The Placer herald., 1862-09-20
THE RAILROAD BILL.


for the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bonds. In making said levy said board
shall designate the number of cents on each one
hundred dollars of said taxable property which
shall be taxed for said purpose, and the tax SO
levied shall be known and designated as the Rail
Road Tax.
Sec r. The tax so levied shall be assessed
and collected at the same time, by the the same
officers and in the same manner as other county
taxes are levied and collected, for which said Of
Gcers and the County Treasurer, for disburse-
ments shall receive the same rate OF compensa-
ton as is allowed by law for the collection and
disbursement of other county taxes. me TAX
coll ector upon the collection OF said tax shall
give to each tax payer separate receipt which
Shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall he
printed and all similar in form; differing only IN
name, date and amount ..
SEC. 13. The County Treasurer shall separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in a separate fund to be called the Rail Road
Fund. of which fund he shall keep separate ac-
count.
| SIC. IA. The Board of Supervisors shall pro-
vide for the prompt payment OF the interest on
said county bonds as the same falls DUE ana LOT
this purpose they shall, as nearly as possible at
the time of making the annual levy, estimate the
per centage of tax necessary to be levied to meet
said interest for the next succeeding year, and
shall fix the levy at said amount. Should there
for any reason be deficiency in the Rail Fund,
derived from said tax for the pay yment OF any in
terest as it falls due, it shall be the duty of said
Board to provide for the payment of said inter-
est out of the General Fund of said County, and
in such case they shall in their next levy provide
sufficient fund to pay the accrulng ANNUAL in
| terest and also, to reimburse the General Fund
with the amount so taken from the same to pay
said interest.
| SEC l5 In addition TO the moneys arising
from The Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all moneys
! paid into the Treasury of said county by saIc
Rail Road Company, for interest or prnclpa!
upon the bonds of said company held by said
| county: and said money shall be used by the said
Board Of Supervisors for the payment OF interest
on said County Bonds in like manner as the mo-
ney raised by said Rali Road Tax whenever
the amount paid into said Fund by the said Rail
Road Company shall eqal the amount OF interest
to fall due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board
time of issuing said county bonds. the said board
of Supervisors shall provide Sinking Fund for
the purpose Of securing the payment of the
principal of said bonds at their maturity; and for
this purpose they shall impose such special tax
thew may deem necessary and the moneys rising
thereform loge her with all the moneys received
from said Rail Road Company not applied to
payment of interest shall be applied toward the
redemption Of said bonds in such manner as said
Board may deem most expedient for the interests
of said county.
SEC II. The interest accruing upon the Railroad
Bonds given by the Company to the County dur
inc the period Of three years from the date of
said bonds shall not until the expiration OF said
three years be required to be paid in money to
the county nor shall any proceedings for its folc-
ed collection be taken within said period by the
county.
SEC IS. At the time within the said period of
three years when the interest upon the bonds
Al. D.,l D1,1 Eav,, b,
Shall fail due the Rail Road Company shall issue
a number Of shares of full paid stock OF said
company equal in value at par to the amount of
said interest, and shall deposit said stock with
the Treasurer OF SAID county l0r MS dlsbulsCm ment
| as hereinafter provided.
SEC 49, Upon the presentation and delivery to
said County Treasurer of one or any number Of
the Rail Road Tax Receipts mentioned in Section
eleven. by any holder of the same showing the
| payment by the holder Of said receipts. bis
| assienors of hundred dollars OF the Rail
Road Tax herein provided for the said Treasurer
shall deliver to such person one share OF the full
! paid stock deposited it'll him by said company,
and said person shall be the owner thereof The
said tax receipts shall be transferable by indorse-
ment and may be presented for exchange by any
indorsee. or if indorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of one
share OF stock. for each one hundred dollars of tax
receipts so long as said tax receipts shall be pre-
sentcd Tor exchange II any holder shall present
| to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting in the ag-
| cregate to an number of hundreds of dollars
the Treasurer shall issue shares of stock for the
even hundreds, and areceipt signed by him for the
fractional sum. Such receipts shall be transera-
bic and exchangeabe for stock in the same manner
as the Rail Road Tax Receipts.
| Sec. 20. So soon the Tax Collector shall
| have made his returns in each year, the County
| Treasur er shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par value of
the fun paid stock which has been de posted with
him by the Rail Read Company; and in the event
that there be such excess, he shall notify said
| Rail Road Company Of the fact and of the
amount of said excess. and said Rail Road Com
pany shall Immediately issue and Geposit with
said Treasurer sulclent addtlonal full paid stock
to meakSaid excess.
SEdH. The County Treasurer shall recent TO
the Rail Road Company for all the stock received
by him from said Rail Road Company, and shall
preserve all receipts received by him in exchange
| for stock, as his vouchers for said exchange, and
shall at the same time of receiving such receipts
write "Canceled" on the face of each, and shall
in a book kept for that purpose keep an account
of the stock received and the tax receipts ex-
changed for stock.
SEC %. At the end of three years from the
time of issuing said bonds, provided for in this
Act. the County Treasurer shall credit the Rail
Road Company upon the interest due, or to be
come due, upon its said bonds, with the full
amount of stock which during said period has
been exchanged for said railroad tax receipts.
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for the
i collection and disbursements of said railroad
taxes and shall return to said Company the cou-
pous for the interest thus paid and any shares of
stock which may be in his hands uneXchanged-
If the interest upon said railroad bonds up to
said date shall not have been fully paid by the
exchange OF stock as aforesaid, the balance shall
be Immediately due from said Con pany to the
| nd oh ko mi m onch ifc pnu
may be enforced by the foreclosure Of the mort
gage given by said company.
SEC 23 The Board of Supervisors shall not
issue the bonds Of the County, as provided for in