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

| u
| for 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
| hun'lred dollars Of said taxable property which
shall be taxed for said puI pCsc and the tux SO
levied shall be known and designated rs the Rail
| Road Tax.
SEC. IL. The tax 50 levied shall be assessed
| and collected ut the slme time. by the the same
officers, and in The sane manner as other county
taxes are levied and collected, for which said Of
liccrs and the County Treasurer, for disbulsc-
mens. shall receive The same rate Of compcnsa
ton rs 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 oyer II separate receipt which
shall show upon It's lace the amount of lnil road
tax so paid by him. These receipts shall lie
printed and all similar in form; differing only in
name, date and amount
SEC. 49, The County Treasurer shall separate
the amount cOllpced on rail road tax from other
moneys in the Trasury and shall keep the same
in separate fund TO bc called the Rail Road
Fund, of which ilnd he .hall keep IL separate ac-
count.
SEC IA. The Doard OF Supervisors shall pro.
vide for the prompt payment Of the interest on
snil county bonds rs the same fails due. und for
this purpose they shall, ~ nearly us possible ut
the time of making The annual levy. estimate the
per centagc of AK necessary TO be levied TO meet
said interest for the next succeeding year, ard
shall fix the ley ut said amount. Should there
for any reason he deficiency in the Rail Fund.
derived from aid tax for the pay mrnt of any in
trrrst us it falls due il shall be the duty of said
Board to prordc for the payment of said inter-
est out of the General Fund Of said County. and
in such case hey shall in their next levy rovidc
a suilcitn find to pay the acclning annual in
tcrcsl. and also. to reimburse the General Fund
with the amount so taken from the same TO Fay
said interest
SEC Is. N addition TO the moneys arising
from he Rl Road Tax aforesaid, the County
Treasurer sail also place in said Fund all moneys
paid into tle Treasury of said county Wy said
Rll Road Company, for interest or principal
upon the )mls Of sld company held I.y said
county; AMI said money shall he us d by the said
Board Of Supervisors for the ayment of interest
on said County Bonds in like manner as the mo-
ncy rasethy said Rail Road Tax. Whenever
the amount paid into said Fund hy the said Rail
Road Company hall coal The amount OF intuest
10 fail du upon the said County Bonds Tor the
ensuing war. no Rail Road Tax Shall be levied
by said Bard.
SEC. I6 AT the expiration of five yccrs hcm the
time of is>uing said county lOnCs. the said OnId
of Super isors shall provide Sinking Fund for
The rur1Osc of securing the pa.mtLt OF the
principa Of aid bonds AT their maturity; and Tor
thj. pnrosc they shall impose such special tax rs
they ms deem necessary. and he monty Using
thrrelnm oge her with all the moneys rtcti,td
from sad Rail Road Company rot arllhd 10
retention of said bonds in such mann,r as said
Board nay deem most cXpedient for the inticsts
OF sal county.
Srcl7 The interest accruing upon the Railroad
Bend given by the Company TO the County dur
ipn tlc period of three ycprs from the date of
s,id bnds shall not until the expiration OF said
thre,years he required 10 be paid in monty TO
the c,uny, nor shall any proceedings for its toic-
ed election be taken within said period iy the
couty.
thrc years when the Interest upon TIC londs
nivn by the Rail Road Company to the County
4, ,u mmbrr rI', Of sh3@s OF lul paid sioek of said
company equal in value at par 10 tie nnonn, of
sal interest. and shall deposit said stock with
tbrTreasurer Of said county Tor his dlSbuist ment
rs crenuitcr provided
sEC. 10. Upon the presentation ard delivery 10
s,u County Treasurer of one or any EumLtr of
III, Rail Road Tax Receipts mentioned in Section
rIfrn by any holder OF the same. showing the
II ment bv he holder Of sand receipts. or lis
{gnors. of one hundred dollals OF The Rail
Sad Tax herein provided for the said 1icasui'r
h III deliver o such person one share oil the full
laid stock deposited ith him by said UcnIaly,
IND said person shall be The ownr 1htltot. The
.ld lax receipts shall he translcaLl lc irdclse-
,nrnt and may he present ed Tor exc tbanpp 1l Hry
indorsce or if indorsed in blank ly the btutr
i'or IN. same. The Treasurer shall ,Xtlanec full
p,id stock for said tax receipts al the rate Of one
share oil stock for each one hundrt do'lais of tux
rcccirts so long rs said tax receipts shall be pre-
srntrl tor exchange If any holder shall pi,stnt
TO the Treasurer receipts amounting TO moie tlan
one hundred dollals but not amounting in The ac-
rregatc TO an even number OF hundltds OF dollars,
The Treasurer shall issnc shares of stock fer tie
even hundreds. and receipt signed l'y him ior'hc
fractional sum. Such receipts shall lie transila
beanl rxchangcahIrto for stock in th"samc manner
as the Rail Road Tux Receipts.
SEC 20. SO soon the Tax Collector shall
have made his returns in each year, the County
Treasuitr shall estimate whcth'r the ;mtunt #
Rail Road Tax collected for which Rail Road tax
r.cniut have been given Xcct ds the par value If
the lu t paid stock which has been d' posted with
him NJ the Rail Read Company; an, in the cvtEt
that fcrp he such EXCESS, he shall notify said
Rail Road Company Of the fact and Of the
.mornt of said excess. and said Rail Rofd Ctnl-
n,nt shall Immediately issur and ttro.it with
s,iiTreasurcr sufficient additonalful paid stock
TO meet said excess.
S.c, 2l. The County Treasurer shall receipt 10
the Rail Road Company for all th" slCck II ccvtd
byhm from said Rail Road Ct mpany ard shall
pf-scrvc al lrcceipis r. 'ccivcd hy him in exchange
! ifr stock a ihs vouchers for said exchange. ard
| sall at he same time of receiving such rccrilts
write "Cancellcd" on the face of eat h, and shall
| In a hook kept for that purpose keep an account
Of the stock received ana tnc TAX receipts tx-
changed foI stock.
| SrC. %. At the end of three years from the
tmn of issuing said bonds. provided iol in this
Act, The Comfy Treasurer shall credit tie Rail
Road Company upon the interest due. or TO lie
come due upon its said bonds with tle full
amount of stock which during said rtIi,d las
been cycha ,gcd 70 said raiIIoad tax I,t,iuts,
loss an amount equal TO the sums allowed ald
Maid 70 said Tax Collectors ard 1lusuItr fortle
Collection and disburst mcnts Of said ral,, ad
faxes. and bnll return TO said Company tIcttr
mons for th. interest thus paid and any slalts Of
stock which may he in his hands uneXt lnnctd.-
| IF the interest upon said raillcad lCIts Up 10
said date shall not have lrcn fully raid y the
| cychonrcjoi stock rs aforesaid the alancc sfnll
lie immcAi ,tclv due from said Cen Parry 10 tie
County an Iishnll he paid in cash and its pny mott
NAV hecnl reed hy th" foreclosure OF the mott
ras given by said company.
SIC q; The Board Of Supervisors shall not
issue the bonds of the County. rs provide, d for in
| ihis act nor any portion Of TIE same until at