The Placer herald., 1862-08-23
THE RAILROAD BILL.

ior 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 said purpose, and the tax so
levied shall be known and designated as the Rail
| Road Tax.
SEC IL. 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, for disburse-
ments. shall receive the same rate of compensa-
tion us 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 lace the amount of rail road
tax so paid by him. These receipts shall be
printed and all similar in form; differing oply in
name, date and amount.
SEC. 49, The County Treasurer shall separate
| the amount collected on rail road tax from other
| moneys in the Treasury and shall keep the same
| in u separate fund TO be called the Rail Road
Fund, of which fund he shall keep a separate ac-
| count.
SEC H. 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 as possible Mt
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 vear 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.
terest as it falls due. it 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
II sufficient fund to pay the accruing annual in
| terest, and also, to reimburse the General Fund
with the amount so taken from the sume 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 moneys
paid into the Treasury Of said county by said
Rail Road Company for interest or princppl
| upon the bonds of said company held by said
county; and said money shall be used by the said
| Board of Supervisors for the payment 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 by the said Rail
| Road Company shall cqal the amount of interest
! to fll! due upon the said County Bonds Tor the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. l6. AT the expiration of five years from the
time of Issuing said county bonds, the said board
| of Supervisors shall provide Sinking Fund for
the purpose Of securing the payment of the
principal Of said bonds at their maturity; and for
this purpose they shall impose such special tax as
| they may deem necessary. and the moneys rising
| thereform toge her with all the moneys received
! from said Rail Road Company not applied to
! payment of interest shall be applied toward the
| redemption of said bonds in such manner as said
| Board may deem most cXpedlent Tor the interests
| Of said county.
| SEC. II. The interest accruing upon the Railroad
| Bonds given by the Company to the County dur
! ing 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 Ly the
| county.
SEC IS. At the time within the said period of
three years when the interest upon the bonds
civcn by the Rail Road Company to the County
| Shall fall 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. l9. Upon the presentation and delivery to
said County Treasurer of one or any number OF
the Rail Road Tax Receipts mentioned in Section
eleven by any holder OF the same. showing the
pavrnent by the holder Of said receipts. or bis
| ls:ienors of one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver to such person one share OF the iull
| paid stock deposite ed With him by said company,
and said person shall be the owner thereof The
said tax epts shall be transferable by indolse
ncnt and may be presented for exchange by any
indorsce, or if indorsed in blank by the bearer
| Of the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate Of one
| share of stock. for each one hundred dollars OF tax
reccipts 50 long said tax receipts shall be pre-
sented for exchange II any holder shall present
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the ag-
ororatr TO an even number OF hundreds OF dollars,
thr Treasurer shall issue shares of stock for the
even hundreds. and receipt signed by him for the
| fractional sum. Such receipts shall be transfers.
| lie and exchangeabe for stock 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
| Trensur er shall estimate whether the amount q
Rail Road Tax collected for which Rail Road tax
rpcrip,s have been given exceeds the par value of
the fi paid stock which has been deposited with
him by the Rail Re ad Company; and IN the event
that there be such excess, he shall notify snid
Rail Road Company Of the fact ana OF 'ne
| amount Of said excess. and SAID nan ho"u oon, ,
p,ny shall Immediately issue and ceposlt WIN
said Treasurer sufficient dltlohal i"i' P"'u ''oN
to meet said excess.
| SEC. 2l The County Treasurer shall receipt 10
| the Rail Road Company for all the stock recei'eu
by him from said Rail Road Company, ana shaii
preserve all receipts received by him III eXcDahee
for stock as his vouchers for said exchange, ana
shall ntthe same time of receiving such receipts
write Cancelled" on the face OF each, ana shaii
in u hook kept for that purpose keep an account
~ tho stock received and the tax receipts ex-
changed for stock c. .,o
SIC 22 At the end of three years from the
time of issuing said bonds, provided for in ms
Act. the County Treasurer shall creul' sne - ""' he
Road Company upon the interest due, OF 10 nc
| come due upon it's said bonds, win me iuil
amount of stock which during said perlod Das
hnrn EXCHANGED for said railroad tax recelp's,
less an amount equal to the sums a'Io"tu "hu ~
Maid TO said Tax Collectors and Treasurer 'oI 'pe
| collection and disbursements OF sa'u q"
taves and shall return to said Company me cou
mons for the interest thus paid and any sha' e. VI
stock. which may be in his hands uneXchaneeo'.
| If thn interest mon said railroad bonds up 10
sod date shall not have been fully paid ny m the
exchange OF stock aforesaid the balance spta tbe