The Placer herald., 1862-03-08
AN ACT
To authorize the Town of Auburn to take
and subscribe Fifty Thousand Dollars to
the Capital stock of the Sacramento, Pla.
Ger, and Nevada Railroad Company, and
to provide for the payment of the same.
-Approyed April %, 1860 |

[Approved April %, 1861
The People of the State Of Calito, MIA, repre-
sented IN Senate and assembly, do enact as
tol0CS:
SECTION. l. 1t shall be the duty of the Board
of Trustees OF the town of Auburn to call Spe-
cia1 election in said town for the purpose of sub
mittng to the qualified electors Of said town the
proposition for said town to subscribe fifty thou
sand dollars to the capital stock Of the SHcramen-
to- Placer and Nevada Railroad Company.
Sec. 2. At any time after the passage of this
act whenever twenty five citizens and tax payers
of said town of Auburn shall petition the Board
of Trustees to that effect, it shall be the duty of
said Board Of Trustees to cause notice oil at least
twenty days to be published in the PIaccr Her.
oI2 published at Auburn. stating that said propo-
siton will be submitted to said qualified electors,
and the time and manner OF voting thereOn.-
Said Board of Trustees shall also cause ballots to
be prepared, with the words Subscription TO the
Sacramento Placer, and Nevada Railroad Com
pany" printed thereon. Every ballot in favor OF
said proposition shall have the word ~ es' writ
ten or printed thereon. and every ballot against
said proposition shall have the word No writ
ten or printed thereon. The ballots shall be
opened and counted in the same manner as the
ballots for corporation officers of said town. and
when opened and counted the Board OF Trustees
shall declare the result
SEC 3. If at said election greater number Of
the electors of said town voting on said PROPOSE
tlOn snail VOte u cS upon Stlu proposition tnttl
shall vote NO. then and in that event SAID
Board of Trustees is hereby authorized, empow
cred, and directed. in the name of and on behalf
of the said town of Auburn, and for the use and
benefit of said town. to take and subscribe to the
capital stock Of the Slcr mento, Placer aud Ne
vada Railroad Company, fifty thousand dollars.
SEC. f. Said subscription shall be made by said
Board of Trustees who shall perform that duty
Immediately thereafter.
SEC 5. Said Board shall make such subscrip
ton with a condition that the same be paid in
the bonds of said town of Auburn. to he issued
as hereinafter directed, and not otherwise; and
for said subscription said bonds shall be received
at par dollar for dollar Of the subscription.
SEC 6. Sid Board of Trustees, Immediately
after said subscription shall have been made.
shall issue the bonds Of said town, in sums of not
less than two hundred and fifty dollars each, to
the amount OF said subscription. payable to the
Sacramento. Placer and Nevada Railroad Com
pany. Said bonds shall draw interest at the
rate Of eight per cent per annum, interest pay
able semi-annualy on the first day of January
and June. and shall be made payable at the office
of the Treasurer of said town. OF in the city of
Sacramento San Francisco. at the option of
said railroad company. and the interest shall be
made payable at the same place where the pruci-
pal is made payable. Said bonds shall be made
payable at the end of twenty years from the day
of their issuance, and shall be signed by the
President and Clerk of the Board of Trustees in
the presence of the Board of Trustees and it shall
be the duty of said Board of Trustees to cause
the fact of such signing, and the amount date,
and number, of each bond, to be entered on their
journals. and also the time when and where pay
able. When said bonds issued as above dl
rected, it shall be the duty of said Board of Trus
tees to deliver the to the Board of Directors
of said railroad company, and take receipt
from the President and Secretary of said Board
of Directors for. the same, stating the amount
date. and number, of each bond. and the time
,bon lIo oh inf chn ha ninI 0n
the journals of said Board of Trustees, and filed
away with Clerk of the same.
SEC. 7. Coupons for the interest shall he at
tached to each bond. so that the same may be re-
moved without mutiating the bond and said cou-
pous shall be signed by the President and Clerk
Of said Board of Trustees. When any interest
shall be paid On bond. the coupon for the in
terest then due and paid, shall be detached and
delivered to the Clerk OF the Board of Trustees,
and by him at once canceied; and the said Board
shall cause the same to be posted with the pro-
ceedngs of the Board on their journals. at the
next meeting of the Board after the same is re-
ceived.
SEC. s. 1t shall lie the duty of the Board Of
Trustees of the town OF Auburn, to levy a tax on
all the taxable property of said town. in the
month OF March of each year. to be styled an
'Interest Tax" sufficient to pay the amount Of
Interest required tc be paid each year: which tax,
when collected shall be paid over to the Treasurer
OF said town, to be by him applied to the pay
ment of said interest as ii falls due. Said tag
shall believed and collected as other taxes CT said
town are by law levied and collected.
SEC. Q. 1t shall bc the duty Of said Treasurer
to make arrangements out Of said moneys, for
the payment OF the interest on said bonds ut least
thirty days before the time of payment
SEC 10. Whenever any dividends shall be de-
clared and paid over to the Board of Trustees Of
said town on the railroad stock issued to said
town. and the same shall amount to one thousand
dollars OF more, it shall be the duty of the Treas
ufef OF said town to advertise for thirty days, in
some newspapers published in said town, and also
for thirty days in some newspaper published
where the same are payable, for proposals for the
redemption Of said bonds; propidei, the same
shall NOT he for more than their par vaiue All
propos Is for the surrender of bonds shall be ac-
eompanicd by the same, and shall be opened in