The Placer herald., 1862-06-14
AN ACT


and Nevada Railroad company" 10 INC
amount of 100000.
THE people of the State of California rep
resented in Senate and assembly, do enact as
foiloDs:
SEC |. Whenever the Sacramento. Placer and
Nevada Railroad Company by and through its
Board of Directors and President shall make writ
ten appication to the Board of Supervisors of the
county of Placer at any regular or stated meet
ing of said Supervisors requesting siid county
of Placer through its properly constituted au-
tborties. 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 bond
and dispose of them in the manner following ana
subject to the following conditions.
SEC. 2. Upon the receipt OF SAID petiu0h lron
said 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 wiling tnat its
credit shall be loaned as desired by said company,
said Board of Supervisors shall. within sixty day
after the receipt of said pe'itloh orueI spre,I
election to be held in said county Mt which shaii
he submitted the proposition OF said loan to SAID
Railr ,ad Company, to be voted upon by the
qualified voters of said county.
SEc 3. The s,id election shall be fixed by said
Board of Supervisors. for some DAY not less 'hau
thirty. nor more than sixty days. from the time oil
making said order. Said Board shall cause a
notice of said election to be published for me
period of four weeks next before the day OF sud
election in two or more newspapers pupi'sne'i In
said county, which notice shall specify the time OF
said election the object OF the same the propose
ton n he voted upon. and the places where the
nolls will be opcued on said day for said elec
ton. VIII ,ch shall be the same rs 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 he civen rs in other elections authorized ny
sho allowed
iudoe clerk. or Inspector acting at said election
Sic / Upon the day fixed hy said order, the
said election shall be held Each of the electors
voting at slid election shall have written or
printel upon his ballot the words "Rallroad Loan:
Yesr or ihe words Railroad Loan. NO. SAID
alonion sh, II he conducted and the returns there
of shall, be made out and transmitted to the
Cor,tv Clerk within the time and in the manner
prescribed by law at general elections. Oh the
teenth dav after the day of holding said election,
the Board of Supervisors shall meet ana canvass
said returns aud declare the result
SEC s. If upon the canvassln9 OF sald returns,
Il oh, II he found that of the votes cast at sad
election having written or printed upon them the
words "Ralroad Loan. Yes or the words "hali-
road Loan Mo- a ma jority have written or print
ed upon them Railroad Loan, No. then the duty
of the Board of Supervisors in the premises
sh,ll cn,sc and determine: but if a majority OF
The votes so cast shall have written or printed
unon them the words "Railroad Loan. es." then
the Board of Supervisors shall issue the oonds OF
said county. in the manner hereinafter prescripea'
SEC. g. When it shall be ascertalned III ,he
manner nrcscrbed in section five of this Act, that
tbo majority of the votes cast at said election,
b,ving written or printed on them the words
uR,ilroad Loan Yes" or "Railroad Loan. NO,
have written or printed upon them inc words
RAILROAD Loan Yes" then it shall be the otlty OF
said Board of Supervisors whenever thereto re-
ouested bv the President and Board of Directors
n
to said Railroad Company the bonds OF S''d
county to the amount of one hundrel thousand
dollars Said bonds may be IN sums OF TWO nun
dred and fifty five hundred. or one thousahu doi,
lars each as may be requested by sad h'li'roa'
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 ut the rate OF eight
per cent per annnm, payable seml-anh''ai'y on
the first days of July and January OF each year
and shall have interest coupons attached express
sinp the rate and time of payment OF interest a.
,hoya snaci6ed Both bonds and coupons shall
he made p,vable at the Office of the Treasurer in
SEC. 7. Sud 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
n,voble to the "Sacramento Placer and Nevada
Railroad Company or bearer and each bond shall
bear upon its back a certificate signed by the
President of the Board of Supervisors. and the
President of said Railroad Company, setting forth
that il is dulv and formally issued as contempla-
ted bv law Said bonds shall be transferable by
delivery and whenever executed and issued.
shall be 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 ..Sacramento Placer and Nevada Railroad
Company" Shall, at the same time deliver to the
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
Mt the same periods as the bonds of the county,
30 executed and issued. Said Railroad bonds
shall be made payable to the county OF Placer or
its order and shall be signed by the President
and Secretary of the Company. and countersigned
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 cou
pons attached to said county bonds, which cou-
mons shall be signed by the Treasurer OF said
Company. =,
SEC. s. The said Railroad Company shall at
the time desi ignated in the last section, by and
through its proper officers. execute under the
seal of said Company, second mortgage upon
all the property, real and personal and franchises
of said Company, then owned and possessed ana
thereafter TO be acquired by said compnny as
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 it is subject to the mortgage of sid
Company, made and delivered to Lester l.. ROD
onnnd Francis L. A. Phoebe. bearing date first
of Sep,ember. eighteen hundred and sixty-one,
and Of record in said county but shall not be sub
ject to any other mortgage or incumbrance upon
said property. The bonds Of Placer County snail
only be delivered to said Rail Road Company
upon the delivery by said Rail ROAD Company. 20
.l,r ri Of SunnrViS SQrS. OF the