The Placer herald., 1862-10-11
THE RAILROAD BILL.
AN CT
70 authorize the County of Placer TO loan
its credit to ''The sacramento, Placer
and Nevada Railroad COmpany,'' to the
amount of 100000.


f0iiOiCS:
Sac l. Whenever the Sacramento, Placer and
Nevada r lilroad Company by and thfongh ils
Board of Directors and President shall make writ
ten opplicotion to the Board Of Supervisors o the
county of Placer at any regular or stated meet
ing OF said Supervisors requesting sad conhty
of Placer through its properly constituted au-
thorties. to issue to said Railroad Company the
bonds of said county in the total sum OF . Sl0U0OO,
it shall be lawful Tor sud county to issue its bonds
and dispose of them in the manner following ana
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 : lme. 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 ut which shall
be submitted the proposition of said loan to sald
Railr,td Company to he voted upon by the
qualified voters OF said county.
SEC. s. The 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. Slid Board shall cause a
notice of sud election to be published Tor the
period of tour weeks next before the day OF said
election in two or more newspapers puhllShed IN
said county which notice shall specify the time OF
sid election. the object OF the slme the propoSi-
ton to be voted upon. and the places whore the
p0lls will be opened on said day for said clec-
ti0n VIII ch shall be the same rs the precincts
fixed for said purpose at the last preceding gene
rar election. They shall also appoint judges and
inspectorS of said election and cause notice there
Of to be given rs in other elections authorized by
law. No compensation shall he allowed to any
Judge. clerk, or inspector acting at said election.
SEC. t. Upon the day liked by said order. the
said election shall be held Elch Of the electors
voting at said election. shall have written or
printed upon his ballot the words "Railroad Loan.
Yes or The words Railroad Loan, No. Said
election sh I'll be conducted and the returns there
of shall be nude out and transmitted to the
County Clerk within the time and in the manner
prescribed by law ut general elections. On the
fifteenth day after the day Of holding said election,
the Board Of Supervisors shall meet and canvass
said returns and declare the result
SEC s. If upon the canvassng Of said returns.
it shall be found that OF the votes east at said
election having written or printed upon them the
words .R tilro TT Loan, Yes or the words "Rail-
ro ID Loan. No. majority have written q print
Ell upon them ''R dlro,d Loan, No. then the duty
of the 30 ird OF Superv isOrS in the premises
shallN use and determine: but il a majority OF
the votes so cast shall have written or printed
upon them the words "RliToad Loan. Yes then
Lhe Board OF supervise shall issue the bonds OF
$ lid county. in the manner hereinafter prescribed.
SEC. G. when it shdl b. asccrtaincd in the
manner prescribed in section five of this Act. that
the majority of the votes cast at said election.
h wing written or printed on them the words
r tilrodd Loan. Yes. or "R lilrOad Loan, No.
have written or printed upon them the words
,P,ilrold Loan Yes then it shall be the duty of
said Board OF supervisors whenever thereto re
auested by the President ana Board of Directors
OF said Railroad Company, to prepare and issue
to said Railroad Company the bonds of said
county to the amount Of one hundrel thousand
dollars SAID bonds may be in sums of two hun
dred ana fifty. five hundred, or one thousand dol
lars each a. 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
issnrd: shall be payable in twenty years from
their date: shall bear interest at the rate of eight
per cent per annnm, payable Semannually on
the first days OF July and January Of each year
and shall have interest coupons attached express
sine the rate and time OF payment Of interest as
above specified. Both bonds and coupons shah
be m de tyable ut the office of the Treasurer in
said county.
SEC I. Sud bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer OF the county. and shall have the coun
ty seal affixed to each and every bond The
coupons shall be 81 gned by the Treasurer of said
county Both bonds and coupons shall be made
p,vable to the "~acramentO. Placer and Nevada
Il abroad Company or bearer. and each bond shall
bear upon its back 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 bv
delivery and whenever so executed aud ssupd
shall he the bonds OF the County of Placer. and
shall bind said county to the payment OF the prin-
cipa and interest Us therein expressed
SEC s. Whenever the bonds Of the county of
Placer shall be issued and delivered to the Rail
road Company. as prescribed in the last section.
the "Slcramento Placer and Nevada Railroad
Company" shall. at the same time deliver TO thp
President OF the BOlrd 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
INK. the same rate OF interest. and interest pavahlc
1T the same periods as the bonds of the comfy
so executed and issued. Said Railroad bonds
shall be made payable to the county Of Placer or
its order. and sh III be signed by the President
and Secretary of the Company and countersigned
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 sud 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 mortgage upon
all the property. real and personal and franchises
of said Company, then owned and possessed and
thereafter to he acquired by said company. as
security for the payment Of said railroad bonds
and coupons as prescribed in the last section:
which said mort gage shall he and express upon
its fce that it is subject to the mortgage of sid
Company made and delivered to Lester L. Rob-
ilson and Francis l.. \. Phoebe, bearing date first
OF September, eighteen hundred and siyty-one e.
and Of record in said county but shall not be sub
ect 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 hy said Rail Road Company to
the President Of the Board Of Supervisors of the
bonds and mortgage Of the Rail Road Company
rs 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, sufficient TO secure the payment of the
principal interest of the bonds of said Com
panv given to the County, at maturity. and
shall so pie ge the revenues Of the Company to
the said sinking fund that no dividends shall be