The Placer herald., 1862-08-30
THE RAILROAD LAW.
AN ACT
To authorize the County OF Placer to loan
its credit to ''The sacramento, Placer
and Nevada Railroad Company to the
amount of 100000.

|
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
foIo,cS:
| SEC |. Whenever the Sacramento Placer ard
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 ut 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 5 SlOOO0O,
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.
Sic @ Upon the receipt Of said petition from
s,iI s Scramento Placer and Nevada Railroad
Companv the Board OF Supervisors shall enter
tain the s,me and in order to ascertain whether
the people OF said county are willing that it's
credit shall be lolncl as desired by SAID Company,
s,id Board Of Supervisors shall. within sixty days
,,tnr the receipt of said petition, order special
election to be held in said county ut which shall
hn submitted the proposition OF said loan to said
PniIr ad Company, to be voted upon by the
qualified voters OF said county
Src. 3. The 5 ill election SHALL be fixed by said
Ro,rl Of Supervisors. for some day not less than
thirtv nor more than sixty days. from the time of
m,kiuo s,id orler. Sid Board shall cause II
notice of said election to be published for the
npriod 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 OF
said election the object Of the slme, the PROPOSE
tion 10 be voted upon, and the places where the
nnlls will be opened on said day for said cleo
tion. whch shall he the same AS the precincts
fixed for said purpose ut the last preceding gene
raj election. They shall als' appoint judges and
insnnctors of said election and cause notice there
of to hc piven AS in other elections authorized by
law No compensation shall be allowed to any
iudpc. clerk or Inspector acting at said election
Src. 4. Upon the day fixed by said order. the
said election shall be held. E'ch OF the electors
votinr at said election. shall nave written or
printcd upon his ballot the words Railroad Loan
Vas ;, or ihc words .'R ,ilrold Lon, No. Said
election sh I'll be conducted and the returns there
of shall be m lle out and transmitted to the
County Clerk within the time ana in the manner
prescribed by law at general elections On the
fifteenth ,av after the day OF holding said election
the Board of Supervisors shall meet ana canvass
said returns and declare the result
Snc. s. II upon the cInvassin9 OF said returns,
II shall he found that Of the votes cast at said
election having written or printed upon them the
words .Railroad Loan, Yes" or the words Grail
road Loan, No" a majority have written or print
oil unon them R llrold Loan, No, then the duty
of the Doaru Supervisors in the premises
shall cease and determine; but il II majority OF
the votes so cast shall have written or printed
upon them the worls Railroad Loan, Yes then
In BOARD OF S0DrN lSprH SIull IN>uc tllH DOuIS OF
slid county in the minnrr hereinafter prescribed.
SEC &. When it shall b. ascertaincd in the
,,,nner nrescribed in section five OF this Act that
the majority Of the votes cast at said election,
having written or printed on them the words
..P,ilroad Loan. Yes" or "Railroad Loan. No"
have written or printed upon mem thc words
..Roilroad Loan Yes then it shall be the duty OF
said Board of Supervisors whenever thereto re-
.ouestcd by the Presidcnt and Board of Directors
Of said Railroad Company, to prepare and issue
to said Railroad Company the bonds of said
county TO thr amount OF one hnndrel 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 sail Railroad
Comnanv; they shall express upon their face the
n tnre Of the same and object Tor which they are
issued: shall be payable in twenty years from
their date: shall bear interest ut the rate Of eight
ner cent per annum, payable Seml-annually on
tbe first days of July and January Of each year.
and shall have interest coupons attached express
sine the rate and time OF payment of interest as
nboye specified. Both bonds and coupons shall
be made payable ut 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
Commons Shall he signed by the Treasurer of said
county. Both bonds and coupons shall be made
nayabe to the Sacramento. Placer and Nevada
RI Company
hear upon its back 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 rs contempla-
ted by law. Said bonds shall he 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-
cnol and interest as therein expressed.
SEC. s. 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 Bolrd 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 slmc time, bear
in.. the same rate Of interest. and interest payable
at the same periods the bonds OF the county.
so executed and issued Said Railroad bonds
shall he made payable to the county Of Placer, or
its order and shall be signed hy the President
and Secretary of the Company and countcrsigncd
lv the Vice President Of the Company, and each
shall bear the seal Of said company ana interest
commons 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 g. The said Railroad Company shall at
the time desi gnatcd in the last section, by and
through its proper officers. execute under the
seal of said Company, second mort gage upon
all the property real and personal. and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said compnny as
security for the payment of said railroad bonds
and coupons as prescribed in the last sections
which said mortgage shall be and express upon
its fcc that it is subject to the mortgage of said
Company. made and delivered to Lester L. Rob
irson and Francis L. n. Pioche bearing date first
of September, eighteen hundred and sixty-on C.
and of record in said county, but shall not he sub
ject to any other mort gage or incumhrance upon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Company