The Placer herald., 1862-12-20
THE RAILROAD BILL.

which other taxes are levied for Couaty purposes.
levy special tax upon all the real and personah
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 des, gnute the number Of cents on each one
hundred dollars Of said taxable property which
shall be so taxed for said pui pose and the tax SO
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. ly the the same
officers and in the same manner as uthtr county
taxes are levied and collected Tor which said Of
fcers and the County Treasurer, for dsLuise-
ments. shall receive the same rate OF compcnsa-
ton as il allowed by law for the collection and
disbursement OF other county taxes The tax
collector upon the collection OF sad tux shall
give to each tax payer separate receipt which,
shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall lie
printed and Ill similar in form; differing only IN.
name, date and amount.
SEC. 10. The County Treasurer shall separate
the amount collected on rail road tax irom Other
moneys in the Treasury and shall keep the same
in separate fund to be called the Rail Fond
Fund, Of which fund he shall keep Il separate ac-
count
SEC. IL. The Bourd Of Supervisors shall pro-
vide for the prompt payment Of the interest on
said county bonds as the same falls due. and Tor
this purpose they shall, as nearly as possible ~
/
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 be deficiency in the Rail fund,
| derived from said tax for the raJ Wcnt Of any in
| terest rs il falls due it shall be the duty Of said
| Board to provide for the payment Of said in,tr-.
| est out OF the General Fund of said County and
in such case they shall in their next levy provide
a sulicit mt fund to pay the accrung annual in
terest, and also, to reimburse the General Fund
,,;tb tl,a mt f.l trnu iEn ia VI
said interest
SEC. Is. In addition to the moneys arising
from The Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all moneys
paid into the Treasury OF said county by sand
! Rail Road Company, for interest principal
upon the bonds Of said company held hy said
county; and said money shall be used By the said
Board of Supervisors for the payment OF interest
| on said County Bonds in like manner the mo-
| ncy raised by said Rail Road Tax Whenever
| the amount paid into said Fund by the said Rail
! Road Company shall eqal the amount OF interest
| to fail due upon the said County Bonds for the
ensuing year, no Rail Road Tax shall be levied
10y said Board
SEC. 6. Az the expiration Of five years Fl en- Tie
| time of issuing said county bonds. the said Lould
of Supervisors shall provide Sinking Fund for
the purpose of securing the payment Of the
principal OF said bonds at their maturity; and for
this purpose they shall impose such special lax
they may deem necessary. and the moneys rising
from said Rail Road Company not applied TO
payment of interest shall be applied toward the
redemption of said bonds in such manner as said
Board may deem most cXpcdient for TIE interests
| of said county.
SEC. II. The interest accrung upon the Railroad
Bonds given by the Company to the County dur-
ing the period OF 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 fore
! Il oil t;,p hn tul. ~ l,v
county.
| SEC. Is. 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 shull issue
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 disbuls nent
as hereinafter provided.
SEC. 10. Upon The presentation ard deliv,ly 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
assignors, of one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver to such person STARE of the full
paid stock deposited with him by said Company
and said person shall be the owner thereof. The
said tax receipts shall be transferable by fndqrse-
ment and may be presented for change hy any
indorsce, or if indorsed in blank. by the btuyeT
vi lnt SUtHc. lNt litUaVleI sHUlI PXCEunnC lull
paid stock for said tax receipts at the rate of one
share OF stock for each hundrt dollars of tux
receipts so long as said tax receipts shall be pre-
scented for exchange. II any holder shall present
to the Treasurer receipts amounting 10 more thnn
one hundred dollars but not amounting in the ne =
gregate to an even number Of hundreds OF dollars
the Treasurer shall issue shares Of stock for the
even hundreds, and receipt signed by him for the
fractional sum. Such receipts shall he transiera
| bic and eXchangcable for stock in Tho same manDcp
| tl,, Dali Don nav oi,1fs
! SEC 20. So soon the Tax Collector shall
have made his returns in each year. the County
Treasur er 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 full paid stock which has been de posted with
him by the Rail Re ad Company; and in thr even.
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 Read Com.
pany shall Immediately issue and deposit with
said Treasulc CT sufficient additional full paid stock
to meet said excess.
SEC. n. The County Treasurer shall recent to
the Rail Road Company for all the stock received
by him from said Rail Road Company. and shall
preserve all receipts received by him in exchange
for stock, as his vouchers for said exchange, and
shall at the same time of receiving such receipts
write "Cancelled" on the face OF each, and Shall
in book kept for that purpose keep an account,
Of the stock received and the tax receipts cx-
changed for stock.
SEC. %. At the end Of three gears from the
time of issuing said bonds provided for ia this
Act. the County Treasurer shall credit the Raih
Road Company upon the interest due, or to be
come due. upon its said bonds with the full
amount Of stock which during said period has,
been exchanged for 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 saiai railrt nd
taxes. and shall return to said Company the cou-
pons for the interest thus paid and any shares of