The Placer herald., 1862-08-09
THE RAILROAD BILL.

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 pun pose and the tiny CO
levied shall be known and designated as the Rail
Road Tax.
SEC. II. The tax so levied shall be assessed
and collected at the same time, by the the s,mo
officers, and in the same manner as other conntv
taxes are levied and collected for which said ~
ticcrs and the County Treasurer lor disbn,se
ments. shall receive the same rate of commence
tion us is allowed by law for the collection and
disbursement OF other county taxes The Inv
collector upon the collection of said tux shall
give to each tax payer il 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. l3. The County Treasurer shall seporote
the amount collected on rail road tax from oth.r
moneys in the Treasury and shall keep the same
in II separate fund to be called the Rail Rood
Fund, of which fund he shall keep q separate ac.
count.
SEC. ii. The Board OF Supervisors shall pro.
vide for the prompt payment Of the interest on
said county bonds. rs the same falls due and for
this purpose they shall, as nearly as possible nj
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 tx 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 aDy in
terest rs ii falls due. ii shall be the duty OF sod
Board to provide for the payment of said in,er
est out of the General Fund OF said County. ana
in such case they shall in their next levy provide
"A sufficient fund to pay the accrung annual in.
terest, aud also, to reimburse the General Fund
with the amount taken from The same to pny
said interest
SEC. 10. In addition TO the moneys arising
from he Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all monrys
paid into the Treasury Of said county by said
Rail Road Company, for interest Or principal
upon the bonds OF said company held by snid
county; and said money shall be used by the said
Board Of Supervisors for the pay yment 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 Rnil
Road Company hall eqal the amount OF interest
to fhl due upon the said County Bonds tor The
ensuing year no Kall Road Tax Shall be levied
by said Board.
SEC 6. At the expiration Of five years from the
time OF issuing said county bonds. the said board
| of Supervis0rs shall provide a Sinking Fund for
The purpose Of securing the payment OF the
principal of .ad bonds at their maturity; and for
this purpose they shall impose such special tax as
| they may deem necessary. and the moneys rising
/ thcrerorm loge her with all the moneys received
from said Rail Road Company not applied to
plvmcut Of interest shall he applied toward the
redemption Of said bonds in such manner as said
Board may deem most eXpedient for the interests
of stid county.
SEC II. The interest accrung 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 years be required 10 be paid in money to
the county, shall any proceedings for its fore
ed collection be taken within said period by the
county.
SEC 49, At the time within the said period Of
three wears when the interest upon the bonds
gvcn by the Rail Road Company to the County
Shall fail due. the Rail Road Company shall issue
a number Of shares OF iuli 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 disburse ment
! as hereinafter provided.
SEC. ~. 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, show ing The
! payment by the holder OF said receipts. or BIS
| ls.ionOrs, OF one hundred dollars OF the KAN
| Road Tax herein provided for. the said Treasurer
shah deliver to such person one share oi the iuIl
! Maid stock deposited ith him by said company,
! ana said person shall be the owner thereof. The
said tax receipts shal be transferable ny inoolse-
,nnnt and may be presented tor exchange by any
iulorsee or if indorsed in blank by the bearer
Of the same. The Treasurer shall exchange 'uii
Maid stock for said tax receipts ut the rate ni one
share OF stock for each one hundred dollars Of lax
receipts 50 long as said tax recelpts Shai De pre-
sentcd for exchange. If amy holder shall pretth'
to tbn Treasurer receipts amounting 10 more tbhD
| one hundred dollars but not amounting in The ag-
,,rn,otn TO an even number OF hundreds OF dollars,
In. Treasurer shall issue shares OF STOCK ior 'he
even hundreds, and receipt signed ny hlin loT'he
fractional sum. Such receipts shall be tTans1era-
hlr and cXchangPahle for stock In th' same m'hhef
az the Rail Road TaA Receipts.
SEC 20 so soon as the Tax collector shah
haze made his returns in each year, the County
| Treasurer shall estimate whether me amouh' u
Rail Road Tax collected for whlch Kali ho,u III"
r,cripts have been given exceeds 'hc par '"iue VI
thC f1 i noid stock which has been dt posted with
him by the Rail Road Company; and IN the even,
that there be such excess, he snail no,iiy Sm'u uu
R,il Road Company OF the fact and OF 'he
amount Of said excess, and said hail ho"u ou :.h
p,ny shall Immediately issue ana cepor,5' pn5 s,nnI
said Treasurer sufficient additional ioi p"'o ''0N"
to meet said excess. o.,;o, ,e,
Src, 81. The County Treasurer shall receipt 10
the Rail Road Company for all tine sloch feCe,'eu "
l,v him from said Rail Road Company anu F"".,
preserve all receipts received ny nun ~ nSd
for stock rs his vouchers tor saio eAch'"so' ~, |
chill otl he same time of receiving such Iec'iP,S9
C1cnIlnd', ON the face OF each, and hali
in , hook kent for that purpose keep an accoun'
If thn stock received and the tax rece1p's g"
changed lor STOCK. r.o,, the
Src, 22. At the end of three years from n:s tne
time of issuing said bonds provided loi ~ w. ' n
Act The County Treasurer shall credit INC mn
pool Comn,ny upon the interest due or 10 ,.e, n1
oon,n dur upon its said bonds, WIN i"e i"' n's
n,ount or stock which during sald per'ou w
i,nn, nvch,noed 70 said railroad tax rece'p.sJ;
lcse an amount equal to the sums "'ioMeu , ' ,be
Maid to said Tax Collectors ana 1re'sui'' .niI,oad
collection and disbursements OF saiu ~ oon-
t,a sb,lI rn,nrn to said Company inc cou
,,cnc for the interest thus paid ana any a en -
sstnc, which may be in his hands uneAch""s r ~
re- tho intnroet npon said railroad bonus "p ,to
. s,id dnto shall not have been 1uliy P"," sb,J
exchange OF stock As aioreSaiu' NV m 10 The
, he Immediately due from said con P.any
/ II N. Maid