The Placer herald., 1862-12-06

To autho rlzc tho County oil Placer TO loan
its credit to ''The Sacramento, Placer
aud Nevada Railroad Company" TO tho
amount of 100000.
The People Of the State of California rep |
resented IL Senate and .dssemtiy, do enact as
foUotos:
SIC l. Whenever the Sacramento, Placer and
Nevada Il ,ilroad 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
ing OF said Supervisors requesting said county
OF Placer. through its properly constituted all'
tborities to issue to said Railroad Company the
bonds of said county in the total Of s 900
it shall be lawful Tor 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
said S Sacramento. Placer and Nevada Railroad
Company the Board of Supervisors shall enter
tain the ,me, and in order to ascertain whether
the peoplc 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 ,id 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 a
notice of said election to be published for the
period Of four weeks next before th" day oil 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
polls will be opened on said day for said cleo
ton which shall be the same as the precincts
fixed for dpnrpose at the last preceding gene
raj election. They shall also appoint judges and
inspectors OF said election and cause notice there
ti,ro1 n,tih fhopi Il i,u
law No compensation shall be allowed to any
Judge clel k, or inspector acting at said election.
SEC A. Upon the day fixed by said order, the
said election shall be held. Each OF the electors
voting at said election shall have written or
printcl unon his ballot the words ;.Ralroad Loan.
Yes.'' or The words Railroad Loan, No. Said
election sha be conducted aud the returns there
of shall bc.m ,de out and transmitted TO the
County Clerk within the time and in the manner
prescribed by law At general elections. On the
fifteenth day after the day OF holding said election,
the Board Of Supervisors shall meet and canvass
said returns, and declare the result
SEC. S. II upon the cluvlSsln9 OF said returns
il shn he found that Of the votes cast at said
election having written or printed upon them the
words Railroad Loan, Yes or the words Grail
road Loan. No." majority have written or print
cd upon them "R ,ilroad Lotn, No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but If q majority Of
the votes so cast shall have written or printed
upon them the words Railroad Loan. 1es.' then
The Roprl of Supervisors shall issue the bonds OF
said county in the manner hereinafter prescribed.
SEC &. When il 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 RAILROAD Loan, No."
have written or printed upon them the words
"RaiIrood Loan, Yes, then ii 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
n ture of the sam: and object for which they are
issued: shall be payable in twenty years from
their date; shall bear interest ut the rate Of eight
ner 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 payAblca at the office OF the Treasurer in
said county.
SEC. 7. S.id bonds shall each be signed by the
President of the Board OF Supervisors aud the
Treasurer OF the county, and shall have the coun
tv seal affixed to each aud every bond. The
coupons shall he 81 gned by the Treasurer Of said
county Both bonds and coupons shall be made
Railroad Company or bearer" and each bond Shall
bear upon it's 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 rs contcmpla-
ted Nv law Sa. bonds shall be transferable by
delivery and whenever so executed ana issued.
shall be the bonds OF the County of Placer, and
shall bind said county to the payment OF the prn-
cipal and interest rs 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 "Sacramcnto. Placer and Nevada Railroad
Company" shall, at the game 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
at 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 countersgncd
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. 8. The said Railroad Company shall at
the time desi grated in the last section. by and
through its proper officers, execute under the
seal of said Company, a 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
and coupons as prescribed in the last SECT on
which said mortgage shall be and express upon
its face that it is subject to the mortgage of s'd
Company made and delivered to Lester l.. Rob
nson and Francis l.. a. Phoebe bearing date first
OF September, eighteen hundred and sixty-one.
o,1 IN I'm = pOt hn spI
icct 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 DO 'rd 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