The Placer herald., 1862-07-26
THE RAILROAD LAW.
AN ACT
To authorize the County of Placer TO loan
its credit to ss'rhe sacramento, Placer
and Nevada Railroad COmpany,'' to the
amount of 100000.

and Nevada Railroad COmpany,'' to the
amount of 100000.
The People of the State of California rep
resented in Senate and .asSembiy, do enact as
foHo,cs;
SEQ |. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through It's
Roard of Directors and President shall make writ
ten application to the Board of Supervisors OF the
county of Placer at any regular or stated meet
ing of said Supervisors requesting SAID county
of Placer through its properly constituted au-
tborities. to issue to said Railroad Company the
bonds of said county in the total sum OF 5 SlOO,O0O
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following ana
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 same, and in order to ascertain whether
the neople of said county are willing that its
croait shall he loaned as desired by said Company,
said Board of Supervisors shall, within sixty days
after the receipt of said petition, order special
election to be held in said county at which shall
be submitted the proposition of said loan to said
Railroad Company, to be voted upon by the
qualified voters of said county.
SEC g. The s,d election shall be liked by SAID
Ro,rd of Supervisors for some day not less than
thirty. nor more than sixty days, from the time of
making said order Said Board shall cause q
notice of said election to be published for the
period of four weeks next before tn" day OF said
alection in two or more newspapers published in
said county. which notice shall specify the time of
said election the object of the same, the PROPOSE
tion 10 be voted upon, and the places where the
polls will be opened on said day for said cleo
tion. which shall be the same rs the precincts
fixed for said purpose at the last preceding gene
raj election They shall also appoint judges and
insnectors of said election and cause notice there
of 70 be eiven rs in other elections authorized by
law No compensation shall be allowed to any
Judge clerk, or Inspector acting at SAID election
SIC 4. Upon the day fixed by said order, the
said election shall be held. Each of the electors
voting at said election, shall have written or
nrinted upon his ballot the words RAILROAD Loan.
Yes,, or the words RAILROAD Loan, No." Said
election shall be conducted and the returns there
of shall be made out and transmitted to the
County Clerk within the time and in the manner
prescribed by law at general eiect'ohs' Oh the
fftoenth dav after the day Of holding said election
The BOARD of Supervisors shall meet and canvas
said returns, and declare the result
SEC s. If upon the c1nvasSlng OF Said returns.
il shall be found that of the votes cast at said
election having written or printed upon them the
words ''Railroad Loan, Yes. or the words "kall-
ro,d Loan. No" a majority have written or print
oil nnon them ''R llroad Loan, No. then the duty
of the Board of Supervisors in the premises
shall cease and determine; but il majority of
the votes so cast shall have written or printed
mon them the words RAILROAD Loan, Yes then
said county in the manner hereinafter prescribed
SEC G. When it shall be dsceraincd in the
manner prescribed in section five OF this Act, that
thn majority of the votes cast at said election
having written or printed Oh them the words
sRoilroad Loan Yes or "Railroad Loan, No"
have written or printed upon them tho words
"Rnilrood Loan Yes" then it shall be the dGty OF
said Board Of Supervisors whenever thereto re-
nuested by the President and Board Of Directors
OF said Railroad Company, to prepare and issue
to said Railroad Company the bonds of sIid
county to the amount Of one hundre thousand
d0llurs Said bonds may be in sums OF two hun
dred and Gfty five hundred, or one thousand dol
lars each as may he requested by sail Railroad
Comnanv: they shall express upon their face the
nature Of the same, and object Tor which they are
issued: shall be payable in twenty years from
their date shall bear interest at the rate Of eight
nor cent per annum, payable semannually on
The first davs of July anl January Of each year
and shall have interest coupons attached express
sine the rate and time Of payment OF interest as
above specified. Both bonds and coupons shall
be made payable at the Office of the Treasurer in
said county.
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 he 81 gncd by the Treasurer of said
county. Both bonds and coupons shall be made
navabe to the sacramento. Placer and Nevada
hear 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 so executed and issued,
shall be the bonds of the County of Placer. and
shall bind said county to the payment Of the prin-
cipal 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 ..Sacramento. Placer and Nevada Railroad
Companyn 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 same rate OF interest and interest payable
ot the same periods as the bonds OF the county,
so executed and issued. Said Railroad bonds
shall be made payable to the county of Placer. or
its order and shall be signed by the President
and Secretary of the Company and counters gned
bv 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 con
pons attached to said county bonds. which cor-
pons shall be signed by the Treasurer OF said
Company.
SEC 9. The said Railroad Company shalt at
the time designated in the last section, by and
through its proper officers, execute under the
seal of said Company. second mortgage upon
all the property. real and personal, and franchises
of said Company, then owned and possessed and
thereafter to be acquired by said compnny, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
its face that it is subject to the mortgage of said
Company. made and delivered to Lester L. Rob-
nson and Francis l.. A. Phoebe, bearing date first
of September, eighteen hundred and sixty-one
and of record in said county but shall not he sub
ect 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 Prnsilnnt of the Rnnrl Of Sunnrvisors of the