The Placer herald., 1863-05-02

Il Itl
said bonds: Second-the Railroad Fund.- to
the redemption Of said bonds as hereinafter pro-
vided.
SIC. II. If there shall be collected as much
interest tax in any one year sum greater than
is required to pay the annual interest on said
bonds issued under the provisions Of this Act,
then the said .Railroad Commissioners" shall
pass over such surplus into the Railroad Fund.
SEC r. 1t shall be the duty OF said Railroad
Commissioners to make arrangements for the
payment of the interest on said bonds when the
same falls due at least thirty days before the time
of payment. and in the event the said interest
fund is insufficient, the said Treasurer shall draw
on the General Fund Of the said County for such
purpose and deliver the same to said Com
missioners. and in the event that those funds
prove inadequate, the said Commissioners are
authorized and required to make such contracts
and arrangements as may be necessary for the
payment OF said interest and the protection of
the faith of said County.
SEC 10. Whenever at any time there shall
he in the said Railroad Fund sum of money
amounting to three thousand dollars or upwards,
the said Commissioners shall advertise in a pub
lie newspaper published in said county. for u
space of four weeks for sealed proposals for the
redemption of said bonds. and ten days from the
expiration Of the time for such publication the
said Commissioners shall open the sealed propo-
sails and shall pay and liquidatc as far AZ the
bonds presented under said proposals as shall
have the lowest value proposed. at which they
NAV be liuuidated: provided, the same shall not
be more than the par value thereof and proy
ded. should there be no proposals made for less
than par value. then the payment Of said Rail-
road Fund on hand, shall be made On said bonds
according 90 the number Of their issue of which
the sud Commissioners shall give four weeks
notice Of the number Of the bonds to be paid
utter which time such bonds shall cease to bear
interest and provided. whenever there may be
scffccnt in said Railroad Fund for the cXtjnguSh-
meut Of the bonds issued under the provisions
of this Act. it shall be the duty of the said Com
misSioners to ADVERTISE in like manner for the
space of four weeks for the redemption OF all
outstanding bonds issued under this Act after
which time said bonds shall cease to draw inter
est. Any monies remaining in said Railroad
Fund after the redemption Of said bonds, shall
be. by the said Commissioners, paid over to the
County Treasurer to be by him held subject to
the order Of the Board of Supervisors.
SEC t. Whenever any bonds shall have been
paid and redeemed by the said Commissioners
tucy shall mark the same cancelled" over their
signatures rs Commissioners and Immediately
deliver the same to the County Clerk, taking his
receipt therefor, and the said Clerk upon the re-
ceipt OF such cancelled bonds shall file the same
in his Office.
SEC Is. The County Auditor shall open with
aud Railroad Fund Account, and shall balance
the same quarterly on the first Monday OF Junu-
AIRY, April. July and October.
SGC IL. The said Commissioners and all other
officers herein specified for the performance OF
their duties under the provisions of this Act,
shall, in all things herein required Of them. be
subject to all the liabilities and penalties to which
they are subject on the performance Of any other
Of the duties Of their respective Offices and they
shall, when the fees salary is not fixed by law.
for the services herein required, be allowed by
the Board Of Supervisors reasonable cOmpens ,-
ton therefor, to be paid by said County as other
fees or salaries are paid. and the Board OF Super
vsors may. and they are fully authorized SO TO
do. require of each Of said Commissioners such
bonds and security for the performance Of their
duties herein required Of them. as they the said
Board OF Supervisors may deem proper: provided,
however. that the penal sums of such bonds to
each Of such Commissioners shall not exceed
eight thousand dollars The said Commissioners
shall. when SO required execute the said bonds
in the same manner as other official bonds are
executed and to be approved by said Board Of
Supervisors and fled in the oifi.e Of the County
Clerk
SEC. Il. The said Board Of Supervisors shall
have authority to authorize a Committee Of any
one, or more OF their number, or any other per
sons to cast all votes representing the Carial
Stock 50 subscribed by them, aud they shalt bv
order made by them for that purpose have full
power to sell. transfer and assign stil Capital
Stock or any part thereof, 50 taken by them
under the provisions Of this Act. whenever on a
submission TO the qualified voters Of said County
at any County OF General election, Of 4 PROPOSE
ton to sell the sumo. Il minority Of votes east
theroat shall approve OF such sale.
SEC. rs. The Board Of Supervisors shall have
all the rights and powers appcrtainne to othel
subscribers to such CAPITAL Stock. and shall re-
ceiye all Of the dividends. issues, and profit,
arising from such subscription to said Capital
Stock and shall set apart aud transfer the same
together with the taxes that may be paid by said
Company to said County from time to time to the
said Railroad Fund, to be applied by the said
Railroad Commissioners to the payment of the
| interest on the bonds issued rs herein provided
and the redemption Of the principal thereof in
the manner provided in Section Thirteen of this
Act, ana after the full plymentof said bonds and
the interest ON the same. the said dividends
issues and profits arising from such Stock sab
scription, shall be applied follows: one halt
thereof to the School Fund of the County--and
The other half to the General Fund
SEC. ~. The subscription OF stock authorized
by virtue OF the provisions of this Act shall be
made by the said Board of Supervisors on the
books OF sad Company and upon the express
condition that the said County shall not be liza
BILE for any of the debts or liabilities of said
Company. beyond the amount so subscribed and
this provision Us to the liability of said County
shall be a part Of and be expressly stipulated ii
all contracts made by said Company for the con
/ stluction and equipment of said road, and il
ease the said Company shall fail or refuse tC
| make such stipulation in all of their said con
tracts, then the sud Board of Supervisors shall
| have power to declare the said subscription voi(
ana ol no effect, and may recover from SaiJ
! company any previous payments that may have
! been made thereon at the time Of such refusal -
And the said Board Of Supervisors shall Aeve
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