The Placer herald., 1862-09-13
THE RAILROAD BILL.

for the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bOrds. In making said levy said hoard
shall designate the number OF cents on each one
hun red dollars of said taxable property which
shall be so taxed for said pui pose and the tax SO
levied shall be known and designated us the Rail
Road Tax.
SEC H. The tax so levied shall be assessed
and collected at the same time. hy the the same
officers, and in The same manner AZ other county
taxes are levied and collected, for which said Of
hccrs and the County Treasurer, Tor disl,uIse-
ments. shall receive the same rate Of compensa-
ton rs is allowed by law Tor the collection and
disbursement OF other county taxes. The tax
collector upon the collection OF said tax shall
give to each tax tyer II separate receipt which
shall show upon its lace the amount OF rnil road
tax so paid by him. These rrc,i ipts shall lie
printed and all similar in form; differing only in
| name. date aud amount.
SEC l3 The County Treasurer shall separate
the amount collected on rail road lax irCm Other
moneys in the Treasury and shall keep the same
| in Il separate fund to lie callci the Rail Road
Fund of which iund he shall keep separate ac-
| count.
| SEC A. The Board Of Supervisors shall pro-
vide for the prompt payment oi the interest on
| $ i'll county bonds. as the same falls cue. ard Tor
| this purpos" they shall. as nearly us Otsihle ut
the time of making the annual levy. stimaie the
per cenlagc of tax necessary 10 be levied to meet
| said interest for the next succeeding year, and
shall fix the levy at said amount. Should there
for amy reason he IL deficiency in the Rail und.
derived from said tax for The pas mrnt of any in
trrrst as it falls due. il shall I lh" duty vi said
Board to provide ior the payne nj of said inter
est out ol the General Fund oi said c. Cniv. and
| in such case they shall in their next levy provide
Il sutiici, mt fund to pay the acciuin9 annual in
tprcsI and also. to reimburse the General Fund
with the amount SO taken from the same to pay
said interest.
SEC Is. In addition to the moneys arising
from he R,il Road Tax aforesaid the County
Treasurer shall also place in said Fund all nolnIs
paid into the Treasury Of said county hy said
R,il Road Company. for interest or prlnci pal
upon the bonds of sld comrnny held hy said
county; and said money shall i'e us'd by the said
Board OF Supervisors for the pay ment OF interest
on said County Bonds in like manner AZ the mo-
nry raised by said Rail Road Tax. Whenever
the amount paid into said Fund hy The said Ral
Road Company hall eqal The amount OF interest
to flll due upon the said County Bonds Tor the
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC. l6 At the expiration of five years Fl ON the
time of issuing said county bonds. the said Lonld
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 MS
they may deem necessary. and The moneys rising
thereform ioge 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 InOst e&peulcnt lOf interests
of Said county.
SEC. II. The interest accruing upon the Railroad
Bond~ given by the Company to the County dur
ing the period OF three years from the date of
said bonds shall not until the expiration OF said
three years be required TO be paid in money TO
the county, nor shall any proceedings for its foic
ed collection be taken within said period by the
county
SEC. IS. At the time within the said period of
three years when the interest upon the bonds
ID II a 4
Shall fill due. the Rail Road Company shall issue
a number of shares OF fall paid stock of said
company equal in value al par to the amount Of
said interest. and shall deposit said stock with
the Treasurer of said county for his disbursement
rs hereinafter prnvid
SEC. -. Upon tho presentation and delivery to
said County Treasurer of one or any number of
the Rail Road Tax Receipts mentioned in Section
eleven. by any holder OF the same. show ing The
payment by the holder OF sand receipts. or is
as-i .nors. ot one hundred dollars OF the Rail
ko,u Tax herein provided for. the said 1reasul,r
shall deliver to such person one shaIc OF the tull
paid stock deposited i,h him by said t,nralv,
and SAM pcison shall be he Uwnu Ihti,ct The
said taN receipts ehl he tralsttal H. /, ird,ue.
nent ANA may ne prrseht,u itl exchange /, ;Iy
uuolscc, or ii in"olsed in hlaIk ly The bearer
%, thr same. I he Treasurer shall Atlan.c full
paid stock Tor said tan recci pis al the rate ol ole
oi stock. Tor each one hundr' dollars Of tax
receipts 81 long as said tax receipts shall be- pre-
to the Treasurer lecri is ;nounting to mole linn
one hundred doilals lu not ;n, uniting in the ap-
gregatc 10 an even number Of hnnul, ds OF dollars,
the Treasurer III, III l,su" shares of slock fer The
even hunurr's. and receipt signed ly him IT the
fractional sum. such receipts shah be trunsf,ra-
bic ans rXchangcabeIor stock in the same manner
as the Rail Road lax Receipts.
SEC. 20. 80 soon as the lax Collector shall
haze made his returns in each year, the County
Trcasui "a shall estimate whether Ihe mount r.
R,l I,o,u lax collected Tor which Rail Road tax
T. crIps have been given Xcc ds the pai value Of
the #, paid stock wh, has been Il, Osii With
hlm by Inc Rail H. ad Company and III ih" c,tlt
that there he such cAc,ss he shah LotIly said
Raul Road Company OF the fact and of the
,nuunl Of said excess. and said Rail Read {. NJ.
p.ny shall immcdial,ly issue AID ,,posit with
saiu Trcasu,ei sufficient additional lul paid stock
to meet said tXc'ss
SEC. II. The County Treasurer shall r, crilt to
the Rail lioau Company tor all th" STOCK r c. wed
hy him ilum said Rail Road Company. and Il all
preserve all receipts r. ceiv, L.! him in tXclu, pe
lor stock rs his vouchers Tor said rAthanec ni d
shall at he same time OF receiving such rc.i, IL
write Cancelled on ih" face Of "a, h, aud shall
in II hook kept for That purpose keep an ucoult
of the stock rrcci, ed and the tax r.ctip,s tx.
changed Tor stot k.
SIC. %. Al the end of three years frcm the
time of issuing said bonds pr vitltd 10, in Ills
Act the Couny Treasurer shah cienii the E;il
Road Company upon the interest due. or to lie
come due. upon It's said bonds. with tie Ill
amount ol stock which during said rtri,d las
been exchanged 10 said r,licid tax ,,tei1ts.
loss an amount equal to the suns alh w,d u,d
paid to said Tax COLLECTORS ard 1nasul,l icrtle
collection and di,bulst mcnts Of said rnih, ad
taxes and shall return to said Company The t(u-
pons for the interest thus paid and any shults of
stock " hch may he in his hands uneXchaneed.-
If the interest upon said raiicad londs up TO
said date shall not have been fully paid the
exchange OF stock as aforesaid, the alance shall
he Immediately due from said Con pany to the
County and shall be paid in cash, and lis payment
may he enierced Ivy th" foreclosure Of the mort
gage given by said company.
SEC. % The Board Of Supervisors shall not
issue the bonds Of the County. as provide for in
this act nor any portion Of tie snme until at