The Placer herald., 1862-11-22
THE RAILROAD BILL.

levy special tax upon all the real and personal
property within said county subject TO taxation
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
hundred dollars OF said taxable property which
shall be taxed for said pu, pose. and the tax so
levied shall be known and esignated as the Rail
Road Tax.
Sec II. 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
Gcers and the County Treasurer, for dsbursc-
ments. shall receive the same rate of compensa-
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 payer separate receipt which
shall show upon its face the amount of rail road
tax so paid by him. These receipts shall be
printed aud all similar in form; differing only in
name, date and amount.
SEC. IS. The County Treasurer shall separate
the amount collected on rail road tax iron other
moneys in the Treasury and shall keep the same
in IL separate fund to be called the Rail Road
Fund, Of which fund be shall keep separate ac-
count.
SEC. a. The Board Of Supervisors shall pro-
vide for the prompt payment of the interest on
said county bonds. as the same falls due. and Tor
this purpose they shall, as nearly possible at
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 year, ard
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
a sufficient fund to pay the accruing annual in
terest. and also. TO reimburse the General Fund
with the amount So taken from the same 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 principal
upon the bonds of said company held by said
county; and said money shall he 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 eqal the amount OF interest
| to fail due upon the said County Bonds for the
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC. Is. At the expiration of five years from the
time of issuing said county bonds, the said board
of Supervisors shall provide u 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
thcreform together with all the moneys received
from said Rail Road Company not applied TO
!
redemption of said bonds in such manner as said.
Board may deem most cXpcdient for the interests
of said county.
SEC II. The interest accrung 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 be required to be paid in money to
the county, nor shall any proceedings for its loc-
ed collection be taken within said period by the
county.
SEC is. at the time within the said period of
| three years when the interest upon the bonds
| given 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
rs hereinafter provided.
SEC. 10. Upon the presentation and delivery TO
said County Treasurer of one any number OF
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder of the same showing the
payment by the holder Of said receipts. his
assignors, 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 with him by said company,
and said person shall be The owner thereof The
said tax receipts shall he transferable by ndorse.
ment and may be presented for exchange by any
indorsce, or ii Endorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate Of one
|
receipts so long said tax receipts shall be pre-
| scented for exchange 1t any holder shall present
| to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the ag-
gregate to an even number OF hundreds OF dollars
the Treasurer shall issue shares of stock for the
even hundreds, and recei pit gned by him for the
fractional sum. Such receipts shall be transfers.
bic and cXchangeabe for stock in the same manner
| as the Rail Road Tax Receipts.
| Sec. 20. SO soon as the Tax Collector shall
| L..
Treasurer shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par value of
the full paid stock which has been deposited with
him by the Rail Road Company; and in the event
that there be such excess, he shall notify said
Rail Road Company Of the fact and Of the
amount Of said excess. and said Rail Road Com
pany shall immediately issue and deposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
The Rail Road Company for all the stock received
by him from said Rail Road Company, and shall
! preserve all receipts received by him in exchange
for stock, rs his vouchers for said exchange, and
shall at the same time of receiving such receipts
| write "Cancelled' on the face OF each and shall
in book kept for that purpose keep an account
of the stock received and the tax receipts ex-
| changed for ST ock.
SEC. %. At the end Of three years from the
| time of issuing said bonds, provided for in this
| ACT lnp OOuuty treasurer suuIl credit the Ru1l
Road Company upon the interest due, or to be
come due, upon it's said bonds, with the full
amount of stock which during said period has
been exchanged ior said railroad tax receipts
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for the
collection and disbursements of said railroad
taxes. and shall return to said Company the cou-
pons for the interest thas paid and any shares of
stock. which may be in his hands unexchanged.-
If the interest upon said railroad bonds up to
date shall hv thp
exchange OF stock rs aforesaid, the balance shall
be Immediately due from said Con pany TO the
County and shall be paid in cash, and its payment
may be enforced by the foreclosure Of the mort
gage given by said company.
Sec. %. The Board of Supervisors shall not