The Placer herald., 1862-08-16
THE RAILROAD LAW.
AN ACT
AN ACT
To authorize the County of Placer to loan
its credit to 'sThe sacramento, Placer
and Nevada Railroad COmpany,' to the
amount of 100000.

amount of 100000.
The People of the State of California rep
resented in Senate and assembly, do enact as
foUOUS:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
BOARD of Directors and President shall make writ
ten application to the Board of Supervisors of the
county of Placer at any regular or stated meet
inc Of said Supervisors requesting said county
of Placer through its properly constituted au-
thorities to issue to said Railroad Company the
bonds of said county in the total sum of 100000,
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
SEC 2. Upon the receipt OF said petition from
soid sacramento. Placer and Nevada Railroad
Company, the Board of Supervisors shall enter
tain the same, 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 SAID
Railroad Company, to be voted upon by the
qualified voters OF said county.
SEC g. The S i'd election shall be fixed by said
Ro,rd 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
notice of said election to be published for the
neriod of four weeks next before the day OF said
soid conntv which notice shall specify the time OF
said election the object Of the same, the PROPOSE
ton TO be voted upon. and the places where the
polls will be opened on said day for said cleo
lion. which shall he the same as the precincts
dved for said purpose at the last eceding gene
ral election. They shall also appoint judges and
nspecors of said election and cause notice there
of to be given rs in other elections authorized by
law. No compensation shall be allowed to any
indoe. clerk or Inspector acting at said election.
II. I tx,nll Il nv1nr ln
said election shall be held. Each of the electors
voting at said election, shall have written or
nrinted upon his ballot the words RAILROAD Loan.
Yes or the words "Ralroad Loan, NO." Said
election shall be conducted aud the returns there
of shall be made out and transmitted to the
Comfy Clerk within the time and in the manner
nrnscribed by law at general elections. On the
ftecnth dav after the day Of holding said election,
tbe Board of Supervisors shall meet and canvass
said returns, and declare the result
SEC s. If upon the canvassn9 OF said returns,
II shall be found that of the votes cast at said
election having written or printed upon them the
words ..Railroad Loan, Yes" or the words Rail
ro,d Loan No. majority have written or print
ed upon them 'Rlilroad Loan, No. then the duty
of the Board OF Supervisors in the premises
shall ccasc and determine; but If majority of
the votes so cast shall have written or printed
mon them the words 'Railroad Loan, Yes" then
the Board of Supervisors shall issue the bonds OF
said county in the mlnner hereinafter prescribed.
manner prescribed in section five OF this Act, that
tho majority of the votes cast at said election,
hovinG written or printed on them the words
..R,iIroad Loan, Yes" or "Railroad Loan, No.
have written or printed upon them the words
.Railroad Loan. Yes then itshall 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 soid Railroad Company the bonds of said
county to the amount of one hundrei 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 sail Railroad
Comnanv: they shall express upon their face the
nature 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 annum, payable Seml-annnally on
The first DAYS of July AMI 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 shall
be made payable at the office of the Treasurer 10
said county.
SEC. 7. 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
commons shall 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 as cOntempa-
ted by law Said bonds shall be transferable by
delivery and whenever so executed and issued,
shall be the bonds of the County of Placer, and
shall bind said county to the payment of the prn-
cipal and interest as 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 ..Sacramento Placer and Nevada Railroad
n, t,el,, nt tba m dol TO h.,
President of the Board 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
ing the same rate Of interest. and interest payable
ot the same periods as the bonds OF the county.
90 executed and issued. Said Railroad bonds
shall be made payable to the county f'Placer, or
its order and shall be signed by the President
and Secretary of the Company and countersigned
Inv 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 9. The said Railroad Company shall at
the time esignatcd in the last section. by and
through its proper officers execute under the
seal of said Company, second mort gage upon
all the property. real and personal and franchises
of said Company then owned and possessed and
thereafter TO he acquired ny sad compnny. as
security for the plym mt of said railroad bonds
and coupons as prescribed in the last section:
which said mort gage shall be and express upon
its face that it is subject to the mortgage of said
Company. made aud delivered to Lester l.. Rob-
inson and Francis l.. a. Phoebe, bearing date first
of September, eighteen hundred and sxty-on 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 by said Raj Road Company to
the President Of the Board Of Supervisors, of the
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