The Placer herald., 1862-08-16
THE RAILROAD BILL.

interest to become due within said year upon said
County bonds In making said levy said boarJ
shall designate the number of cents on each on
hundred dollars Of said taxable property wb;ok
shall be so taxed for said purpose and the tnx 60
levied shall be known ard designated as the Rail
Road Tax. A
and collected at the same time, by the the snn,o
officers, and in the same manner as other CONT,
taxes are levied and collected, for which said ~
ficers and the County Treasurer, for disburse
ments. shall receive the same rate of comnens
tion as is allowed by law for the collection md
disbursement of other county taxes. The tax
collector upon the collection of said tax sbaIi
give to each tax payer separate recent which
shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall Ia
printed and all similar in form differing only in
name, date and amount.
SEC. Is. The County Treasurer shall sen,ro,.
the amount collected on rail road tax from other
moneys in the Treasury and shall keen the sama
in a separate fund to be called the Rnil RooS
Fund, of which fund he shall keep a separate ar.
count.
SEC. IA. The Board OF Supervisors shall pro.
vide for the prompt payment OF the interest on
said county bonds, rs the same falls due. and for
this purpose they SHALL as nearly as possible ot
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 thare
for any reason be deficiency in the Rail Fnnd
derived from said tax for the pay ment OF any in,
terest AS it falls due. it shall be the duty of soid
Board to provide for the payment Of said inter
est out of the General Fund Of said County. and
in such case they shall in their next levy provide
a sufficient fund to pay the accruing annual in
terest and also, to reimburse the General Fund
with the amount 50 taken from the same to paw
said interest.
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
Rail 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-
ney 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 fall due upon the said County Bonds for the
ensuing wear no Rail Road Tax shall be levied
by said Board.
SEC. l6 At the expiration of five years from the
time Of issuing said county bonds the said board
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 rs
thev may deem necessary. and the moneys Frising
tbereform oge, 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.
I.
Bonds 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 folc
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
oivcn by the Rail Road Company to the County
Shall fal due the Rail Road Company shall issue
,i,.r Of hare nj I'm main of said
company equal in value at pur to the amount Of
said interest, and shall deposit said stock with
the Treasurer of said county for his disbursement
as hereinafter provided.
SEC 10. Upon the 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 showing the
payment by the holder OF said receipts. or bis
lssirnOrs of one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver to such person one share OF the full
paid stock deposited uith him by said company,
and said person shall be the owner thereof. The
said tax receipts shall be transferable by indorse
ment and may be presented for exchange by any
indorsee or if ndorsed in blank by the bearer
of the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate Of one
share of stock. for each one hundred dollars Of tax
reccipts so long said tax receipts shall be pre-
sentcd for exchange. If any holder shall present
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the ag-
orerate to an even number OF hundreds OF dollars,
thc Treasurer shall issue shares of stock for the
even hundreds. and receipt signed by him iorthe
fractional sum- Such receipts shall be transtera-
bic and eXchangcahle Tor STOCK IN th' same manner
| as the Rail Road Tax Receipts.
! SEC 20 so soon as the Tax Collector shall
! have made his returns in each year, the County
| Treasur cr shall estimate whether the amount o1
! Rail Road Tax collected for which Rail Road tax
rocein,s have been given exceeds the par value OF
| thn fnl paid stock which has been deposited with
him by the Rail cad Company; and IN the event
that there be such excess. he shall notify sad
| Rail Road Company OF the fact ana OF 'he
amount of said excess and said Rail Road Com
pany shall Immediately issue ana cePosi1 WIZ WIZ
| said Treasurer sufficient aGdltlohai iuli P"'o SWIM
to meet said excess. l..
SEC. 2l The County Treasurer shall recelpt 10
the Rail Road Company for all the STOCK received
by him from said Rail Road Company ana snail
preserve all receipts received by nm IN eAc"oneS
| for stock as his vouchers for SAID eAch'nSc' anu
shall at the same time of receiving such receipts
uritn .C, ,ncelled' on the face of each, and shall
! in a book kept for that purpose keep an account
| Of the stock received and the tax recelpts eH-
| changed for stock - .h
SIC. 22 At the end of three years from tne
time of issuing said bonds, provdca iol III p;I oniI
Act the County Treasurer shall credit the nan
Road Company upon the interest due, or TO be
come due upon its said bonds, with the Iuli'
omonnt of stock which during said PERIOD mas
hncn exchanged TO" said railroad tax rece'P.s,,
less an amount equal to the sums ailo"eu r. "i'u W.
paid to said TaxCollectors ana VA ,ai,road
i collection and disbursements OF saiu iai'i it
| tavos and shall return to said Company ,he cou
! mons for the interest thus paid ana any en"io "
stock which may be in his hands u"e e.n. ~ 70
IF the interest upon said railroad po.u' up M VIZ
| said date shall not have been iully P' sbalI
exchange of stock rs aforesaid, 1he oai"''t " ,he
ha immediotelv due from said Con pany 10 ~ ,nt
Conntv and sbool he paid in cash, and its payme.