The Placer herald., 1862-11-08
THE RAILROAD BILL.

which other taxes are levied for County purposes,
levy a special tax upon all the real and personal
property within said county subject to taxation
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 pun pose and the tax
levied shall be known and designated us the Rail
Road Tax.
SEC II. 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
fcers and the County Treasurer for dishuise-
ments shall receive the same rate OF compcnsa-
ton us is allowed by law Tor the collection aud
disbursement of other county taxes. The tax
collector upon the collection OF said tax shall
give to each tax layer separate receipt which
shall show upon its lace 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 IS. The County Treasurer shall separate
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 Rail Road
Fund. OF which fund he shall keep a separate ac-
count.
SEC a. The Board OF Supervisors shall pro-
vide for the prompt payment Of the interest on
said county bonds. as The same falls due. and for
this purpose they shall, as nearly is 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 qnysreason he deficiency in the Rail EAnd,
derived from said tax for the aJment OF any in
tcrcst as it falls due. ii shall be the duty OF said
Board to provide for the payment Of said inter
est ont of the General Fund of said County and
in such case they shall in their next levy provide
a sufiici mt fund to pay the accrnne annual in
terest. and also. to reimburse the General Fund
with the amount 50 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 by said
Rail Road Company, for interest 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 ayment 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 hall eqal The amount OF interest
to flll 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 a Sinking Fund for
the purpose OF securing the payment of the
principal of aid bonds at their maturity; and for
this purpose they shall impose such special tax
they may deem necessary and thc moneys rising
thpreform loge her with ali the moneys received
from said Rlii Road Company not applied TO
payment of interest shall he applied toward the
redemption of said bonds in such m,sHer as said
Board may deem most eXpodient for the interests
of said county.
SEC. II. The interest accruine upon the Railroad
Bonds given by the Company to the County dur
ing the period OF three years from the date Of
sid bonds, shall not until the expiration OF said
three years he required to be paid in money to
the county. nor shall any proceedings for its iolc
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 dpon 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
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. 10. 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 his
ussignors, OF one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
snail deliver to such person one share OF the full
paid stock deposited it'll him 10y said company,
and said person shall be he owner thereof The
said tax receipts shall be transferable by indolse-
mcnt and may be presented for exchange by any
indorsee or il indorsed in blank by the bearer
oil the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of one
st IRE oil stock for each one hundred dollars of tax
receipts so long as said tax receipts shall be pre-
scented Tor exchange, II any holder shall present
to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting in the y o.
preeate TO an even number Of hundreds OF dollars.
Che Treasurer shall issue shares Of stock for the
even hundreds. and receipt signed by him for the
r,ctional sum- Such receipts shall be transfero-
lilo and rxcbanrcable for stock in the same manner
as the Rail Road Tax Receipts
SEC 20. SO soon as the Tax Collector shall
have made his returns in each year. the County
Treasure r 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 deposited with
him by the Rail Re- I'D Company; and in the event