The Placer herald., 1862-10-04
THE RAILROAD BILL.

for the purpose of meeting the whole amount of
interest to become due within said year upon said
County bonds. In making said levy said board
shall designate the number of cents on each one
hundred dollars of said taxable property which
shall be so taxed for said purpose, and the tax SO
levied shall be known and designated as the Rail
Road Tax.
SEC. IL. The tax so levied shall be assessed
and collected at the same time, by the the same
officers, and in the same manner as other county
taxes are levied and collected for which said Of
fcers and the County Treasurer, for dlsburse-
mcns. shall receive the same rate of compensa-
tion us is allowed by law for the collection and
disbursement of other county taxes. The tax
collector upon the collection of said tax shall
give TO each tax payer separate receipt which
Shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall Re
printed and all similar in form; differing only in
name date and amount.
SEC l3. The County Treasurer shall separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in Il separate fund to be called the Rail Road
Fund of which fund he shall keep separate ac-
count.
SEC H. The Board of Supervisors shall pro-
vide for the prompt payment of the interest on
said county bonds. as the same falls due and for
this purpose they shall. as nearly as possible at
the time of making the annual levy, estimate the
per centage OF tax necessary to be levied to meet
said interest for the next succeeding year, and
shall fix the levy at said amount. Should there
for any reason be deficiency in the Rail Fund,
derived from said tax for the pay ment of any in
tciest as ii falls due. il shall be the duty of said
Board to provide for the payment of said inter-
est ont OF the General Fund OF said County and
in slch case they shall in their next levy provide
a suhici, mt fund to pay the accruing annual in
terest and also, to reimburse the General Fund
with the amount 50 taken from the same to pay
said interest.
SEC IS. In addition to the moneys arising
from he Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all moneys
paid into the Treasury Of said county by said
Plil Road Company, for interest or principal
upon the bonds of said company held by said
county; and said money shall be used by the said
Board OF Supervisors for the payment of interest
on said County Bonds in like manner as the mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Rail
Road Company shall eqal The amount of interest
to f.ll due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. lG At the expiration of five years from the
time of issuing said county bonds. the said board
Of Supervisors shall provide a 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 as
they may deem necessary and the moneys frisiDg
thercform toge 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 most eXpedient for the interests
of said county.
SEC II. The interest accruing upon the Railroad
Bonds given by the Company to the County dur
lag 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 folc-
cd collection be taken within said period by the
county.
SIC. IS. At the time within the said period of
three years when the interest upon the bonds
given by the Bail Road Company to the County
shall fll due. the Rail Road Company shall issue
a number OF shares OF full paid stock of said
company equal in value at par to the amount of
said interest, and shall deposit said stock with
the Treasurer of said county for his disbursement
as hereinafter provided
SEC. l9. Upon the presentation and delivery to
said County Treasurer of one or any numher of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder OF the same showing the
payment by the holder Of said receipts or his
assignors, OF one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver TO such person share of the full
paid stock deposited ith him by said oomnonv
and said person shall be ihe owner thereof The
said tax receipt, shall be transferable Ly indorse
meut and may be presented for exchange by any
indorsre. or ii inGOrsed in blank by The Le,rer
OF the same. 1he Treasurer shall EXCHANGE fnll
paid stock for said tax pts at the rate of one
share OF stock Tor each one hundred dollars of toy
receipts so long as said tax receipts shall be nre-
seated Tor exchange. II any holder shall nresrnt
TO the Treasurer receipts amounting TO moro tban
one hundred dollars but not amounting in the 40
grcgate TO an even number OF hundreds of dollars
the Treasurer shall issue shares Of stock for the
even hundreds. and receipt signed by him for the
fractional sum. such receipts shall be transtera-
bic and eXchapgcable for g eek in hesame monnor
as the Rail Road Tax Receipts.
SEC 70. SO soon as the Tax Collector shall
haze made his returns in each year, the County
TreasuIe er shall estimate whether the amount Of
Rail Rond Tax collected for which Rail Road tax
receipts have been given exceeds the par vo1ne of
the fu paid stock which has been denosted Win
him by the Rail Read Company; and in the event
that there be such excess, he shall notify soid
Rail Road Company Of the fact and of the
amount Of said excess. and said Rail Road Com.
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC u. The County Treasurer shall rec.int IN
the Rail Road Company fog all the stock recaivoI
by him from said Rail Road Company. and eboIi
preserve all receipts received by him in EXCHANGE
for stock. as his vouchers for said exchange o65d
shall at the same time OF receiving such rece;nts
write "Canceled' on the face of each, and sbpiI
in hook kept Tor that purpose keep an occonnt
Of the stock received and the tax receintS a~
changed Ior stock
SEC. D. Atthe end of three years from the
time of issuing said bonds, provided for in this
Act. the County Treasurer shall credit the Rail
Road Company upon the interest due, or TO he
come due' upon lts sald bonds, with the full
amount of stock which during said period has
been exchanged for said railroad tax receints
less an amount equal to the sums allowed md
paid to said Tax Collectors and Treasurer for Tho
collection and disbursements of said railroad
taxes and shall return to said Company the con-
pons for the interest thus paid and any shares of
stock which may be in his hands unexcbanped ~
If the interest upon said railroad bonds up to
said date shall not have been fully paid by the
exchange Of stock aforesaid the balance shall
he Immediately due from said Con pany to the
County and shall be paid in cash, and its payment
may be enforced by the foreclosure of the mort
gage given by said company.
SEC. % The Board of Supervisors shall not
issue the bonds of the County. as provided for in