The Placer herald., 1862-09-13
THE RAILROAD BILL.
AN CT
To authorize the County Of Placer to loan
its credit to s'The Sacramento, Placer
and Nevada Railroad Company" to the
NJ, ,unt of SlOD.ODO.

and Nevada Railroad Company" to the
amount Of 100000.
The Peopie of the State Of California rep
resented IN Senate and .Assem5iy, do enact as
fOuOtDS:
SEC |. Whenever the Sacramento. Placer and
Nevada L ,ilroad Company by and through its
Ro,rd of Directors and President sha I'll m Ike 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 co 'h'y
of Placer. through its properly constitute" au-
thorties to issue to said Railroad company n" .ne
bonds of said county in the tOt.l sum OF Sl0O00o,
it shall be lwNll for said county to issue It's %" Is
and dispose Of them in the m lnaer following ana
subject to the following conditions.
SEC. 2. Upon the receipt Of said petition from
said ) ,crtn .nto. Pllccr and Nevada Il Rnlroat
Complny the BDtrl OF sup 'rviSors shall enter
tain the s,me. an in order to ascertain whether
I'm. u.,pl. of sud coilty are willing that its
credit sl al he l)tne IA Ir>re by said Company,
said 5,,ri Of SIP rviSors sh Ill. within sixty days
after the receipt OF S,ii prtiinn order spec EIl
election to D. hei in sud county At which shall
be sI nm tied the proposition OF SlIl l)th 10 S,i'
Rtilr I'D Conplny to he voted up9! ny inc
qullii al voters OF said county.
SEC 3. The i'll election saul he liked ny said
Board Of Supcrvi sors for some day not less lhdl
thirty nor more thlu sixty days from The tine ol
m king s,il Orlr. Sui Board ~h Ill cause
notice of sud election to he published Tor the
perio of lOur weeks next before tn" dly OF stld
election in two Or more ne"sptp rs ph1li'hei IN
s,id coauty which nOtice shall specify the time OF
s,id election the OH ,ct of the s,me, the PROPOSE
tion 10 be votel up,h. and the places where the
polls will be opcncd on said day for said rlrc-
ton VIII ch sh III ne the same AS the pr 'cincts
fixed Tor said purpose at the last preceding gene.
raj election. rney shall ais appoint Judges and
inspectors of said election ana c,lsc notice there
in In al
law No compensation shall oe allowed TO amy
iulyo clerk or Inspector acting at said election.
SEC t. Upon the day liked ny sIld order. the
said election shall he heidi E,ch Of the electors
voting at sid election. sh Ill have written or
printed upon his ballot the words "Rdlroid Loan.
Yes or ihe worlS "Rlilrotd Lon, No. Said
election sh I'll be conducted and the returns there
of shall be mtle out AMI transmitted to the
County Clerk within the time anl in the manner
prescribed by law ut general elections. On the
fifteenth day after the day Of hold ng said lection,
the Board of Supervisors shall meet and canvas
said returns, and declare the result
SEC ). II upou the clnvlsslnS of said returns,
il shall be found that OF the votes cast at said
election having written or printed upon them the
words Railroad Loan, Yes or the words "Ral-
road Loan. No." Il majority have written or print
ed upon them "R .ilrold Loln, No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but il a majority OF
upon them the words Railroad Loan, Yes then
the Board of Supervisors shall issue the bonds OF
said county in the manner hereinafter prescribed.
SEC. 6. When it shall be ascertiined 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 "R,road Loan, No."
have written or printed upon them the words
"Railrotd Loan. Yes, then it shall be the duty of
said Board OF Supervisors whenever thereto re-
agested by the President and Board of Directors
OF said Railroad Company, to prepare and issue
to said Railroad Company the bonds Of said
county to the amount of OAe hnndrci thousand
dollars SAID bonds may be in sums of two hun
dred and fifty. five hundred. or one thousand dol
Itrs each. ~ IN " he requested by sal Railroad
Company; they sh I'll express upon their face the
n ure Of the sun and object for which they are
issued: shall he payable in twenty years from
their Il tie: shall bear interest ut the rate Of ei.h
per cent per anintn. payable Seni-annnaIy on
the first days Of July ami January # each year.
and sh 1T have interest coupons attached express
sinr the rate and time OF payment Of interest II
above specified. Both bonds and coupons shall
be IN ,de payable At the Office OF the Treasurer in
said county.
SEC /. 5 ,id bonds shall each be signed bv the
Pre>id mt OF the Board OF Supervisors aud the
Treasurer of the coaniy. and shall have the coun
ty seI AFFIXED to each and every hold. Th..
coupons shA,l he Signcd by the Treasurer of said
county. Both 10 IDS and coupo IS shall he mitlr
y ,vailp to the sacramento. Placer and N"vad.
railroad Company or bearer. and each bond Sh III
bear upon its back cert lclte signed by the
President of he Board of Supervisors. and the
President Of said Railroad Complny, setting forth
that it is duly and formally Issued as contempla
ted i,y law. Said bonds shall he transferable bv
delivery and whenever SO executed aud issued
81, he the bonds OF the County OF Placer. and
shall bind said couhty to the payment of the prn-
ciuI nd interest .lS therein pXDrpSSt,u
SEC s. Whenever the bonds of the county of
Placer shall be issued and delivered to the Rail
rml Company. as prescribed in The last section.
the "Slcram INTO. III ,c"r and N"vlIl K ,ro al
Compuny' shill. ut the sun time deliver to the
President OF tl" Bbrl of Sup"rvi isOrS of said
,nu ,tv. for the 'rntit Of said county. the bonds
If sid Halro,l Company of 20 III nnnbcr in
like in,Iul>. m mttu:ing at the sane time bear
ing The same tie oI interest. Ind interest D ,vahlc
It the IN ri0'lS as tn" 10 IlS OF the county
50 tx .cuted AMI isSuel. Stid r tilrpld bond.
81 III be IN ule pay c tp the county of Placer or
its order. ana sh Ill he si.nel ny the President
aud Secretary OF The Conplny ald connt"rSignc,i
hv the Vice President OF the Company. and each
shall bear thn So ii Of said company. and interest
coupons shall II" attached. corresponding in date.
amount. rate and time Of pIymcnt. with the con
pous ATTACHED to : id county bonds. which con.
pons shall be signed by the Treasurer OF said
Conptny.
SEC. 8. The said Railroad Company shall at
the ii ne designated in the last section. by and
through It's proper officers. execute under th.
seal Of said Company, II second mort gage upon
all the property. real and personal and franchises
of said Company. then owned AMI possessed and
there Utter to he acquired by said compnny. ~
security for the plym mt of said railroad bonds
and coupons as prescribed in the last section:
which said mortgage Shil he and express dpnn
its face that i, is snhcc to the mortgage OF sid
Company. made aud delivered to Lester l.. Rob.
ilson and Francis l.. \. Phoebe. bearing d te first
Of SEPTEMBER eighteen hundred and sixty-one.
and of record in said county but shall not he sub
ect to any other mortgage or incumhrance upon
said property. The bonds Of Placer County shall
only be delivered to said R,iI Road COMPANY
upon the delivery hy slid Rail RnadzGompany. to
the President Of the Board Of Supervisors of the
bonds and mortgage Of the Rail RSNd Company
as prescribed in this Act.
SEC 10. The mortgage provided for in the
last section shall provide by its terms for sink
ing fund to be reserved from the revenues Of said
Company, suffic lent to secure the payment of the