The Placer herald., 1862-08-23
THE RAILROAD LAW.
AN ACT
AN ACT
TO authorize the County of Placer to loan
its credit to 'sThe Sacramento, Placer
and Nevada Railroad Company TO the
,,.,,nunf Of 2lO0.OOO.


and Nevada Railroad Company 10 the
amount Of 100000.
The people of the State of California rep
resented IN Senate and ASSEMBLY, do enact as
foiiocs:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Ro,rd of Directors and 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 all-
thorities. to issue to said Railroad Company the
bonds of said county in the total sum of 100000,
it shall be lawful for said county to issue its bonds
and disposc of them in the manner following ana
subject to the following conditions.
SEC g. Upon the receipt oil SAID petitloh from
s,;I Sacramento, Placer and Nevada Railroad
Comn,nv the Board of Supervisors shall enter
tain the slme and in order to ascertain whether
the peoplc of said county are wiling that It's
credit shall be loaned as desired by sad company,
said Board of Supervisors shall. within sixty days
after the receipt of said petition, order spec'Mi ~
election to be held in said county ut which shall
he submitted the proposition OF said loan to SAID
RailrJ Jad Company, to be voted upon oy the
qualified voters Of said county.
SIC 3 The S id election shall be fixed by said
Ro,rd of Supervisors. for some day not less than
thirty nor more than sixty days. from the time of
mixing said order Said Board shall cause
notice of said election to be published for the
neriod of four weeks next before tn" day OF sad
splnction in two or more newspapers published in
lid couuty which notice shall specify the time OF
said election the object OF the same, the PROPOSE
,ion to he voted upon and the places where the
nolls will be opened on said day for said cleo
tinn which shall be the same as the precincts
xed for said purpose Mt the last preceding gene
rnl election They shall also appoint Judges and
inspectors of said election ana cause notcc there
of 10 he given rs in other elections authorized by
law No compensation shall be allowed to any
indgo clerk or Inspector acting at said election.
Src 4. Upon the day fixed by said order the
s,iJ election shall be held. E ch Of the electors
votino at said election. shall nave written or
printed upon his ballot the words "haliroa! Loan.
Yes y or the words "Riiirold Loln, No. Said
election shall be conducted and the returns there
of shall he made out and transmitted to the
Conntv Clerk within the time and in the manner
prescribed by law at general elections. On the
fftncntb dav after the day of holding said election
the Board of Supervisors shall meet ana canvas
said returns, and declare the result
Srr ! IF upon the canvassing Of said returns,
II Shall he 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
oil unon them R lilrOad Loln NO, then the duty
Of the Board OF Supervisors in the premises
shall cease and determine; but il mtjoI ity OF
the votes so cast shall have written or printed
mon them the worls "Railroad Loan. Yes then
the Board of Supervisors shall issue the bonds OF
s,id county in the III amer hereinafter prescribed
SEC 6. When it shall be ascertalned 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 "Rliroad Loan, No.
have written or printed upon them The words
..R,ilro,d Loan Yes then it shall be the duty OF
said Board OF Supervisors whenever thereto re-
ouestcd. bv 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 hundrel thousand
dollars Said bonds may be in sums of two hun
drcd and City. five hundred. or one thousand dol
lars each as may be requested by sal Railroad
Comnany: 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 date; shall bear interest ut the rate Of eight
nor cent per annum. payable Seml-annually on
the first DAYS Of July AMI January Of each year.
and shall have interest coupons attached express
sing the rate and time OF payment of interest rs
hove sneciied Both bonds and coupons sh II
be made payable at the office of the Treasurer in
said county.
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 he 81 gncd NY the Treasurer of said
county. Both bonds and coupons shall he made
n,voble to the sacramento. Placer and Nevada
hear upon its back Il certificate signed by the
President Of the Board of Supervisors and the
President of said Railroad Company, setting forth
that it is duly and formally issued as contempla-
ted Inv law Said bonds shall he transferable by
delivery and whenever so executed and issued.
shall be the bonds of the County of Placer. and
shall bind said county to the payment Of the prin-
cinal and interest as therein expressed.
SEC. S. 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 Superv isorS 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
ot the same periods as the bonds Of the county
So executed and issued. Said Railroad bond.
shall be made payable to the county Of Placer, OF
its order and shall be signed by the President
and Secretary of the Company and counters gned
Inv the Vice President Of the Company, and eacl
shall bear the seal 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 shall be signed by the Treasurer of said
Company.
SEC. 8. The said Railroad Company shall a,
the time desi signated in the last section by and
through its proper officers. execute under the
seal of said Company, a second mort gage upon
all the property, real and 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.. \. Phoebe, bearing date first
of September, eighteen hundred and sixty on e
and of record in said county but shall not be sub
ject to any other mortgage or incumbrance upor
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said ISliI Road Company &c