The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1862-11-15
THE RAILROAD BILL.

Tor 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 so taxed for said put pose and the tax so
levied shall be known and designated rs the Rail-
Road Tax.
SEC. H. The tax so levied shall be assessed
and collected at the same time, by the the same
officers, and in the same manner other county
taxes are levied and collected, for which said Of
fcers and the County Treasurer, for disburse-
ments shall receive the same rate Of cOmpcnsa-
ton as 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 Il separate receipt which
shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall he
printed and 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 from other
moneys in the Treasury and shall keep the same
in Il separate fund to be called the Rail Road
Fund of which fund he shall keep separate nc
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 for
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, and
shall fix the levy 1T 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 il falls due. ii 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 they shall in their next levy provide
Il sutfci, mt fund to pay the accrning annual in
terest and also. to reimburse the General Fund
with the amount so taken from the same TO pay
said interest.
SEC 10. In addition to the moneys arising
from The 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 be used by the said
Board of Supervisors for the payment 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 by the said Rail
Road Company shall coal the amount of interest
to fall due upon the said County Bonds for the
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC. lG. AT the expiration of five years from the
time of issuing said county bonds. the said board
of Supervisors shall provide 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 rs
they may deem necessary and the moneys rising
therctorm toge her with all the moneys received
from said Rail Road Company not applied TO
payment of interest shall be applied toward the
redemption of said bonds in such manner as said
Board may deem most eXpedient for the interests
of said county.
SEC. II. The interest accruing 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 expi,ution of said
three wears be required to be paid in money to
the county, nor shall any proceedings for its fore
cd collection be taken within said period by the
county.
SEC 49, At the time within the said period of
three wears when the interest upou the bonds
given Inv the Rail Road COMPANY to the County
sha II f dine the Rail Road COmpony shin III issue
a number of shares of full paid stock of said
oompony equal in value at par to the amount of
said interest and shall denosit said stock with
the Treosurer of said county for his disbursement
nc hnrain,ttnr nrov;dcd
Src, 10. Unon thc presentation and delivery To-
said County Treasurer of one or any number of
the Rail Road Tax Rpceints ment oncd in Sanction
eIeven Inv nnv bodcr Of thr samc showino tho
nuvment Inv the holder of said REGENTS or His
rs:Unors of one hundred dollars of tbe 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 reccipts shall be transferable by ndorse
mcnt and NAV he presented for EXCHANGE Inv nnv
indorsce or II Endorsed i'm blank bv tbe bearer.
oI the same. The Treasurer shall cychoncc mil
nod stock for said tax receints nt tho rntr or onc
share OF stock for each one hundred dollars of tax
rrc.ints so lone MS said tax receints shall he nre
sentcd for exchange If any holder shall prescnt
to tbe Treasurer receipts amounting TO more than,
one hundred dollars but not amounting in the 40
oreonte TO an even number of hundreds of dollars.
Tho Tre,snrrr shall issue shares of stock tor Tho
oven hundreds and recent stoned Inv him for tho.
fractional sum. Such recepts shall be trnnsfera.
Lo and nvcb,nae,hlnt for stock in tbasnme monnor
os SO thn Rail Road Toy Rccrints.
40 sc sr % 60 coon ne me Tax Co,lo.tor sbo,1
nnI ,naJa his rotnrns in a,ch war tha Commtn
mns i,,'ue LIZ u ,int %oth ne Huu"y
YAH nav co,lnntcd for which R Rou% ,or
h,ve heen oiven axcenJs Tho nnr n,no Of
o r. II nad stock wbich has been Jc p"sited Win
hin; hin NV he Rail r, nd Comnnnv:nnd in the cvent
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.