The Placer herald., 1862-06-21
AN ACT
To authorize the County of Placer to loan
it's credit to ssThe Sacramento, Placer
and Nevada Railroad COrnpany,' to the
amount of 100000.

amount of 100000.
The People of the State of California rep
resented in Senate and assembly. do enact as
f0Iotcs:
SEC. l. Whenever the Sacramento. Placer and
Navad, r ,ilroad Company by and through its
Ro,rd 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 au-
thorties. to issue to sad hairoad company tne
bonds of said county in the total sum of 100000,
it shall be lawful for 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 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 s,id
Railroad Company, to he voted upon by the
qualified voters Of said county,
SEC. 3. The sid 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
IN ,king said order. Sud Board shall cause Il
notice of said election to be published for the
n,rod of four weeks next before the day OF sal
election in two or more newspapers published in
slid county which notice shall specify the time OF
s,id election. the object of the same. the PROPOSE
tion TO be voted upon and the places where the
nolls will be opened on said day for said rlec
tion. which shall he the same as the precincts
fvcd for said purpose at the last preceding gene
r,l election They shall nlso appoint judges ana
inspectors of said election and cause notice there
of TO he given rs in other elections authorized ny
law M COMPENSATION shall be allowed to any
iul-c. clerk or inspector acting at said election
SIC. I. Upon the day fixed by said order, the
s,id election shall he held. Elch Of the electors
voting at said election, shall have written 0r
printed upon his ballot the words "Rallroad '-oln.
Yes" or the words "Railroad Loan, No. Said
election shall be conducted aud the reurnS there
of shall be made out AMI transmitted to the
County Clerk within the time and in the manner
Dresorihol bv law ut general elections. 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 3 If upon the clnvassing OF said returns.
if shall be found that of the votes cast at said
election having written or printed upon them the
words "Raroad Loan. Yes or the words "Rail-
road Loan No Il majority have written or print
cl upon them 'Rllroad Loan, No, then the duty
of the Board OF Supervisors ln the premises
shall cease and determine bnt if a majority of
the votes so cast shall have written or printed
upon them the worls Railroad Loan. Yes" then
the Board of Supervisors shall issue the bonds OF
said county. in the manner hereinafter prescribed.
SEC 6. When it shall he ascertained in the
manner prescribed in section five Of this Act that
the majority of the votes cast at SAID election.
hlying written or printed on them the words
..R,ilrold Loan. Yes" Or "RailrOad Loan, No"
have written or printed upon them the words
RAILROAD Loln Yes" then it shall be the duty of
said Board OF Supervisors whenever thereto re-
ouested by the President AMI Board OF Direct ors
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 my be requested by sail Railroad
Company; they shall express upon their lace the
II turc Of the same and object for which they are
is,und: shall he payable in twenty years from
their date: shall bear interest at the rate OF eight
nor cont per annum, payable Semi-annually on
tho first dlvs of July and January of each year
and sh Ill have interest coupons attached express
sing the rate and time of payment OF interest as
uhnye snecified. Both bonds and coupons shall
be m de lyAble at the once OF the treasurer IN
said county. ,
President of the Board Of Supervisors and the
Treasurer of the county. and shall have the coun-
~ seal affixed to each and every bond. The
counons shall he 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 certificate signed ny the
President of the Board of Supervisors. and the
President of said Railroad Company setting forth
that II is dulv and formally issued contempa-
ted bv law Said bonds shall be transferable by
delivery and whenever executed and issued,
shall he the bonds of the County of Placer, and
shall bind said county to the payment OF the prn-
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 sRailroad 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 the bonds oil the county,
so executed aud issued. Said Railroad bonds
shall be made aylble to the county OF Placer, or
its order and shall be signed by the President
and Secretary of the Company. and counters gned
by the Vice President Of the Company, and each
shall bear the seal of said company, ana intereS
coupons shall be attached corresponding in date
amount, rate and time OF payment, WIN tne cou
pous attached to said county bonds, whlch cou
pons shall be signed by the Treasurer oil sait
Company.
SEC. g. The said Railroad Company shall a
the time designated in the last section, by ano
through its proper officers, execute under tbs
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
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.. Rob
inson and Francis l.. A Phoebe, bearing date first
of September, eighteen hundred and sixty-one e
and of record in said county but snail not be SUD
jcct to any other mortgage or incumbrance upot
sid property. The bonds of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. tc
the President of the Board Of Supervisors, OF Tho
bonds and mortgage OF the RAll Road COMPANY