The Placer herald., 1862-07-19
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 so taxed for said purpose and the tox 90
levied shall be known and designated as the Rail
| Road Tax. "''
| SEC. II. The tax so levied shall be assessea
and collected at the same time, by the the same
officers, and in the same manner as other conntv
taxes are levied and collected, for which said ~
icers and the County Treasurer, for disburse-
ments shall receive the same rate of comnenso
| tion rs is allowed by law for the collection ana
disbursement of other county taxes The tav
| collector upon the collection of said tax shall
| give to each tax payer separate receipt which
shall show upon its face the amount of rail rood
tax so paid by him. These receipts shall be
printed and all similar in form; differing only IN
name, date and amount.
SEC 49, The County Treasurer shall senarate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in separate fund to be called the Rnil RonI
Fund.- of which fund he shall keep separate ac.
count.
Sec a. The Board of Supervisors shall pro.
vide for the prompt payment of the interest on
said county bonds, rs the same falls due, and for
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 ut said amount Should there
for any reason be deficiency in the Rail Fund
derived from said tax for the payment 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 they shall in their next levy provide
a sufficient fund to pay the accrung 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
Treo shall also DIacp in said Eund dol
paid into the Treasury of said county by said
Rail Road Company, for interest or principal
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 Rail 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.
SEC. l6. At the expiration of five years from the
time of issuing said county bonds the said board
of Supervisors shall provide q 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 as
they may deem necessary and The moneys rising
thereform together 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 said
Board may deem most expedient for the interests
of said county.
SEC. H. The interest accrung upon the Railroad
Bonds given by the Company to the County dur
no 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 foc-
ed collection be taken within said period by the
county.
three years when the interest upon the bonds
given by the Rail Road Company to the County
shall fall 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 for his disbursement
as hereinafter provided
SEC. l9. 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, or bis
assipnors of one hundred dollars OF the Rall
Road Tax herein provided for, the said treasurer
shall deliver to such person one share OF the iuli
paid stock deposited with him by said company
and said person shall be the owner thereof. The
said tax receipts shall be transferable by indorse'
ment and may he presented for exchange by any
indorsee or if indorsed in blank by the bearer
of the same. The Treasurer shall exchange 1uli
paid stock for said tax receipts at the rate OF one
share OF stock, for each one hundred dollars OF taA
receipts so long said tax receipts shall be pre-
sented for exchange. If any holder shall present
to the Treasurer receipts amounting 10 more 'nap
one hundred dollars but not amounting 10 tne az
prerate 10 an even number OF hundreds OF dollais
the Treasurer shall issue shares OF stock 1or tae
even hundreds, and receipt signed by him Tor thc
fractional sum. Such receipts shall be transIera
BILE and exchan gea BILE for stock in thesame manner
as the Rail Road Tax Receipts. IN
SEC 20. So soon as the Tax Collector shall
have made his returns in each year, the Oouny
Treasur er shall estimate whether the amount y.
Rail Road Tax collected for which Rail hoad 'uA
receipts have been given exceeds the Par '",uo ~
the full paid stock which has been deposlted VIZ"
him by the Rail Read Company; and in tne eseus
that there be such excess, he shall notify salu
Rail Road Company of the fact and OF sne
amount of said excess and said Rail koao Cu .;at
pany shall Immediately issue and deposl1 tnor
said Treasurer sufficient additional fu p"'u ''o0A
to meet said excess. u;t 70
the Rail Road Company for all the STOCK feceiseu t
by him from said Rail Road Company ana snaa,
preserve all receip pts received by MIN !" "a
for stock as his vouchers for said excnahgc ,. a"u
shall at the time of receiving sucn ehpil
write "Cnnceled" on the face of each anu . en'...
in a book kept for that purpose keep an :lccoan'
of thp stock received and the tax recelpts ca
changed for stock cr, the
SEc % At the end of three years from L;s w.
time of issuing said bonds, provided ior 49,, ~ Rail
Act the County Treasurer shall creait W.. ho
Road Company upon the interest," duc :,, tho full
come due, upon its said bonds, WIN u;nd ;o has
amount of stock which during said perlou a;nts ns'
been exchanged for said railroad taT ored reGId and
less an amount equal to the sums ow a.,o for The
paid to said Tax Collectors and treasure ;,rood
Collection and disbursements of said ISifo%u RAJ cou
taxes and shall return to said Company ,ne ooo of
pons for the interest thus paid and any
stock which may be in his hands SneSu lands m to
If the interest upon said rallromu i,' nod NV the
e exchange as stock d aforesaid the balance to he
be Immediately due from SAID oom P;n' ;ts 'noyment