The Placer herald., 1862-08-30
THE RAILROAD BILL.


| for the purpose of meeting the whole amount of
interest to become due within said wear upon said
County bonds. In making said levy said board
shall designate the number OF cents OH each one
hundred dollars Of said taxable property which
shall be taxed for said pui pose, and the tax so
levied shall be known and designated AS the Rail
Road Tax.
SEC. T. The tax so levied shall be assesses,
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
fccrs and the County Treasurer, for disburse-
ments. shall receive the same rate of compcnsa-
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 paid by him. These receipts shall be
printed and all similar in form; differing only 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 separate fund TO he called the Rail Road
! Fund, of which fund he shall keep Il separate ac-
| count.
SEC A. The Board Of Supervisors shall pro-
vide ior the prompt payment OF the interest on
said county bonds. rs the same falls due. and for
this purpose they shall, as nearly rs possible ut
| the time of making the annual levy estimate the
per centagc OF tax necessary 10 be levied TO meet
| said interest for the next succeeding year, ard
shall fix the levy ut said amount. Should there
| for any reason be Il deficiency in the Rail Fund,
derived from said tax for the Pay mcnt of any in.
tercst rs il falls due.ft-shall be The duty Of snid
Board TO provide Tor the payment of said inter
est out Of the General Fund OF said CT unity. and
in such case they shall in their next levy provide
II sufficient fund to pay the acciuing annual in
tcrest. and ALSO to reimburse the General Fund
with the amount taken from The same to pay
said interest.
from he Rail Road Tax aforesaid, tie County
Treasurer shall also place in said Fund all moneys
paid into the Treasury OF said county hy said
Rail Road Company for interest or principal
upon the bonds of said company held hy said
county; and said money shall be used by the said
Board OF Supervisors for the ayment Of interest
on said County Bonds in like manner the mo-
ncy raised by said Rail Road Tax Whenever
the amount paid into said Fund hy the said Rail
Road Company hall cqal the amount OF interest
to FIJI. due upon the said County Bonds for tie
ensuing year. no Rail Road Tax shall be levied
by said Board.
! SEC lG. AT the expiration Of five yc2Is f ON the
timr of issuing said county bonds The said Loord
OF Supervisors shall provide Sinking J., nd for
the purpose of securing the pa!meIt of the
PRINCIPAL of aid bonds at their maturity; and Tor
this purpose they shall impose such special tax as
they may deem necessary and the moneys rising
thcreiorm togci her with all The moneys received
from said Rail Road Company not applied 10
payment of interest shall be applied towud the
redemption of said bonds in such mann'r said
Board may deem most cXpcdent for the interests
of said county.
SEC II. The interest accruing 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 wears be required to b. paid in money TO
the county nor shall any proceedings for its folc
ed collection be taken within said period by the
county.
SEC. lS At the time within the said period of
three years when the interest upon the bonds
riyrn by the Rail Road Company TO the County
Shall fall due the Rail Road Company shall issue
4 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 Tor his disbursement
| as hereinafter provided.
SEC 10. Upon the presentation and delivery to
said County Treasurer of one or any number Of
| the Rail Road Tax Receipts mentioned i'll Section
eleven. by any holder of the same. showing the
! pavment by the holder OF said receipts. or his
ns.iqnors, of one hundred dollars OF the Rail
| Road Tax herein provided for. the said Treasurer
shall deliver to such person one share OF the full
paid stock deposited th him by said company,
| and said person shall be The owner thereof. The
s,id fax receipts shall be transferable by ndOlsc
| mont and NAV be presented for exchange hy any
| indorsne or if ndorsed in blank by the bearer
| Of thp same The Treasurer shall exchange full
n,id stock for said tax receipts at the rate of one
rh,rr oI stock for each one hundred dollars OF tax
rnc.ipts 50 long said tax receipts shall be pre-
| snntcd for exchange. II amy holder shall pres mt
| to the Treasurer receipts amounting to more than
| one hundred dolals but not amounting in the ag
oreoatc 10 an even number OF hundrt DIS OF dollars,
The Treasurer shall issue shares OF stock for the
oven hundreds and recci pit signed by him for the
| fractional sum. Such receipts shall be transtcTa-
blc and eXchangcable for stock In tn" same manner
rs the Rail Road Tax Receipts.
! Crc 20 SO soon us the Tax Collector shall
b,yr made his returns in each year, the County
! Trn,sm cr shall estimate whether the amount Cf
| p,u Road Tax collected for which Rail Road tax
receipts have been given exceeds thc par valnc of
thc fnil paid stock which has been posted with
him bv the Rail re nd Company; and in the event
| that there be such excess, he shall notify said
Rail Road Company Of the fact ana OF inc
,mount of said excess. and said Rail RCad Ctm-
many shall Immediately issue ara 'sPoSt WIN
salt Treasurer sufficient nhhi'ion"' "'' P"'u o'oN"
70 meet said excess.
SEC. 81 The County Treasurer shall receipt 10
tbe Rail Road Company for all the STOCK received
Inv him from said Rail Road Company. and shall
preserve all receipts received by him IN exchange
for stock as his vouchers for said exchange and
shall at he same time OF RECEIVING such rrct iis
write .Cnnccllcd" on the face OF each, and shall
in , hook kept for that pun pose keep an account
r T thn stock received and the tax receipts eX-
changed for stock c \,
time of issuing said bonds, prCvidtd Tor in TINS
Act the County Treasurer shall credit the Ran
Road Company upon the interest due. or to he
comn dur upon its said bonds. with tie full
nmonnt of stock which during said period has
hecn exchanged fo' said railload tax receipts,
| loss an amount equal to the sums allowed ana
n,id 10 said Tax Collectors and Treasurer fer the
| collection and disbursements OF sald ralIl1ad
taxes. and shall return to said Company the cou.
| pons for the interest thus pnld ana any sHa'es u
stock. which may be in his hands uncXcEnneo d
IF the interest upon said railroad Lends Up to
said date shall not have been fully paid ~ 'rc
cxcbonoc of stock rs aforesaid. the balance sh''i