The Placer herald., 1862-07-05
AN ACT
To auth orfze the County of Placer to loan
its credit to ssThe Sacramento, Placer
and Nevada Railroad Company TO the
amount of 100000.

and Nevada Railroad company, =" 'iAo
amount of 100000.
The People of the State of California rep
resented in Senate and assembly, do enact as
follotcs:
SIC l. Whenever the Sacramento, Placer and
Nev,d. r ,lroal Company by and through its
BOARD of Directors and President shall make writ
Ton .nnlication to the Board of Supervisors OF the
county of Placer at any regular or stated meet
inc Of said Supervisors requesting said county
Of Placer through its properly constituted al-
tborities to issue to said Railroad Company the
bonds of said county in the total sum OF 5 100000,
If shall be lawful for said county to issue its bonds
and disposc of them in the manner following and
subject to the following conditions
SEC 2 Upon the receipt of said petition from
said Sacramento. Placer and Nevada Railroad
Company the Board of Supervisors shall enter
tain the s,me and in order TO ascertain whether
the people of said county are willing that Its
credit shall he loaned as desired by said Company.
s,id Ro,rd of Supcrvisors shall. within sixty days
after the receipt of said petition, order specEsi
election to be held in said county at when shall
be submitted the proposition OF stid loan TO stlo
Railroad Company to be Vote" upon ny 'he
qualified voters of said county
SEC 3. The 5 lid election shall be fixed by said
Board of Supervisors, for some day not less than
thirty. nor more than sixty days. from the time OF
m,linr s,id order. Said Board shall cause
notca Of $ lid election to be published for the
nerod of four weeks next before tho day OF said
election in two more newspapers punished IN
said county, which notice shall specify the time OF
said election. the object of the same the proposl-
tion 70 he voted upon. and the places where the
nols will be opened on said day for said elcc-
tion. VIII ch shall he the same as the precincts
fixed for s,il purpose at the last preceding gene,
ral election They shall also appoint Judges and
inspectors of said election and cause notice mere
of to he eiven rs in other elections authorized by
law. No compensation shall be allowed to any
in]oe. clerk or Inspector acting at said election.
SEC. 4. Upon the day fixed by said order, the
soil election shall he held. Each of the electors.
votinr at s,id election. shall have written or
nrntel unon his ballot the words Railroad Loan.
Yes" or the words "RAilroad LON. No. SAID
election sh III be conducted and the returns there
of shall be made out and transmitted TO the
County Clerk within the time aud in the mAnner
nrnscrih, ,d bv law ut general elections. On the
6ftnonth day after the day of holding said election
The BoArl Of Supervisors shall meet and canvass
said returns ana declare the result
Sac ( If upon the canvassing OF sad returns
it shall be found that OF the voles c's' ~ s1l,
words .Railroad Loan Yes, or the words "Rall-
ro'd Loan. No. majority have written or print
oJnnon them .Raroad Loan, No" then the duty
of the Board OF Supervisors n the premises
sholl cn1sc and determines; but if a majority OF
tbe votes 50 cast shall have written or printed
nnon them the words Railroad Loan. Yes then
the Board of Supervisors shall issue the bonds OF
said county in the manner hereinafter prescribed.
Sec 6. When it shall be ascertained IN the
the majority of the votes cast at said election,
b,vinr written or printed on them the words
Railroad Loan, Yes" or "Railroad Loan, NO.
have written or printed upon them the worus
"Railroad Loan, Yes, then IL shall De the daty o'
said Roord of Supervisors whenever thereto re-
onested. bv the President and Board OF Directors
of said Railroad Company, to prepare ana issue
to said Railroad Company the bonds OF said
county to the amount of one hundrel thousand
dollars Said bonds may be in sums OF two hum
fvo hun nd red thousand dol
lars each as NAV be requested by sail Railroad
Comoanv: they shall express upon their face the
n ,ture of the same and object for which they are
issued shall be payable in twenty years from
their date: sba bear interest ut the rate OF eight
per cent per annum, payable seml-annnally on
the first days Of July and January OF each year
and shall have interest coupons attached express
sing the rate and time of payment OF interest as
above specified Both bonds and coupons shall
be m lde payable at the office of the Treasurer in
said county.
SEC. 7. S,d bonds shall each be signed by the
President of the Board of Supervisors and the
Treasurer OF the county. and shall have the coun-
tv seal affixed to each and every bond. The
coupons shall be signed by the Treasurer OF said
county. Both bonds and coupons shall be made
payable to the '.Sacramento, Placer and Nevada
Railroad Company or bearer and each bond shall
bear upon its back certificate signed by the
President Of the Board of Supervisors. and the
President Of said Railroad Company, setting forth
that it is duly and formally issued as contempla |
ted by law. Said bonds shall be transferable by |
delivery and whenever executed aud issued, |
shall be the bonds of the County OF Placer and
shall bind said county to the payment of the prin-
cpal and interest as therein expressed.
SEC s. Whenever the bonds of the county of
Placer shall be issued and delivered to the Rail
road Company. as prescribed in the last section,
the .Sacrameno Placer and Nevada Railroad
Company" shall. at the same time deliver to the
President of the Board OF Supervisors of said |
county. for the benefit of said county. the bonds
of said Railroad Company OF equal number in
like amounts maturing at the same time, bear
ing the rate of interest. and interest payable
at the same periods as the bonds of the county, |
executed and issued Said Railroad bonds |
shall be made payable to the county OF Placer, or
its order. and shall he signed by the President
and Secretary of the Company and countersigned
by the Vice President of the Company. and each
shall bear the seal of said company. and interest
coupons shall be attached. corresponding in date.
amount. rate and time of payment, with the cou-
pons attached to said county bonds. which cou-
poas shall be signed by the Treasurer of said
Company.
Sec. g. The said Railroad Company shall at
the time designated in the last section, by and
through its proper officers, execute under the
seal of said Company, a second mort gage upon
all the property. real and personal and franchises
of said Company, then owned and possessed and
thereafter to he acquired by said company, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
WulCu Stlu moftSdGe sHaIi NC duu cAPICoS upoh
its flce that it is subject to the mortgage of said
Company. mtde and delivered to Lester l.. Rob-
inson and Francis l.. A Phoebe, bearing date first
OF Septembnr, eighteen hundred and sixty y-one.
and of record in said county, but shall not be sub
Ject to any other mortgage or incumbrance upon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. to
the President of the Board of Supervisors, of the
bonds and mortgage OF the Rail Road Company
q nrpscrihpl in this Act