The Placer herald., 1862-12-13
THE RAILROAD BILL.

which other taxes are levied Tor County purpOsts.
levy Il special tax upon all the real and peisonnf
property within said county subject to taxation
Tor the purpose OF meeting the whole amount o.
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
hundred dollars OF said taxable property which
shall he taxed for said purpose. and the tax 80
levied shall be known und designated rs the Rail
Road Tax.
SEC Il. The tax so levied shall e assessed
and collected at the same time. ly the the same
officers, and in the same manner AZ ether county
taxes are levied and collected, for which said Of
iccrs and the County Treasurer, for disbulsc-
mcnts. shall receive the same rate ct ccmrensa-
ton rs is allowed by law for the collection and
disbursement OF other county taxes. The tax
collector upon the collection OF said iax shall
give to each tax payer separate receipt which
shall show upon It's lace the amount OF rail rond
tax so paid by him. These receipts shall he
printed and all similar in form; differing only in
name date ANA amt unt.
SEC 70. Tho County Treasurer 81 all separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in Il separate fund to he called the Rail Roud
Fund, of which lund he shall keep separate &C.
count.
SEC. IA. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest on
said county bonds. us the same falls due. and for
this purpose they shall, as nearly as possible nt
the time of making the 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 1T said amount. Should there
! for any reason he deficiency in he Rail Fund.
derived from said tax for the Fay ment OF any in
tercst as it falls due it shall be the duty OF said
! Board to provide for the aymtEt OF said inter-
| est out of the General Fund OF said County. and
in such case they shall in their next levy provide
a suiici, mt fund to pay the accruing annual in
terest and also. to reimburse the General Fund
with the amount 80 taken from the same 10 pay
said interest,
SEC IS. In addition TO the moneys arising
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 be used by the said
Board OF Supervisors Tor the payment oi interest
on said County Bonds in like manner as The mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Rnl
Road Company Shall eqal the amount OF interest
| to fail due upon the said County Bonds Tor the
ensuing year. no Rail Road Tax shall be levied
! by said Board.
SEC. IL. At the expiration of five yerrs htm the
time of issuing said county bones, The said Lonld
of Supervisors shall provide Sinking Fund Tor
the purpose Of securing the payment VI the
principal Of said bonds at their maturity; prd for
this purpose they shall impose such special lax rs
they may deem necessary. and HE moneys iisir <
thereiorm loge her with all The moneys received
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 the interests
of said county.
SEC. L. The interest accruine 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 10 be paid in monty to-
the county nor shall any proceedings for lis fore
cd collection be taken within said period Ivy the
| county.
SEC. Is. At the time within the said roriod Of
| three yeurs when the interest upon TIC londs
given by the Rail Road Company to the County
Shall fall due the Rail Road Company Shall issue
number Of shares OF full paid stock of said
company equal in value at par 10 the amount Of
| said interest. and shall deposit said stock with
the Treasurer of said county for his disbuis ment
as hereinafter provided.
SEC. 10. Upon the presentation ard delivery to-
said County Treasurer of one or any humLcr 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. CT his
ussi guors, of one hundred dollars OF the Rail
Road Tax herein provided for, the said Trea,urtr.
| shall deliver to such person one share 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 indolse-
| nent and may he presented for exchange by any
indorsce. or if Endorsed in blank by the beui.r
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of one
receipts so long as said tax receipts shall be pre-
scented tor exchange. II any holder shall prtstn
to the Treasurer receipts amounting to more thar
one hundred dollars but moi amounting in the ag-
| gregate TO an even number OF hundreds OF dollars,
the Treasurer shall issue shares Of stock for the
even hundreds. and receipt signed 10y him for the
| fractional sum- Such receipts shall lie tIanstera-
bic and exchangcable for stock in thu manner
as the Rail Road Tax Receipts.
SEC. 20 So soon rs the Tax Collector shall
! h,- do hiC rptn in tv
! Treasui 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 ia paid stock which has been deposited with
him by the Rail Re I'D 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 Roed Gem
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stOC 4
to meet said excess.
| SEC 81 The County Treasurer shall receipt te
the Rail Road Company for all the stock receiy ed
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 "Canceled' 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 for stock.
SEC. %. 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 lie
come due, upon its said bonds, with the iul'
amount OF stock which during said period has.
been exchanged for said railroad Tux 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
pons for the interest thus paid and any shares of
stock. which may be in his hands uneXcbanged-
If the interest upon said railroad bonds up to .
said date shall not have been fully paid by tho
exchange OF stock rs aforesaid, the balance shall
be Immediately due from said Company to the
County and shall he paid in cash, and its payment
may he enforced by the foreclosure Of the mort
ga &c given by said company.