The Placer herald., 1862-03-01
Anproyed April %. 1860

,foVO,os:
SECTION. /. 1t shall be the duty of the Board
of Trustees Of the town of Auburn to call a spe-
ci,l election in said town for the purpose of sub
mtting to the qualified electors of said town the
proposition for said town to subscribe fifty thou
sand dollars to the capital stock Of the Sacrlmcn
to. Placer and Nevada Railroad Company.
SEC. 9 At any time after the passage OF this
act whenever twenty-five citizens and tax payers
of said town of Auburn shall petition the Board
of Trustees to that effect, it shall be the duty of
said Board Of Trustees to cause notice OF at least
twenty days, TO be published in the Placer Her.
aN published at Auburn stating that said propo-
siiOn will be submitted to said qualified electors
and the time and manner of voting thereon.-
Said Board of Trustees shall also cause ballots to
he PREPARED. w, tn the words "Subscripton to the
SACRAMENTO Placer, and Nevad;, Railroad Com
panv" printed thereon. Every ballot in favor of
said proposition shall have The word ~ es' writ
ten or printed thereon. and every ballot against
said proposition shall have the word Mo- writ
fen or printed thereon The ballots shall be
opened and counted in the same mannr as the
ballots for corporation officers of said town, and
when opened and counted the Board Of Trustees
shall declare the result.
SEC g. If at said election Il greater number OF
the electors of said town voting on said PROPOSE
tion shall vote Yes" upon said proposition than
shall vote NO" then aud in that event said
Board of Trustees is hereby authorized, empow-
cred and directed, in the name OF and on behalf
of the said town Of Auburn. and for the use and
benefit of said town. TO take and subscribe to the
capital stock Of the Sacr mento. Placer and Ne
vada Railroad Company, fifty thousand dollars.
Sec 4. Said subscription shall be made by said
Board of Trustees. who shall perform that duty
Immediately thereafter
SEC s. Said Board shall make such subScrip
ton with condition that the same be paid in
the bonds of said town of Auburn. to he issued
rs hereinafter directed. and not otherwise: and
for said subscription said bonds shall be received
at par. dollar for dollar Of the subscription
SEC 6. Sid Board of Trustees Immediately
SITTER said subscription shall have been made.
shall issue the bonds of said town. in sums Of not
less than two hundred and fifty dollars each, to
the amount Of said subscription. payable to the
Sacramento Placer and Nevada Railroad Com
pany. Said bonds shall draw interest at the
rate of light per cent per annum, interest pay
able semi-annualy on the first day Of January
and June and shall be made payable at the office
of the Treasurer OF said town. or in the city OF
Sacramento or San Francisco, at the option of
said railroad company. and the interest shall be
made payable at the same place where the princl-
pal is made payable Said bonds shall be made
payable at the end OF twenty years from the day
of their issuance, and shall be signed by the
President ana Clerk OF the Board of Trustees in
the presence of the Board of Trustees; and it shall
be the duty of said Board Of Trustees to cause
the fact of such signing, and the amount. date,
and number, of each bond, to be entered on their
journals and also the time when and where pay
able. When said bonds are issued as above dl-
rected it shall he the duty of said Board OF Irus-
tees to deliver the same TO the Board OF Directors
of said railroad company, and take a receipt
from the President and Secretary OF said Board
of Directors for the same, stating the amount.
date. and number. of each bond. and the time
when payable, which receipt shall be copied on
the journals Of said Board Of Trustees, and filed
away with Clerk Of the same.
SEC. I. Coupons for the interest shall be at
chnIt tn oh bonI e.
moved without mutiltting the bond and said cou-
pons shall be signed by the President and Clerk
of said Board OF Trustees. When any interest
shall be paid on bond. the coupon Tor the ill.,
terest then due and paid. shall be detached and
delivered to the Clerk OF the Board of Trustees
and by him at once cancelled: and the said Board
shall cause the same to be posted with the pro-
ceedings of the Board. on their journals, at the
next meeting of the Board after the same is re-
ceved.
Trustees of the town OF Auburn, to levy tax on
all the taxable property of said town, in the
month of March OF each year, to be styled an
'.lntercst Tax" sufficient to pay the amount of
interest required tC be paid each year: which tax,
when collected shall be paid over to the Treasurer
Of said town, to be by him applied to the pay
ment of said interest as it falls due. Said tax
shall believed and collected as other taxes of said
town are by law levied and collected.
SEC. 9. 1t shall be the duty of said Treasurer
to make arrangements. out ol sad moneys, Tor
the payment of the interest said bonds ut least
thirty days before the time of payment.
SEC. 10. Whenever any dividends shall be de-
clared and paid over to the Board OF Trustees of
said town on the railroad stock issued to said
town. and the same shall amount to one thousand
dollars or more, it shall be the duty of the Treas
urer of said town to advertise for thirty days, in
some newspaper published in said town, aud also
for thirty days in some newspaper published
where the same are payable for proposals for the
redemption of said bonds; prOcided the same
shall not be for more than their par value. All
proposals for the surrender of bonds shall be
companed by the same and shall be opened in
the presence of the Board OF Trustees, who shall
receive the proposal of the lowest bidder; and,
when any bond shall be redeemed, the President
shall write the word ''canceed' on the face of
the same. in the presence OF the Board. and the
Clerk shall enter the fact of such cancellation,
and the amount and date. and number, of the
bond on the journals of the Board, and the Presi
dent shall sign his name and the date Of the same
under the word ''canceled.'
SEC IL. The said Board Of Trustees shall, by
resolution. authorize, from time to time, their
President or any member of the Board. to cast all
votes representing the stock belonging to said
town. in all meetings o! the stockholders OF said
railroad company.
SIC. ~. Said Board of Trustees shall have the
power at any time, to submit to the qualified cleo
tors of said town the proposition to sell. transfer,
and assign. said stock having given twenty days
previous notice in newspaper published IN sad
town. stating in said notice the mode and manner
of SO doing; and if IL majority of the electors
voting on the proposition vote in favor of said
sale, transfer. and assignment then said Board of
Trustees may sell, assign, CT transfer; prOrided,
that all the proceeds Of such sale. transfer or as
signment. shall be applied towards the redemp-
tion OF said bonds. as provided in section ten OF
this act: and propided also, that the said Board
strictly comply in mode and manner us advertised.
SEC -. II any of said bonds are outstanding
aud unpaid at the end Of seven years from the
date Of their issuance. it shall be the duty Of said
Board of Trustees to levy and collect annually. in
the same manner G other faxes are InvisI and