The Placer herald., 1862-09-06
THE RAILROAD LAW.
AN ACT
To authorize the County of Placer to loan
its credit to SsThe Sacramento, Placer
and Nevada Railroad Company to the
amount of 100000.

The People Of the State OF CHpofnW rep
resented in Senate and assembly, DO enact as
f0ii0,cs:
Src l. Whenever the Sacramento, Placer and
Nevada Railroad Company by ana through itS
Board of Directors and President shall make VIII
ton nnpljcotion to the Board of Supervisors o the
county of Placer at any regular or stated meet
ino OF said Supervisors requesting said county
of pbcer through its properly constituted au-
thorities to issue to said Railroad Company me
honds Of said county in the total sum OF 5 SlOOOOo,
II shnu be lawful for said county to issue its bonds
and dispose of them in the manner following anu
subject to the following conditions,
Src, 2 Upon the receipt Of said petition from
so:d Sacramento. Placer and Nevada Railroad
COMPANY. the Board Of Supervisors shall enter
tain the slme. and in order to ascertain Wnether
the people of said county are wiling that lls
credit shall be loaned desired by said Company,
s,id BOARD of Supervisors shall. within sixty days
after the receipt Of said petition, order special
election TO be held in said county at which shall
bn submitted the proposition of said loan to said
Railroad Company, to be voted upon by the
qualified voters OF said county.
SEC 3. The sid election shall be fixed by said
Ro,rd or Supervisors for some day not less than
thirty, nor mere than sixty days. from the time OF
making said order Said Board shall cause a
,fotjce Of said election to be published for the
nnriod Of four weeks next before the day OF said
election in two or more newspapers published IN
said county 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
nnlls will be opcued on said day for said elec-
lion. which shall be the same as the precincts
fixed for said purpose at Che last preceding gene
raj election. They shall also appoint judges and
insnectorS Of said election and cause notice there
of to he given us in ether elections authorized by
law No compensation shall be allowed to any
iudre. clerk, or Inspector acting at said election.
SIC. 4. Upon the day fixed by said order. the
said election shall be held. Elch OF the electors
votinr at said election. shall have written or
nrntcl upon his ballot the words "Railroad Loan
Yes ;, or the words "RlilroJd LOm, No. Sltd
election shall be conducted ana the returns there
of shall be nude out anl transmitted to the
County Clerk within the time and in the manner
rrrscribcd bv law ut general elections. On the
Gltnrnth day after the day Of holding said election,
tbe Board of Supervisors shall meet and canvass
said returns and declare the result
SEC 5. If upon the cAnVassln% ol sad returns.
If shall he found that Of the votes cast at said
aInction h h,vine written or printed upon them the
words .R lilrold Loan. Yes or the words "Riil-
ro,d Loan No. Il majority have written or Print
oh nnon them ..R lilrOad LoIn, No, then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but ii mtjolity OF
tbn votns so cast shall have written or printed
nnon them the words Railroad Loan, Yes then
tbe Board of Supervisors shall issue the bondsUl
cid countv in the manner hereinafter prescribed.
SIC. 6. 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
Railroad Loan, Yes" or "hailroad Loan No.
have written or printed upon them the words
"Roilroad Loan. Yes" then it 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
county to the amount OF one hnndre thousand
dollars. Said bonds may be in sums Of two hun
dred and fifty. five hundred, or one thousand dol
lnrs each. as may be requested by sal Railroad
Comnany: 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
ner cent per annum, payable Semi-annually on
he first DAYS of July and January IF each year.
md shall have interest coupons attached express
sing the rate and time Of payment of interest as
,bove specified. Both bonds aud coupons shall
be made payable at the office OF the Treasurer in
said county.
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 he signed by the Treasurer Of said
county. Both bonds and coupons shall be made
pnvable to the Sacramento. Placer and Nevada
Railroad Company or bearer. and each bond shall
President Of the Board Of Supervisors. and the
President of said Railroad Company, setting forth
that it is duly and formally issued as contempla-
ted by law. Said bonds shall be transferable bv
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 prin-
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
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 amouits, maturing at the same time bear
ng the same rate Of interest and interest payable
ut the same periods as the bonds Of the county
so 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 countcrsioned
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 con-
pons attached to said county bonds, which CON
pons shall be signed by the Treasurer OF said
Company
SEC 8. The said Railroad Company shall at
the time designated in the last section by and
through its proper officers. execute under the
seal of said Company. u second mOrto gage upon
all t0e property Fcdl anu personal. ana franchises
sot said Company, then owned and possessed and
thereafter to be acquired by said company. as
security FOR the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express dpon
its face that it is Snhjcct to the mortgage of sid
Company. made aud delivered to Lester L. Rob-
ilson and Francis l.. 4. Phoebe. bearing d te first
OF September, eighteen hundred and sixty-onc.
and of record in said county, bat Shll not he sub
iect to any other mortgage or incumbrance upon
said property. The bonds Of Placer County shall
only be delivered 10 said Rl Road Company
upon the delivery hy said Il tlil Road Company. TO
the President of the Board Of Supervisors OF the
bonds and mortgage of the Rail Road Company
as prescribed in this Act.
SEC. 10. The mortgage provided for in the
last section shall provide by its terms for sink
ing fund to he reserved from the revenues of said
Company. sufficient to secure the payment of the
principal II d interest of the bonds of said Com
panv so given to the County. at maturity and
shall so pie lge the revenues of the Company to
the said sinking fund that no dividends shall be