The Placer herald., 1862-12-06
THE RAILROAD BILL.

levy special tax upon all the real and personal
property within said county subject to taxation
lor the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bords. In making said levy said board
shall designate the number OF cents on each one
hurried dollars Of said taxable property which,
shall be so taxed for said pu, pose and the tax sc
levied shall be known and designated us the Ruiz
Road Tax
SEC H. The tax so levied shall be osscssed
and collected at the same time. by the the same
officers, aud in The same manner uS Otter county
taxes are levied and collected. for which said Of
fccrs and the County Treasurer, Tor tiisbnlse'
mcnts shall receive the same rate OF &C mpcnsa-
ton rs is allowed by law for the collection and
disbursement OF other county taxes. The tax
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 road
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 separate
the amount collected on rail road tax irom othtE
moneys in the Treasury and Shall keep the same
in Il separate fund to be called the Rail Road
Fund, of which fund he shall keep separate ac-
count.
SEC ii. The Board OF Supervisors shall pro-
vide for the prompt payment of the interest Old
said county bonds. as the same falls due. and Tor
this purpose they shall, as nearly as POSSIBLE ut
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, ard
shall fix the levy at said amount. Should Tiers
for any reason be deficiency in the Rail Fund,
derived from said tax for the Pay men, OF any in
teres rs it falls due il shall he 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
Il sui1ic, Mt fund to pay the acclnng annual in
terest. and also, to reimburse The General Fund
with the amount SO taken from the same TO pay
said interest.
SEC. Is. In addition TO the moneys arising
from he Rail Road Tax aforesaid, The County
Treasurer shall also place in said Fund all moneys
paid into the Treasury OF said county ly said
Rail Road Company, tor interest Il Principal
upon the bonds Of said coml any held !! said
county; and said money shah he USED ly tic said
Board of Supervisors for the payment OF ihn,st
on said County Bouds in like manner rs ii no
ncy raised by said Rail Road TAX. ML,ln>tr
the amount paid into said Fund ly HE said Iaip
Road Company hall eqal the amount OF intutN
to fan due upon the said County BoEds tcr he
ensuing year. no Rail Road IAN shall be it\ltu
! by said Board.
| SEC 6. AT the expiration of five ycars rom the
time OF issuing said county bonds. Nc said loald
OF Supervisors shall provide a Sinking Fund Ter
the purpose of securing the payment Of the
principal of said bonds at their maturity; and Tor
this purpose they shall impose such special inA rs
they may deem necessary. and he moneys Using
| thereiorm togc her with all the moneys rtUNtd
! from said Rail Road Company rot arl lied tO'
payment of interest shall be applied toward the
redemption of said bonds in such manner as said
Board may deem most eXpcdien for the inttlests'
| Of said county.
SEC. H. The interest accrung upon :hc RalroaG
| Bonds given by the Company to the County dur
ing 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 monty TO
the county, nor shall any proceedings for its toc-
cd collection be taken within said period hy the
county.
| SEC. IS. At the time within the said period Of
| three years when the interest upon the lonos
given by the Rail Road Company to the County
shall fall due. the Rail Road Company shall issue
| 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 disbuist mcns
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 Tie
payment by the holder OF said receipts. oI his
as>ignors, of one hundred dollars OF the Rail
Road Tax herein provided Tor the said Treasurer
shall deliver to such person one share Of The tuil
/ paid stock deposited with him by said umruEy
and said person shall be the owner thereof. Tie
said tax receipts shall be transferable L., ild,Ise--
lnent aud may he presented for exc htnet l,A AIRY
indorsec, or it Endorsed in blank Ly tht S,al,r
oil the same. The Treasurer shall ,xc hnnac iui
paid stock for said tax receipts at the rate a one
share oil stock, for each one hundred do;luls Of tuA
receipts so long rs said tax receipts shah hc PIE
| scented Tor exchange. II any holdt shah l,es,ht
TO the Treasurer receipts amounting TO ntic Il nn
one hundred dollars but not amounting in The ae-
gregate TO an even number Of bundr tis OF dollars,
the Treasurer shall issue shares OF stock ter the
even hundreds. and areceipt signed y him i,r the
! fractional sum. Such receipts shall be tlansfcIa.
bic and cXchangcahe for stock in thu same m: inner
as the Rail Road Tax Receipts.
SEC. 20. SO soon rs the Tax Collector shall
have made his returns in each year, the County
Treusul cr shall estimate whether The :nount II
I inl inyV oh PHI
receipts have been given exceeds the par value of
the iul paid stock which has been d, posted With
him by the Rail Read Company; and in ihc 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
pauy shall Immediately issue and Geposit with
said Treasurer sufficient additional full paid stoc k,
to meet said excess.
SEC q. The County Treasurer shall receipt TO,
| the Rail Road Company for all the stock received
by him from said Rail Road Company. and shali
preserve all receipts received by him in exchange
for stock. rs his vouchers for said exchange, and
shall at the same time OF receiving such receipts
write "Cancelled' on the face of each, and shalt
in book kept for that purpose keep an account
of the stock received ana the tax receipts cx
| 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 lie
come due. upon its said bonds, with the full
amount of stock which during said period has
been exchanged 70" said railroad tax receipts,
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for the
| collection and disbnrsc ments of said railrt adj
| taxes and shall return to said Company The cou-
pons for the interest thus paid and any shares of
stock. which may be in his hands uneNchanecd.-
If the interest upoa said railroad bonds up to
said date shall not have been fully paid ly the
exchange of stock as aforesaid. the balance half
he Immediately due from said Con pnny to the
County and shall he paid in cash, ami its payment
may he emf. reed Ivy the foreclosure OF the Moyt--
gage given by said company.
| SEC. 23. The Board of Supervisors SHAN nob
issnn hn hnnlS OF The County nrnv id Il for In.