one
share Of stock, for each one hundred dollars of fax
receipts so long as said tax receipts shall be pre-
sented TOR exchange. If any holder shall present
| to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting in the op-
gregate to an even number OF hundreds OF dollars
the Treasurer shall issue shares of stock for tho
even hundreds, and receipt signed by him for the
fractional sum. Such receipts shall be transtera
bic and eXchangeable for stock in the same m.nnor
as the Rail Road Tax Receipts.
Sec. 90. So soon as the Tax Collector shall
have made his returns in each year, the Comfy
Treasur er shall estimate whether the amount ~
Rail Road Tax collected for which Rail Road toy
receipts have been gwen exceeds the par value of
the fl'l paid stock which has been d, positcd 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 stocL
to meet said excess.
SEC 81 The County Treasurer shall rec.int ~
the Rail Road Company for all the stock recrive6
by him from said Rail Road Comnanv. ond shnI
preserve all receipts received by him in excb,nno
for stock, rs his vouchers for said eycLanpr oSd
shall at the same time of receiving such rece;nts
write "Cancelled' on the face of each. and shpI
t in book kept for that purpose keep.an account
of the stock received and the tax rno,;nts Nv
. changed for stock.
SEC 22 At the end of three years from the
time OF issuing said bonds. providtd 70, in his
Acl the County Treasurer shall credit tbn Rail
Road Company upon the interest due. or TO lie
cone due upon its said bonds with tbe fnIl
amount of stock which during said period has
been exchanged TO said railroad tax rtceinis
less an amount equal to th" sums allowed nd
Paid to said Tax COLLECTORS and Trtasrir tcr tLc
collection aud dsbulst mcns of snid ru;1,, oS
taxes. and shall return TO said Company the tCu-
pons for the interest thus paid and a v shn,es of
stock. which may be in his bands uncXclanotd- -
II the interest upon said railroad lords up 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 the
County and shall be paid in cash. and its pnvntnt
may he enforced by tho foreclosure of the mort
gage given by said company.
SEC. % The Board of Snnprv bn MT