The Placer herald., 1862-10-25
THE RAILROAD BILL.


property within said county subject to taxation
i0r 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 designate the number OF cents on each one
hun red dollars Of said taxable property which
shall be taxed for said pul pose. and the tax
levied shall be known aud designated as the Raul
Road Tax.
SEC. IL. The tax so levied shall be assessed
and collected ut the same time. by the the same
officers and in ihe same manner other county
taxes are levied and collected for which said OIL
fccrs and the County Treasurer, for disburse-
ments. shall receive the same rate OF compcnsa-
tion us is allowed by law Tor the collection and
disbursement OF other county taxes The tax
collector upon the collection OF said tax shall
give to each tax aver separate receipt which
shall show upon its face the amount OF rail road
tax paid by him. These receipts shall lie
printed and all similar in form; differing only in
name, date and amount.
SEC. Is. The County Treasurer shall separate
the eamOumt collected on rail road lax from other
moneys in the Treasury and shall keep the same
in Il separate fund to be called the Rail Road
Fund, of which iund be shall keep q separate ac-
count
SEC. IA. The Board OF Supervisors shall pro
vide for the prompt payment of tile interest on
said county bonds. us The same falls due. and for
this purpos" they shall as nearly rs possible ut
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 Il deficiency in the Rail Fund.
derived from said tax for the pay mcnt OF any in
forest as il falls due it shall be the duty ut said
Board to provide for the payment of said inter
est out Of the General Fund Of said County. and
in such case they shall in their next levy provide
Il suffci, mt fund to ply the accruing annual in
terest and also. to reimburse the General Fund
with the amount so taken from the same to 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 10y said
county; and said money shall be.usrd by the said
Board OF Supervisors for the pay ment of 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 Rail
Road Company hall eqal she amount OF interest
to fall due upon the said County Bonds tor the
ensuing year. no Rall Road Tax shall be levied
by said Board.
SEC 6. At the expiration of five years from the
time of issuing said county bonds. The said board
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 tax as
they may deem necessary and the moneys rising
theretorm toge 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 expedient for the interests
of said county.
SEC. IL. The interest accruing 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 he required TO be paid in money to
the county, nor shall any proceedings for its fore
al al hn t.ku wi c,i1 ioI lxt tho
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 shall issue
a 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 disLulsem
as hereinafter provided.
SEC. l9. Upon the presentation and delivery 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. show ing the
payment by the holder Of sand receipts. OF bis
;ls>i gnors. of one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
shall deliver to such person one share OF the full
paid stock deposited With him by said company,
and said person shall be he owner thereof The
said tax receipts shall be transferable Ly indorse.
lnent and may De presented for exchange by any
indorsce, or if ind0rsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax recei pts at the rate of one
share OF stock. for each one hundred dollars of tax
receipts SO long as said tax receipts shall be pre-
scnted tor exchange II any holder shall present
to the Treasurer receipts amountingto more than
one hundred dOllals but not amounting in the ap-
gregatc 10 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 be transtera-
bic and exchangcabeio for stock in thosame manner
as the Rail Road Tax Receipts.
SEC. 20. SO soon as the Tax Collector shall
have made his returns in each year, the County
Treusul 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 fu paid stock which has been ' posit ed with
him by the Rail RI 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 Road Com.
pany shall Immediately issue and ,eposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC 2l. The County Treasurer shall receipt TO
the Rail Road Company for all the stock received
by him from said Rail Road Company and shall
preserve all receipts r. ceived by him in exchange
for stock. as his vouchers for said exchange, and
shall at ihe same time OF receiving such receipts
write Cancelled on the face OF each, and shall
in IL hook kept for that purpose keep an account
of the stock received and the tax receipts ex-
changed for stock.
SEC. 22. 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. orfo he
come due. upon its said bonds, with the full
amount Of stock which during said period has
been exchanged TO 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 said railroad
taxes. and shall return to said Company the cou-
pons for the interest thus paid and amy shares of
stock which may he in his hands uneXchanged
If the interest upon said railroad bonds up to
said date shall not have been fully paid hy the
exchange OF stock rs aforesaid, the balance shall
lie Immediately due from said Con pany to the
County and shall be paid in cash, and its payment
may be emf" reed by tn" foreclosure Of the mort
gage given by said company.
SEC 23 The Board of Snperyisors shall not