The Placer herald., 1862-06-07
AN ACT
To authorize the County of Placer to loan
its credit to ''Thc 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
foUo,cS:
SEC l. Whenever the Sacramento Placer and
Nevada Railroad 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 au-
thorities 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 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 ny s'id Company
said Board Of Supcrv isors shall. within sixty days
after the receipt of said petition. order q special
election to be held in said county at which shall
be submitted the proposition of said loan to said
Ralr Jad Company, to be voted upon by the
qualified voters of said county
SEC g. 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 a
notice Of said election to he published Tor The
period 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 10 be voted upon. and the places where the
polls will be opened on said day for said elec
tion. VIII ch shall be the simc rs the precincts
fixed Tor 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 given us in other elections authorized 10y
law. No compensation shall be allowed to any
Judge. clerk or Inspector acting at said election.
SEC + Upon the day typd ny said order. the
said n,ertion shall he held. Each Of the electors
voting at said election. shall have written or
printed upon bis ballot the words "Railroad Loan.
Yes" or the words "Ralroad Loan, No. Said
election shall be conducted and the returns there
of shall be made ont 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 canvassing of said returns
il shall he found that of the votes cast at said
election having written printed upon them the
words Railroad Loan. Yes or the words Rail
road Loan No" a majority have written or print
cd upon them Railroad Loan No then the duty
Of the Board OF Supervisors in the premises
shall cease and determine; but if 4 majority OF
the votes so cast shall have written Or printed
upon them tbe words "Rnroad Loan. Yes" then
the Boarl of Supervisors shall issue the bonds OF
said county in the manner hereinafter prcscflbed
S1e. 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 "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-
quesled by the President and Board OF Directors
Of said Railroad Company. to prepare ana issue
TO said Railroad Company the bonds OF SAID
county to the amount Of one hnndrc! thousand
dollars Said bonds may be in sums OF two bun
dred and fifty. five hundred, or one thousand dol
lars each as may be requested by sail RAlroaG
COMPANY; they shall express upon their face the
n ture of the same and object for which they are
issued; shall he payable in twenty years from
their date: shall bear interest at the rate OF eight
per cent per amman. payable Seml-anhaaNy on
The first days of July and January oi each year
and shall have interest coupons attached express
sing the rate and time of payment of interest *
above specified. Both bonds and coupons shall
bc made PAYABLE at the Office Of the Treasurer in
said county.
SEC T. 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-
tv ,et affixed to each md every bond. TIL"
coupons shall he signed hy 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 bohd shall
bear Its BACK Il crrtlNcatt SiGneu DY tue
President Of the Board of Supervisors. and the
President of said Railroad Company setting forth
shat it Is duly and formally issned 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 prin-
cipal and interest as therein expressed.
SEC g. Whenever the bonds OF the county OF
Placer shall be issued and delivered to the Rail-
eoad Company. as prescribed in the last section
the Sacramento, Placer and Nevada Railroad
ComOany" 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
at the same periods 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 countefsiSned
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 cou-
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. 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 s'id
Company made aud delivered to Lester H. Rob
inson and Francis l.. a. Phoebe. bearing date first
of September, eighteen hundred and sixty-one,
and ef record ia said county but shall not be sub
ject to any other mortgage or iucumnfahce upon
said property. Tke bonds Of Placer County shall
only be delivered to said Rail Road Company