The Placer herald., 1862-07-12
THE RAILROAD LAW.
AN ACT
To authorize the County of Placer to loan
its credit to ssThe Sacramento, Placer
and Nevada Railroad Company" to the
amount of 100000.

ana nevada ta1lfO0O COmpany3'' 10 tne
amount of 100000.
The People of the State of California rep
resented in Senate and assembly, do enact as
foIo,CS:
SEC l. Whenever the Sacramento Placer and
Nevada Railroad Company by and through its
Board of Directors and President shall make writ
ten application 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 al-
thorities to issue to said Railroad Company the
bonds of said county in the total sum of 400, 900,
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
Sec 2. Upon the receipt of said petition from
said Sacramento, Placer and Nevada Railroad
Company the Board of Supervisors shall enter
tain the same, and in order to ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said Company,
said Board of Supervisors shall, within sixty days
after the receipt of said petition order special
election to be held in said county at which shall
be submitted the proposition of said loan to said
Railroad Company, to be voted upon by the
qualified voters of said county.
SEC. g. The s,id election shall be fixed by said
Board of Supervisors. for some day not less than
thirty, nor more than sixty days. from the time of
making said order. Sald board snaii cause
notice of said election to be published for the
period of four weeks next before the day of said
election in two or more newspapers published IN
said county, which notice shall specify the time OF
said election. the object of the same, the PROPOSE
tion to be voted upon. and the places where the
nolls will be opened said day for said cleo
tion which shall he the same as the precincts
fixed for said purpose at the last precedng gene
raj election. They shall also appoint Judges and
inspectors Of said election and cause notice there
of to he given as in other elections authorized by
law No compensation shall be allowed to any
ala inS election.
SIC. t. Upon the day fixed by said order, the
said election shall be held. Each of the electors
voting at said election. shall have written or
nrintel unon his ballot the words ''Ralroad Loan.
Yes.n or the words "Rtlroad Lo'n' NO. SAID
election shall be conducted and the returns there
of shall be made out and transmitted to the
Countv Clerk within the time and in the manner
prescribed by law at general elections On the
fftecntb dav after the day of holding said lection,
the Board of Supervisors shall meet and canvass
slid returns and declare the result.
SEC 5. If upon the clnvasslng OF said returns,
If shall he found that of the votes cast at said
election having written or printed upon them the
words Railroad Loan Yes or the words Rail
road Loan, No." majority have written or print
ed upon tn EN- ''R lilroad Loan, No, then the duty
of the Board of Supervisors in the premises
shall cease and determine; but If ma joity OF
the votes so cast shall have written printed
upon them the words Railroad Loan, Yes then
the Board of Supervisors shall issue the bonds oi
SEC g. When it shall be ascertained in the
manner 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
RAILROAD Loan, Yes" or "Railroad Loan, No."
have written or printed upon them the words
"Railro,d Loan Yes, then 1t shall be the duty OF
said Board Of Supervisors whenever thereto re-
ouested by the President and Board of Directors
of said Railroad Company. to prepare ami issue
to said Railroad Company the bonds Of said
county to the amount of one hundred 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 said Railroad
Company: they shall express upon their face the
n ,ture OF the same and object for which they are
issued; shall be payable in twenty years from
their date: sh I'll bear interest ut the rate Of eight
per cent p"r annnm, payable semi-annually on
the first days Of July and January OF each year.
and sh,ll have interest coupons attached express
sing the rate and time Of payment of interest as
above specified. Both bonds and coupons shall
be made plyabent the office of the Treasurer in
said county.
SEC. !. Sid bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county, and shall have the coun-
tv seal affixed to each and every bond. The
coupons shall be signed by the Treasurer of said
county. Both bonds and coupons shall be made
PAYABLE to the '.Sacramento Placer and Nevada
Railroad Company or bearer" and each bond shall
bear upon it's back Il certificate signed by the
President Of the Board OF Supervisors, and the
President of said Railroad Company, setting forth
that it is duly and formally issued as contempla-
ted by law. Said bonds shall be transferable by
delivery and whenever so executed and issued,
shall be the bonds of the County of Placer and
shall bind said county to the payment OF the prin-
cipal and interest as therein expressed.
SEC g. Whenever the bonds Of the county of
Placer shall be issued and delivered to the Rail-
road Company. as prescribed IN the last section,
and D.;t.
Company shall, at the same time deliver to the
President of the Board Of Supervisors of said
county, for the benefit of said county. the bonds
of said Railroad Company of equal number in
like amounts, maturing at the same time, bear
ing the rate Of interest. and interest payable
at the same periods as the bonds of the county
so executed and issued. Said Railroad bonds
shall be made payable to the county Of Placer, or
its order, and shall be signed by the President
and Secretary of the Company. and countersign
by the Vice President Of the Company, and each
shall bear the seal Of said company, and interest
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 said
Company.
Sec 9. The said Railroad Company shall at
the time designated in the last section by and
through its proper officers, execute under the
seal of said Company, second mort gage upon
all the property, real and personal and franchises
of said Company, then owned and possessed and
thereafter to be acquired by said compnny as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
its face that it is subject to the mortgage of said
Company. made and delivered to Lester L. Rob-
inson and Francis l.. A. Pioche bearing date first
of September eighteen hundred and sixty-on e.
and Of record in said county but shall not be sub
ject to any other mortgage or incumbrance upon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company to
the President Of the Board of Supervisors, of the
l., ,lr o1,rt Dill u