The Placer herald., 1862-08-02
THE RAILROAD LAW.
AN ACT
To authorize the County Of Placer to loan
fts credit to ssThe Sacramento, Placer
and Nevada Railroad Company" to the
arnOunt Of 10000.

and Nevada Railroad Company to the
amount Of 100000.
The People of the State of California rep
resented in Senate and Assembly, do enact as
foilo,cs:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Board 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-
thorities to issue to said Railroad Company the
bonds of said county in the total sum of 100000,
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
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 people Of said county are willing that its
credit shall be 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 ut 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 said 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 If
said election the object Of the same the PROPOSE
tion TO be voted upon. and the places where the
polls will be opened on said day for said cleo
tion. which shall be the same as the precincts
fixed for saidpurpose at the last preceding gene,
raj election. They shall also appoint judges and
inspectors of said election and cause notice there
of to be given rs in other elections authorized by
law. No compensation shall be allowed to any
Judge clerk, or Inspector acting at said election.
SEC. 4. Upon the day fixed by said order, the
snid election shall be held Each Of the electors
voting at said election, shall have written or
printed upon bis ballot the words "Railroad Loan.
Yesr 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 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 canvassing 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 Loan No. majority have written or print
ed upon them "R Iilroad Loan, No. then the duty
of the Board of Supervisors in the premises
shall cease and determine; but il a ma oity Of
the votes so cast shall have written printed
nnon them the words RAILROAD Loan. Yes.n then
the Board of Supervisors shall issue the bonds of
said county in the manner hereinafter prcscribed
SEC g. When it shall be ascerancd in the
manner prescribed in section five of this Act, that
the majority of the votes cast at said election,
having written or printed OH them the words
Railroad Loan, Yes" or RAILROAD Loan. No."
have written or printed upon them the words
!. Railroad Loan Yes" then it shall be the duty of
said Board of Supervisors whenever thereto re-
,uested, by the President and Board Of Directors
IF said Railroad Company, to prepare and issue
Dill 10 Of c,;I
county to the amount of one hundred thousand
dollars Said bonds may be in sums of two hun
lred and fifty, five hundred, or one thousand dol
lars each. as may be requested by said Railroad
Company; they shall express upon their face the
n ,ture Of the same and object for which they are
ssued; shall be payable in twenty years from
their date shall bear interest at the rate Of light
per cent per annum, payable Sem-annualy on
The first dnys Of July and January Of each year,
and shall have interest coupons attached express
sing the rate and time of payment of interest as
above specified. Both bonds and coupons shall
be made payable at the once OF the treasurer in
said county.
SEC. 7. Said bonds shall each be signed by the
President of the Board of Supervisors and the
Treasurer of the county. and shall have the coun
ty seal affixed to each and every bond. The
,oupops shall be sgned by the Treasurer of said
county. Both bonds and coupons shall be made
payabe to the "Sacramento. Placer and Nevada
Railroad Company or bearer" and each bond shall
bear upon its back a 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 contempa-
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 prn-
cipal and interest as therein expressed.
SEC g. 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
COMPANY" 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
at 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 countersigned
by 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 cou-
pons shall be signed by the Treasurer of said
Company
SEC. 9. The said Railroad Company shall at
the time designated in the last section, by and
through its proper officers, execute under the
seal of snid 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 company, 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-
inson and Francis l.. A. Phoebe, bearing date first
of September, eighteen hundred and sixty-one,
and of record in said county, but shall not be sub
ject 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
Drn iIou Of Al,o nrd ac IL