The Placer herald., 1862-09-20
THE RAILROAD BILL.
AN ACT
To authorize the County of Placer to loan
its credit TO ''The sacramento, Placer
and Nevada Railroad COmpany,o to the
amount of 100000.

tts cresltt TO s.The sacramento, Placer
and Nevada Railroad COmpany,'' to the
amount OF 100000. .
The Pe0ple of the State of California rep
resented IN Senate and assembly, do enact as
fokl0wS:
SEC |. Whenever the Sacramento Placer ana
Nevada Railroad Company by and through its
Board of Directors and President shall make VIII
ten application to the Board of Supervisors OF the
county of Placer at any regular or stated met
inc of said Supervisors requesting said county
of Placer through its properly constituted au-
tboritios. to issue to said Railroad Company the
bonds of said county in the total sum OF Sloo'ooo
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following ana
subject to the following conditions.
SEC. q 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 lls
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 at which shall
be submitted the proposition OF said loan TO said
Railroad Company, to be voted upon oy the
qualified voters of said county. ,
SEC. 3. The slid 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
notice of said election to be published for the
nprod of four weeks next before the day OF said
election in two or more newspapers published IN
said cointy, which notice shall specify the time OF
said election the object Of the same, the PROPOSE
ton to be voted upon and the places where the
polls will be opened on said day Tor sad elec-
ton, which shall be the same as the precincts
fixed for said purpose 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
said election shall be held. Each of the electors
voting at said election, shall have written or
printed upon his ballot the words "Rairoad Loan.
Yes" 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 dav 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 canvasslng OF sald returns
it 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." a majority have written or print
ed upon them ''Rllroad Loan, No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but il a majority OF
the votes so CQSl SUdll HttNc NiiOtcii vi pllHttu
upon them the words Railroad Loan, Yes then
the Board of Supervisors shall issue tire bonds OF
said county in the manner hereinafter prescribed
SEC. 6. When it shall be ascertaned in the
manner prescribed in section five 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 "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-
onested by the President and Board of Directors
Of said Railroad Company, to prepare and issue
to said Railroad Company the bonds of said
countv to the amount of one hundred thousand
dollars Said bonds may be in sums of two hun
dred 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
issued shall be payable in twenty years from
their date; shall bear interest at the rate of eight
per cent per annum, payable Semi-annually on
The first days 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 office OF the Treasurer in
said county.
President of the Board OF Supervisors and the
Treasurer of the county and shall have the coun
tv seal affixed to each and every bond. The
coupons shall be signed by the Treasurer of said
county. Both bonds and coupons shall be made
n,vable 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 contempla-
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 prin-
cipal and interest as therein expressed.
SEC 8. 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 Supervisor 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 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 OF
| its order. and shall be signed by the President
and Secretary Of the Company. and countersi gned
by the Vice President OF the Company and eacl
shall bear the seal of said company, and interes
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 sale
| Company.
SEC g. The said Railroad Company shall a
the time designated in the last section, by ant
through its proper officers, execute under tht
seal of said Company, a second mort gage upoI
all the property, real and personal. and franchise
of said Company, then owned and possessed an(
thereafter to be acquired by said compnny, al
. security for the payment of said railroad bond
and coupons as prescribed in the last section
which said mortgage shall be and express upof
its face that it is subject to the mortgage of sait
| Company. made and delivered to Lester L.. Rob
nson 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 shal
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. tc
the President of the Board of Supervisors of the
bonds and mort gage 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 sink
ing fund to be reserved from the revenues of said