The Placer herald., 1862-09-06
THE RAILROAD LAW.
AN ACT
10 authorize the County of Placer to loan
its credit TO ''The sacramento, placer
and Nevada railroad Company TO the
amount of 100000.

J,be people of the State OF Caiuornto rep
yesentea IN Senate and assembly, 40 enacf as
foLiOUs:
Src ! Whenever the Sacramento, Placer ana
Nevada Railroad Company by ana throuSh !.o
Do,rd of Directors aud President shall make VIII
ten npplication to the Board OF Supervisors ol 'ie
comfy Of Placer at any regular or stated meet
in~ nr said Supervisors requesting said county
of Placer. through its property constituted ii-
tbortins. to issue to said Railroad Company the
honIs of said county in the total sum OF 5 lOO,0Oo,
II shall he lawful for said county to issue It's bona
and DISPOSE of them in the manner following ana
subject to the following conditions. c
SEC 2. Upon the receipt oil saId petiti0n lIo'',
so;d Sacramento. Placer and Nevada Railroad
Connonv. the Board Of Supervisors shall enter
tain The slme. and in order to ascertain whether
tho nannle of said county are willing thit lts
orodit shall he loaned as desired by said Company
s,id Bo,r,l of Supervisors shall. within sixty days
after the receipt OF said petition, order spec IA
election 10 be held in said county at which shall
, s',,,mittod he proposition of said loan to said
Railroad Company, TO pe VoIeu uP'H W VIC
qualified voters OF said county. -,
crc q The id election shall be liked by sald
Ro,rl of Superyisors for some day not less than
thirty. nor more than sixty days. from the time OF
making said order Said Board shall cause a
,fotice of said election to be published ior me
nnriod Of f0ur weeks next before tn" day OF sad
s,id county. which notice shall specify the Tune OF
s,id election the object OF the same, the PROPOSE
tion 10 he voted upon. and the places where the
nails will be opened on SAID day ior Sald elec-
tion. which shall be the same as the precincts
yed for said purpose at the last preceding gene
raj election. They sha! alSo 'PPoInt Juuse1 @ "iu
inenoctors of said election and cause notice there
of 70 he eiven us in other elections authorized by
Inw No comDensation shall be allowed to any
indrn clerk or Inspector acting at said election
SEc 4. Upon the day fixed by said order. the
said election shall be held. E'ch ol the electors
votinr at said election. shall nave written or
nrntr1 upon his ballot the words 81 "Railroad Loan.
Yns y or The words ..Rlirold LOln, No SAID
election shall be conducted and the returns there
Of shnlI he m lde out ana transmitted to the
Connty Clerk within the time and in the nanner
prescribed by law at general elections. On the
itcrnth dav after the day Of holding said election,
the Board Of Supervisors shall meet and canvass
said returns ana declare the result
SEC ). If upon the cInvassn9 oil said returns.
II sh,ll ho found that Of the votes cast ut said
election having written or printed upon them the
words ..R ,ilroM Loln. Yes or the words "Rail-
road Loan. No" minority have written or print
ed npon them ''R tlroad Loln, No, then the duty
or the Board OF Supervisors IN the premises
shall cc1sc and determine; but ii n minority OF
the votes so cast shall have written or printed
anon them the words "RNilroad Loan, Yes" then
tba BOARD of Supervisors shall issue the bondsDi
said countv in the manner hereinafter prescribed.
SIC &. when it shall be ascertained in the
manner prescribed in section five of this Act, that
the majority of the votes cast at said election,
having written or printed on them the words
.sP,ilroad Loan, Yes" or "Rairoad Loan. No. -
have written or printed upon them the words
..R,ilroad Loan. Yes" then ii shall be the duty OF
said Board OF Supervisors whenever thereto re-
ouested. by the President and Board Of Directors
of said Railroad Company, to prepare and issue
TO said Railroad Company the bonds of said
countv TO the amount of one hnndre ! thousand
Iollnrs. 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 sal Railroad
Company: they shall express upon their face the
n ture Of the same and object for which they are
issued: shall be payable in twenty years from
their date shall bear interest at the rate Of eight
per cent per annnm, payable Semi-annmlly on
The first DAYS of July and January IF each year
and shall have interest coupons attached express
sing the rate and time Of payment Of interest as
,bove specified. Both bonds and coupons shall
bo made PAYABLE at the Office of the Treasurer in
said county.
SEC. I. Said bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer Of the county, and shall have the coun
tv seal affixed to each and every bond. The
coupons shall be signed by the Treasurer Of said
county. Both bonds and coupons shall be made
novable to the Sacramento, Placer and Nevada
Railroad Company or bearer" and each bond shall
hear unon its back certificate signed by The
President of the Board Of Supervisors. and the
President of said Railroad Company, setting fortl
that it is duly and formally issued as contempla
ted bv law. Said bonds shall be transferable by
delivery and whenever so executed and issued
shall be the bonds of the County of Placer, ant
shall bind said county to the payment of the prin
cipal and interest as therein expressed.
SEC. s. Whenever the bonds Of the county O
1 e,,,1, i Il, Apn1t 81 I'LL %
road Company. as prescribed in the last section
the sSacramento. Placer and Nevada Railroat
Company" shall, at the same time deliver to th
President of the Board of Supervisors of sal,
county. for the benefit of said county. the bond
of said Railroad Company OF equal number il
like amounts, maturing at the same time, bear
in- the same rate Of interest. and interest puyabl
at the same periods as the bonds Of the county
so executed and issued. Said Railroad bond
shall be made payable to the county of Placer, o
its order and shall be signed by the Presiden
and Secretary of the Company. and cOuntersgne
bv the Vice President OF the Company, and cac
shall bear the seal Of said company. and interes
coupons shall be attached. corresponding in date
amount. rate ana time Of payment. with the con
pons attached TO said county bonds. which cou
pons shall be signed by the Treasurer OF sal
Company.
SEC. 8. The said Railroad Company shall a
the time desi gnated in the last section bv an
through us proper DLlCcrS. execute under tn
seal of said Company, second mortgage upo
al the property. real and personal and franchise
-oi said Company, then owned and possessed an
thereafter to be acquired by said compnny !;
security for the plytn mt of said railroad bond
and coupons as prescribed in the last section
which sad mortgage shall he and express apo
its fce that il is Snhjcct to the mortgage of s,i
Company. made aud delivered to Lester L. Rol
irsDn and Francis l.. A. Phoebe. bearing d,te frs
Of September, eighteen hundred and siyty-on,
and of record in said county, but shall not he Su
ject TO any other mort rtgaee or incumbrance uDo
said property. The bonds Of Placer County sb,l
only be delivered to said Riil Road Compan
upon the delivery hy said Rtil Road Company. (,
the President of the Board Of Supervisors of III,
bonds and mortgage OF the Rail Road Compan,
as prescribed in this Act.
SEC. 10. The mortgage provided for in tbt
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 a interest Of the bonds of said Com
panv so given to the County. at maturity. and
shall so pie lge the revenues Of the Commny +,
the said sinking funl that M 1ivdond. eb II H.