The Placer herald., 1862-09-27
THE RAILROAD BILL.

! ror tbo nurnosc of meeting the whole amopn,
interest to become due within said year upon
| County bonds. In making said levy said bo
shall designate the number OF cents on each
hundred dollars Of said taxable property VII
shall be so taxed for said purpose, and the tax
levied shall be known and designated the
! Road Tax.
SEC. II. The tax so levied shall be asses
and collected at the same time, by the the sr,
| officers and in the same manner as other cOrl
| taxes are levied and collected, for which said
fcers and the County Treasurer, for dsm,
ments shall receive the same rate of compu
ton as is allowed by law for the collection
disbursement of other county taxes. The
collector upon the collection of said tax 81
give to each tax payer separate receipt vli
! shall show upon its face the amount of rail me-
tax so paid by him. These receipts shall
printed and all similar in form; differing oDy
name, date and amount.
SEC. 13. The County Treasurer shall seprI
the amount collected on rail road tax from oh
moneys in the Treasury and shall keep the a
in separate fund to be called the Rail R
Fund. of which fund he shall keep a sepant
count.
SEC. A. The Board OF Supervisors shall
vide for the prompt payment OF the intercS
said county bonds, as he same falls due and
this purpose they shall as nearly as possbl
|
per centage of tax necessary to be levied ton
! said interest for the next succeeding year
! shall fix the levy at said amount. Should Il
for any reason be deficiency in the Rail F.
derived from said tax for the payment Of an.
tcrest as it falls due. it shall be the duty Of \
Board to provide for the payment of said ID
est out of the General Fund of said County
in such case they shall in their next levy pro
sufficient fund to pay the accruing annuo
ale 10 ip,bn tho f,pnpra +
with the amount so taken from the same TO
said interest.
SEC. 10. In addition to the moneys alh
from the Rail Road Tax aforesaid, the Cor
Treasurer shall also place in said Fund all mo.
paid into the Treasury of said county by
Rail Road Company, for interest or prime
upon the bonds Of said company held by s.
county: and said money shall be used by the e
Board of Supervisors for the payment of inter
on said County Bonds in like manner as the q
ncv raised by said Rail Road Tax. Whence
the amount paid into said Fund by the said RI
Road Company shall eqal the amount of inter.
to fall due upon the said County Bonds for /
ensuing year. no Rail Road Tax shall be levi
by said Board.
SEC. 1G. At the expiration of five years from /
time Of issuing said county bonds. the said lo
of Supervisors shall provide a Sinking Fund
the purpose of securing the payment Of Il
principal of said bonds at their maturity; and
this purpose they shall impose such special fax
they may deem necessary. and the moneys Gris
thereform together with all the moneys recel
from said Rail Road Company not applied
payment of interest shall be applied toward
redemption Of said bonds in such manner as s.
Board may deem most eXpedient for the inter.
of said county.
SEC. II. The interest accrung upon the RaI
Bonds given by the Company to the County
inr the period of three years from the date
said bonds, shall not until the expiration Of
three years be required to be paid in money
the county, nor shall any proceedings for itstC
ed collection be taken within said period by
county.
SEC. 18 At the time within the said period
three years when the interest upon the lO
given by the Rail Road Company to the Cou
shall fail due. the Rail Road Company shall s
a number of shares OF full paid stock Of i
company equal in value at par to the amount
said interest. and shall deposit said stock VI
the Treasurer Of said county for his disbuseml
as hereinafter provided.
SEC. 10. Upon the presentation and deiverl
said County Treasurer Of one or any number
the Rail Road Tax Receipts mentioned in Seclil
eleven. by any holder Of the same. showing a
payment by the holder OF said receipts o. h
assirnors. of one hundred dollars of the wi
Road Tax herein provided for. the said Trc0ai
shall deliver to such person one share Of the 10
paid stock deposited with him by said oompn
and said person shall be the owner thereof 7.
said tax receipts shall be transferable by udOr
ment and may be presented for exchange by az
indorsce, or if indorsed in blank. by the bea,
of the same. The Treasurer shall exchange +
paid stock for said tax receipts at the rate Of q
share of stock. for each one hundred dollars Of
receipts so long as said tax receipts shall be p
sentcd for exchange. If any holder shall pres
to the Treasurer receipts amounting to more IL
one hundred dollars but not amounting in the
rregate to an even number of hundreds Of dolf
tho Treasurer shall issue shares Of stock for
even hundreds, and receipt signed by him for
fractional sum. Such receipts shall be transie
bic and eXchangeable for stock in the same mani
as the Rail Road Tax Receipts.
SEC. 20. SO soon as the Tax Collector sh
have made his returns in each year, the Coul
Treasure er shall estimate whether the amount
Rail Road Tax collected for which Rail Road
receipts have been given exceeds the par value
the full paid stock which has been deposited vi
him by the Rail Read Company; and in the eve
that there be such excess, he shall notify "a
Rail Road Company of the fact and of
amount Of said excess. and said Rail Road Co
many shall Immediately issue and deposit "
said Treasurer sufficient additional full paid ste
to meet said excess.
SEC. 2l. The County Treasurer shall receipt
the Rail Road Company Tor all the stock recel'
by him from said Rail Road Company, and sh
preserve all receipts received by him in exchar
for stock, as his vouchers for said exchange, Q
shall at the same time of receiving such recei
write Cancelled" on the face of each and st
in book kept for that purpose keep an acco
of the stock received and the tax receipts
changed for stock
SEC %. At the end of three years from
time of issuing said bonds, provided for in
Act the County Treasurer shall credit the K
Road Company upon the interest due. or to
come due, upon its said bonds, with the
amount of stock which during said period
been exchanged for said railroad tax recel
less an amount equal to the sums allowed :
paid to said Tax Collectors and Treasurer for
collection and disbursements of said railrt
taxes. and shall return to said Company the c
pons for the interest thus paid and any share
stock which may be in his hands uneXchanged
If the interest upon said railroad bonds up
said date shall not have been fully paid by
exchange of stock as aforesaid, the balance sh
be Immediately due from said Con pany to
County and shall be paid in cash, and its paym
may be enforced by the foreclosure Of the mo
gage given by said company.
SEC 23. The Board of Supervisors shall
issue the bonds Of the County. as provided lor