The Placer herald., 1862-10-25
THE RAILROAD BILL.
AN ACT


a.. credit to ''The sacramento, Placer
90 Nevada Railroad Company" to the
amount Of 100000.
T5. People Of the State Of California rep
..,rmted IL Senate and Assembly, do enact as
SEC l. Whenever the Sacramento. Placer and
Nevada r .ilroad Company by and through its
Roard of Directors and President shall m Ike writ
ten application to the Board of Supervisors Of the
county of Placer at any regular or stated meet
inv of said Supervisors requesting said co ,nty
of Placer. through its properly constituted uu-
tborities to issue to said Railroad Company the
bonds of said county in the total sum Of 5 1000.
it shall be lawful for said county to issue its bonds
and dispose Of them in the manner following aud
subject to the following conditions.
SEC 2. Upon the receipt of said petition from
said 5 S.cramentO. Placer and Nevada Railroad
Company the Board of supervisors shall enter
t,n the stme, and in order to ascertain whether
the people Of said county are willing that it's
credit shall be loaned as desired by said Company.
said BD ,rd OF Sup rvsOrs shall. within sixty days
after the receipt of said petition, order spec ial
election to be held in said county at which shall
BE submitted the proposition of said lotn to said
Railr,M Company to be voted upon ny the
oualified voters Ol said county.
SEC 8. The 8 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. Said Board shall cause u
period of four weeks next before tn" day of said
election in two or more newspapers published in
said connty which notice shall specify the time OF
said election, the object OF the same, the PROPOSE
tion 10 be voted upon. and the places where the
nolls will be opened on said day for said rlpc-
tion VIII ch shall he the same us the precincts
fixed for said purpose at the last preceding gene
raj election. They shall also appoint judges and
inspectors of said election and cause notice there
of to be given as in other elections authorized by
,t,.lI l.n.
Judge clerk, Inspector acting at said election.
SEC. 4. Upon the dry fixed by said order, the
said election shall be held. E'ch Of the electors
voting at said election. shall have written or
printed upon his ballot the words Railroad Loan.
Yesn or the words RAILROAD Eoln No. Said
election sh I'll be conducted and the returns there
of shall be m tle 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. 5. If upon the c1nvassing of said returns
it shall be found that Of the votes cast at said
election having written or printed upon them the
words "R .irod Loan Yes" or the words "Rail-
road Loan No. Il majority have written or print
ed upon them .'R ,ilroad Loln, No." then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but if majority Of
the votes so cast shall have written orSprinted
unon them the words Railroad Loan. Yes' then
tn. Board of Supervisors shall issue the bonds OF
said county in the manner hereinafter prescribed
SEC s. When it shall be ascertaincd in the
manner prescribed in section five of this Act that
the majority of the votes cast at said election
having written printed on them the words
"R,ilroad Loan Yes" or "Rlilroad Loan No."
have written or printed upon them the words
Railroad Loan. Yes" then it shall be the duty of
said Board OF Supervisors whenever thereto re-
qnesled. by the President and Board Of Directors
of said Railroad Company to prepare and issue
TO said Railroad Company the bonds of said
comfy to the amount of one hundre thousand
dollars Said bonds may be in sums of two hun
dred and fifty, five hundred. or one thousand dol.
lars each. as may be requested by said Railroad
Company; they shall express upon their face the
n ture of the sam. and object for which they are
issued: shall be payable in twenty years from
their date; shall bear interest ut the rate of ight
per cent per annum. payable semannnay on
the first days OF July aud january If each year
and shalt have interest coupons attached express
sing the rate and time OF payment Of interest as
above specified. Both bonds and coupons shal
be- m de " lble ut the Office of the Treasurer in
said county.
SIC 7. Slid 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 sell affixed to each md every bond. Tho
coupons snail be signed by the Treasurer of said
county Both bonds and coupons shall be made
PAYABLE to the sacramento. Placer and Nevada
Railroad 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 us contempla
ted by law Said bonds shall he transferable bv
delivery and whenever so executed and issued.
shall he the bonds of the County of Placer and
shall bind said county to the payment of the prin-
cipal and interest AS therein expressed.
SEC 8. 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 .S.cram"nto. Placer and Nevada Railroad
Company shall, at the same time deliver to the
President of the Botrd OF Superv isors of said
countv for the benefit of said county. the bonds
of said Railroad Company of equal number in
like amounts. maturing ut the same time. bear.
ing the same rate Of interest and interest payable
at the same periods rs the bonds OF the county.
30 executed and issusl Said Railroad bonds
shall be ade payable to the county of Placer or
its order and Shall he signed Ivy the President
and Secretary of the Company aud countersgned
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 said county bonds. which cou-
pons shall be signed by the Treasurer OF said
Company.
SEC g. 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, IA second mort gage upon
all the property, real and personal and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said compnny, us
security for the payment of. said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
Its face that il is subject to the mortgage of sid
Company made and delivered to Lester l.. Rob-
inson and Francis l.. a. Phoebe. bearing date first
of September, eighteen hundred and sixty-one,
and OF record in said county, but shall not he sub
ject to any other mortgage or iucumbrance upon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company to
the President of the Board OF Supervisors oi the
bonds and mortgage OF the Rail Road Company
as prescribed in this Act.
Sec. 10. The mortgage provided for in the
last sectinn shall nroyide BY its terms for sink.