The Placer herald., 1862-08-09
THE RAILROAD LAW.
AN ACT
To authorize the County of Placer TO loan
its credit TO ''The sacramento. Placer
and Nevada Railroad COmpany,'' to tine
amount of 100000.


amount of 100000.
The PeopIe of the State of California rep
resented IN Senate and assembly, do enact as
f0iiO,cS:
Sac l. Whenever the Sacramento, Placer and
Nevada iilroad Company by and through It's
Roord of Directors and President shall make writ
ten npDlication 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
thorites to issue to said Railroad Company the
honds Of said county in the total sum of 100000,
it shall be lawful Tor said county to issue its bonds
and dispose Of them in the manner following and
subject to the following conditions.
SEC. q Upon the receipt Of said petition from
said Sacramento Placer and Nevada h'liroad
Company. the Board of Supervisors shall enter
tain The s,me and in order TO ascertain whether
tho neonle of said county are willing that its
credit shall be loaned as desired by said Company,
said Board OF Supervisors shal within sixty days
after the receipt of said petition, order Speclal
election to be held in said county ut which shall
be submitted the proposition OF SAID loan to s,id
p,ilr ,,d COMPANY to be voted upon by the
qualified voters OF said county.
SEC. 8. The id election shall be fixed by said
Bo,rl Of Supervisors for some day not less than
thirty. nor more than sixty days. from the time of
m,kino s,il order Said Board shall cause u
notice of said election to be published for the
neriod of tour weeks next before tho day OF said
election in two or more newspapers pubIiShed IN
said county, which notice Shall specify the time OF
s,id election the Object OF the same, the PROPOSE
tion to be voted upon. and the places where the
nils will be opened on said day for said cleo
zion which shall he the same as the precincts
Gved for said purpose at the last preceding gene
ral election. They shall also appoint judges and
inspcciorS Of said election ana cause notice there
of to he given rs in other elections authorized ny
law. No compensation shall be allowed to any
;ndgo clerk or Inspector acting at said election.
Crr 4 UpOn the day fixed by said order, the
soiJ election shall be held. Elch of the electors
votinr at said election. shall have written or
printed upon his ballot the words "Ralr0ad Loan.
yns ); or Inc words "Rlilrold LOln, No. said
election shall be conducted and The returns there
of shall be made out and transmitted to the
Conntv Clerk within the time aud in the manner
nrsscribod by law ut general elections. On the
fftnontb waiter the day OF holding said election,
the Board of Supervisors shall meet ana canvass
said returns ana declare the result
Svr ! IF upon the canyasSing Of said returns,
= sb.,lI he iound that of the votes east at said
election having written or printed Hpon them the
words Railroad Loan Yes. or the words "Rall-
road Loan. No. Il majority have written or print
o1nnon them ..R lilrold Loln, No. then the duty
oc tbo Ro,rd OF Supervisors in the premises
shall cease aud determine; but il 4 majority OF
tba votns so cast shall have written or printed
unon them the words "Rairoad lao an, Ies.' then
fine Board of supervisors shall issue the bonds Of
Al
SIC. &. When it shall be ascertained in the
r,,nnpr 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 "R rllroW Loan. No.
hove written or printed upon them the words
.Railroad Loan. Yes" then il shall be the duty OF
said Board OF Supervisors whenever thereto re-
ones(ed. by the President ana Bord ot Directors
Of said Railroad Company. to prepare and issue
to said Railroad Company the bonds Of said
comfy to the amount OF one hundre thousand
dollars Said bonds may be in Sums Of two hun
dred and fifty. five hundred, or one thousand dol
lars each. as may he requested by sal Railroad
Companv: thew shall express upon their face the
n tnre Of the sane and ohicctlo which they are
issued; shall be payable in twenty years from
their dac shall bear interest at the rate OF eight
nar cent ppr annum. payable Semi-dnnually on
ihe 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 IA
oboye specified Both bonds and coupons shall
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
~ seal affixed to each and every bond The
commons shall be signed by the Treasurer Of said
| county Both bonds and coupons shall be made
! novohle to the sacramento. Placer and Nevada
! Railroad Company or bearer. ana each bond shll
! hear unon its back certificate signed by tht
! presilrut Of the Board OF Supery isors. and the
! President or said Railroad Company, setting fortl
! that it is duly and formally issued us contemph
! ted bv law. Said bonds shall he transferable by
! delivery and whenever 50 executed and issued
shall be the bonds OF the County OF Placer, ant
shall bind said county to the payment OF the prin
! cinal and interest rs therein expressed.
SEC. s. Whenever the bonds Of the county o
Placer shall be issued and delivered to the Rail
| road Comnanv. as prescribed in the last section
tC ..,,t, NaVu1l iii
| COMPANY" shall, ut the same time deliver to th
| President of the Board OF Supervisors of sal,
countv for the benefit of said county. The bond
Of said Railroad Company OF equal number il
| like amounts, maturing ut the same time bear
inr the same tie OF interest. and crest p1yabl
tine same periods as the bonds OF the county
| so executed and issued Said Railroad bond
shall be made payable to the county OF Placer, o
its order and sht be signed by the Presden
| and Secretary Of the Company. aud countersigne
by the Vice President OF the Company, and eac
shalt bear the seal Of said company. and lntereS
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 salt
Company.
SEC 9. The said Railroad Company shall a
the time designated in the last section, by an
| through its proper officers, execute under th
| seal of said Company, second mort gage upo
all the property, real aud personal and franchise
OF said Company, then owned ana possessed ant
thereafter to be acquired by said company. Il
security for the payment of said railroad bond
and coupons as prescribed in the last section
which said mortgage shall be and express apo
its face that it is subject to the mortgage of s,
Company. made and delivered to Lester L. Rob
inson aud Francis L. \. Phoebe. bearing date frs
of September, eighteen hundred and sixty-ont
and of record in said county, but Shall not he sui
ject to any other mortgage or incumbrance upo
said property. The bonds OF Placer County shal
only be delivered to said Rlil Road Compan
upon the delivery by said r Ill Road Company. t
the President OF the Board Of Supervisors. OF tn