The Placer herald., 1862-05-31
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.

and Nevada Railroad Company TO the
amount of 100000.
The People of the State of California rep
resented in Senate and assembly, do enact as
foHo,US;
SEC. |. Whenever he Sacramento. Placer and
Nevada Railroad Company 10y and through It's
Roord of Directors and President shall make writ
ten nnplication to the Board of Supervisors of the
comfy of Placer at any regular or stated meet
inc of said Supervisors requesting said county
of Placer. through its properly constituted au-
thorites to issue to said Railroad Company the
bonds of said county in the total sum of 100000
Il shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
SEQ 9. Upon the receipt Of said petition from
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 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 at 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. 3. The said election shall be fixed by said
Board 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 n
notice of said election to be published tor the
period of four weeks next before the day oil sad
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
tion 10 be voted upon. and the places where the
polls will be opened on said day for said elec
ti0n which shall be the same as the precincts
fixed for said purpose at the Hast preceding gene
r,l election. They shall also appoint judges and
INSPECTORS of said election and cause notice there
of to lie given as in other elections authorized by
law No comDonsatOu shall be allowed to any
Judge. clerk or Inspector acting at said election
SEc. 4. Upon the day fixed by said order the
said election shall he held Each OF the electors
votinr at sld election. shall have written or
Drint,i upon bis ballot the words Railroad Loan.
Yes" or The words RAILROAD Loan, No Said
election shall be conducted and the returns there
of shall be made out and transmitted to the
County Clerk within the time and in the manner
prescribed by law at general elecuons' On the
fifteenth dav after the day of holding said election
the Board of Supervisors shall meet and canvass
said returns. and declare the result.
SEC ). IF upon the clnvassine OF said returns
it shall be found that of the votes cast ut said
election having written or printed upon them the
words Railroad Loan. Yes or the words Rail
road Loan No" a majority have written or print
ed upon them Railroad Loan, No. then the duty
OF the Board OF Supervisors in the premises
shall cease and determine; but if majority OF
the votes so cast shall have written or printed
upon them the words Railroad Loan. Yes then
the Board of Supervisors shall issue the bonds oil
said county. in the manner hereinafter prescribed
SEC. g. When it shall be ascertaned in the
manner prescribed in section five of this Act, that
the majority Of the votes cast at said election,
having written printed on them the words
Railroad Loan. Yes" or RAILROAD Loan. No.
have written or printed upon them the words
Railroad 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 hundred 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 said Railroad
Company; 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 semi-annually on
the first days of July and January Of each year.
and shall have interest coupons attached express
sing 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 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-
ty 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
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 contempla
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
cpal and interest 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
ComnanyH 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 he rate OF interest. and interest payable
at the same periods as the bonds of the county,
80 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. aud countersi gned
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-
pons shall be signed by the Treasurer of said
Company.
sEc 9. 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, second mortgage upon
all the property, real and personal and franchises
OF said Company. then owned and possessed and
thereafter to be acquired by said company as
security for the payment of said railroad bonds
ana coupons as prescribed in the last secton
which said mortgage shall be and express upon
its face that it is subject to the mortgage of sid
Comp my. made and delivered to Lester l.. Rob-
inson and Francis l.. A. Pioche bearing date first
of September, eighteen hundred and sxty-one
and OF record in said county, but shall not be sub
lect 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 Rail Road Company. to
the President Of the Board of Supervisors of the
I.,,,l Il. Of tho Z Ill Road Enmnan