The Placer herald., 1862-10-18
THE RAILROAD BILL.

!
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
| hun red dollars Of said taxable property which
shall he so taxed for said purpose. and the tax so
levied shall be known and designated rs the Rail
Road Tax.
| SEC. IL. The tax so levied shall be assessed
and collected al the same time. by The the same
officers, and in the same manner as other county
taxes levied and collected, for which said Of
icers and the County Treasurer, for disbuise
ments. shall receive the same rate OF compensa-
tion rs is allowed by law for the collection and
disbursement OF other county taIrs The tax
collector upon the collection OF said tax shall
give to each tax payer Il 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. l3. The County Treasurer shall separate
the amount collected on rail road tax IRON other
moneys in the Treasury and shall keep the same
in "A separate fund to be called the Rail Road
Fund, of which lund be shall keep separate uc-
count.
SEC IA. The Board OF Supervisors shall pro.
vide for the prompt payment Of the interest on
said county bonds. us he same ialls due nua for
this purpos" they shall. as nearly .ts rossihle ut
the time of making th" 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 any reason he deficiency in the Rail Fund,
derived from said tax for the pay ment OF any in
tnrest rs il falls due. it Shall be the duty of said
| Board to provide Tor 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 sufici, mt fund to pay the accruing annual in
! terest. and also. to reimburse the General Fund
with the amount SO taken from the same to pay
| said interest.
| Crr In ,,10 n thp MOI riotn
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 or principal
upon the bonds of said company held by said
county; and said money shall he used by the said
| Board OF Supervisors for the pay ment OF interest
on said County Bonds in like manner as the mo-
ncy raised by said Rail Road Tax. Whenever
the amonnt paid into said Fund hy The said Rail
| Road Company hall eqal the amount of interest
to fail due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board
SEC. 6. 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 said bonds at their nIaturity and for
this purpose they shall impose such special tax rs
they may deem necessary and The moneys rising
therefolm toge her with all the moneys received
from said Rail Road Company not applied to
! redemption of said bonds in such manner as said
Board may deem most eXpedient 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 oil 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 toic-
ed collection be taken within said period by the
county
SEC. le. At the time within the said period of
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 disbulselpent
| 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 sald receipts OF his
| lssignors. OF one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
shall deliver to such person one share of the full
paid stock deposited ith him by said company,
| and said person shall be he owner thereof. The
said tax receipts shall be transferable hy ndorse-
ment 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 al the rate of one
| ~
receipts SO long as said tax receipts shall be pre-
sentcd tor exchange. II any holder shall present
| to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting in the ag-
| greyate TO an even number OF hundr,d of dollars
the Treasurer shall issue shares Of stock for the
even hundreds and receipt signed by him for the
fractional sum. Such receipts shah be translera-
| BILE and eXchtngpablc for stock in the same manner
AS the Rail Road Tax Receipts.
| SEC. 20. SO soon us the Tax Collector shall
| 1 in o.,ah b,
! Treasul er shall estimate whether the amount #
Rail Road Tax collected for which Rail Road t TX
receipts have been given exceeds the par value of
the flu j paid stock which has been d, posted with
| him by the Rail Read Company; and in the 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.
pany shall Immediately issue and .eposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC. FL. The County Treasurer shall receipt to
the Rail Road Company ior all the stock received
| by him from said Rail Road Company and shall
preserve all receipts r' cevcd by him in exchange
| for stock. rs his vouchers Tor said exchange, and
shall ut the same time OF receiving such receipts
write Cancelled on the face OF each, and shall
| in il book kept for that purpose keep an account
of the stock received and the tax receipts eX-
| changed Tor stock.
SEC 22. 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 he
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 disbursements Of said railroad
taxes and shall return TO said Company the cou-
pons for the interest lhus paid and any shares of
stock which may be in his hands uneXchanGed. -
| IF the interest upon said railroad bonds up to
| Il data hal h.. q M " hn
exchange of stock us aforesaid, the balance shall
be Immediately due from said Company to the
County and shall be paid in cash, and its payment
may he emf reed by the foreclosure Of the mort
gage given by said company.
SEC. 23 The Board Of Supervisors shall not
or Il Il fo, in