The Placer herald., 1862-10-04

~ credit 'Gae SacFaEAlehIOs E'laCef
and Nevada Railroad COmpany,' to the
amount of 100000.
The People Of the state Of California rep
resented IN Senate and .4sSemdfy, 10 enact as
foii0loS:
SEC l. Whenever the Sacramento, Placer and
Nevada Il ,ilroad Company by and through its
Board of Directors aud President shall make writ
ten application to the Board of Supervisors oil the
county of Placer at any regular or stated meet
ing OF said Supervisors requesting said conHty
of Placer. through its properly constituted au-
thorities to issue to said Railroad Company the
bonds of said county in the total sum OF SlOO0OO,
it shall he lawful for said county to Issue its bonds
aud 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 Bolrd Of supervisors shall enter
tain the stne. and in order to ascertain whether
the people of said county are willing that its
credit shall be loaned a. desired by said Company,
said Board of Supervisors shall, within sixty days
after the receipt OF said petition, order special
election to he 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 3. The id 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
making said order Said Board shall cause a
notice of said election to be published for the
period Of four weeks next before the day Of said
election 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 clec-
tiOu. VII ch shall he the same as the precincts
fixed Tor said purpose at the last preceding gene
raj election. They shalt also appoint Judges and
inspectors of said election aDd caU7e notice there
. "a, ~ ,if,,.. 1 I.,r
law No compensation shah he allowed to 0ny
Judge, clerk. or Inspector acting at said election.
SEC 4. Upon the day liked By said order, the
said election shall he held Each of the electors
voting at said election. shall have written or
printed upon his ballot the words "Ralroad Loan.
Yes" or The words "RIilrodd Loan, No. Said
election shall be conducted aud The returns there
of shall be made Out and transmitted to the
County Clerk within the time and in the manner
prescribed by ltw at general elections. On the
fifteenth day after the day OF holding said election
the Board Of Supervisors shall meet and canvass
said returns, and declare the result
SEC 5. II upon the cInylsslng 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 "Rail-
road Loln. No. It majority have written or print
el upon them r. tilrDtd l-oln No chen the duty
of the Bolrl OF Supervisors in the premises
shall cease and determine; bat If a majority OF
the votes 50 cast shall hlye written or printed
upon them the words Railroad Loan. Ies.r then
th. Board Of Supcry yisors Shall issue thc bond, OF
said county in the m.tnncr hereinafter prrscribad
SEC s. When ii Shall be a-certliued in the
manner prescribed in section i've Of this Act that
the majority Of the votes cast at said election
having written or printed on them the words
Railroad Loan, Yes" or "Rtilr0ad Loan. No.
have written or printed upon them The words
"Rairold Loan, Yes, then il shall be the dntv of
stid Board oi Supervisors whenever thereto re
quested. by The President and Board OF Directors
Of said Railroad Company. to prepare and issue
to said Railroad Company the bonds Of s,td
county to the amount OF one hundred thousand
dollars. Sud bonds may be in sums of two hun
dreG and liiiy. five hundred. or one thousand dol
lars each. ~ may he requested by said Railroad
Company; they shall express upon their face the
n turr OF the same and object for which tlcv are
issued; shall he payable in twenty years from
their date; shall! bear interest at the rate Of eight
per cent per annnm, payable Semi-annnaly on
The first days Of July and January 0f each wear
and shall have interest coupons attached express
sing the rate and time of payment Of interest a.
above specified. Both bonds and coupons shall
be made payable at the Office OF the Treasurer in
said county.
SEC l. Sud bonds shall each be signed by ;bc
President of the Boud oi supervisors and the
Treasurer OF the county, and shall have the c0un-
ty sell alliX to each and every bond. The
coupons shall be ii gucd by the Treasurer of said
payable to the "Sucramento. Placer and Nevada
Railroad Company or bearer. and each bond sltl
bear upon its back certificate signed hv tha
President OF the Board OF Supervisors ana the
President Of said Railroad Company setting forth
that it is duly and formally issued as cnntelppla.
ted by law Said bonds Shall be transferable bv
delivery and Whenever SO executed and issued.
shall be the bonds oil the County OF Placer. and
shall bind Slid couAty TO the payment OF the nrin-
cipal and interest rs 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 !lsi section
the .'Sacrm"no Placer aud Nevada Railroad
Company shall, at the same time deliver to the
President OF the Bolrd OF Superv isorS 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 rlte OF interest. and interest navabln
at the same periods as the bonds OF the countv
so executed and issued. Said Railroad bonds
shall he made pay bic to the county Of Placer or
its order. and shall be signed by the President
and Secretary Of The Company. and countersioned
by the Vice President OF The Company, and each
shall bear he seal OF said company, and interest
coupons shall b" attached, corresponding in date.
amount rate and time Of payment, with the con.
pons attached to said county bonds which CON
pons shall be signed by the Treasurer of said
Company.
SEC. 8. 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 mortgage uDon
all the property real and personal aud 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 anon
ifs ftce that it is subject to the mortgage OF sid
Company. made and delivered to Lester L. Rob-
ins0n and Francis l.. 4. Pioche, bearing d tie first
Of September, eighteen hundred and sixty-one.
and OF record in said county but Shall not he sub
ject to any other mortgage or incumbrance uDon
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 aud mortgage OF the Rail Road Company
as prescribed in this Act
SEC. TO- The mortgage provided for in the
last section shall provide by its terms for a sink
ing fund to he reserved from the revenues of said
4 y, I.