The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-02-07
THE RAILROAD BILL.

which other taxes are levied for County purposes
levy a special tax upon all the real and personal,
property within said county subject to taxation
Tor the purpose Of meeting the whole amount OF
interest to become due within said year upon said
County bonds. In making said levy said Loard
shall designate the number Of cents on each one
hundred dollars OF said taxable property which
shall be taxed for said purpose, and the tax so
levied shall be known and designated us the Rail-
Road Tax.
SEC. II. The tax so levied shall be assessed
and collected al the same time. by tie the same
officers and in the same manner as Other county
taxes are levied and collected, for which said Of
lcers and the County Treasurer, for disbulse'
ments. she II receive the same rate OF cCmpcnsa'
ton rs is allowed by law for the collection and
disbursement OF other county taxes The tux
collector upon the collection OF said tax shalI
give to each tax payer 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 amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in a separate fund to be called the Rail Road
Fund, Of which fund he shall keep a separate ac-
count.
SEC. IA. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest Oh
said county bonds. MS the SAME falls cue. and Tor
| this purpose they SHALL as nearly us ossiN\e ut
the time OF making the annual levy. estimate tic
per ccntage of tax necessary TO be lNcu to meet
said interest for the next succeeding year, ard
shall fix the levy at said amount Should ,hClc
| for any reason he deficiency in Tie Rail Eundt
derived from said tax for The ra!m,r, Of any in
tcrcst as il fails due il shall be the duty Of said
Board to provide for the payment Of said inter-
est out OF the General Fund OF said County md
in such case they shall in their next levy provide
sulic, Mt fund to pay the accluing annual in
tcrcst, and also, to reimburse the General Fund
with the amount so taken from the same TO rny
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 AL mon!s
paid into the Treasury OF said county iy said
Rail Road Company. for interest or principal
upon the bonds OF said company held by said
county; and said money shall lie used by the said
Board OF Supervisors for the payment Of ntcrt st
on said County Bonds in like manner as the no
ncy raised by said Rail Road Tax Whenever
the amount paid into said Fund by the said Rail
| Road Company shall eqal the amount OF interest
to fan due upon the said County Bonds Tor the
ensuing year. no Rail Road Tax shall Le levied
by said Board.
SEC. lG. At the expiration Of five ycars-flo IN II Z
time of issuing said county bonds. the said bould
of Supervisors shall provide Il 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 sucA spec al tax rs
they may deem necessary. and he none Us rsiI &
| thcrelorm together with all the moneys received
| from said Rail Road Company not applied TO
payment of interest shall be applied toward tie
redemption Of said bonds in such munltr as said
! Board may deem most eXpedi,nt for the interests
| of said county.
SEC. II. The interest accruing upon the Railroad
! Bonds given by the Company to The County dur
| ing the period OF three years from the dute of
said bonds, shall not until the expiration of said
| three years be require to be paid in nCnty 10
the county, nor shall any proceedings for It's fClc
ed collection be taken Within said period Ly ths
county.
SEC. Is. At the time within tho Said reriod VI
three years when the interest upon tie londs
given by the Rail Road Company to the County
shall fall due. the Rail Road Company shall issue
number Of shares OF full paid stock OF said
company equal in value at par to the amount &c
said interest, and shall deposit said stock with
the Treasurer OF said county for his Disbursement
rs hereinafter prov iGcd.
SEC. 10. Upon the presentation AID dcliNuy to
said County Treasurer Of one or amy LLnl er Of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder Of the same. sLoWins tie
payment by the holder OF said receipts or his
as>ignors, of one hundred dollars OF the Rail
Road Tax herein provided for, the said Tcusurtr
shall deliver TO such person one share OF the full
paid stock deposited With him by said ,cmrany,
and said person shall be the oM ner thereof 1he
said tax receipts shall be transferable by rdolse.
ment and may be presented for exchange Ly any
indorsee, or il Endorsed in blank by the bearer
OF the same. The Treasurer shall cAolonsc fun
palu STOCK lOI ftlu l;tN fccclptS al the rate OF
share OF stock, Tor each one hundred dollars Of tax
receipts long said tax receipts shall bs pre-
scented for exchange. If any holder shall present
to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting in the up-
preoate to an even number Of hundr, dis of dollars
the Treasurer shall issue shares Of stock for The
even hundreds and receip ienod y him for the.
fractional sum. Such receipts shah be- lrnns1era-
bic and cXchangcablc for stock in The sane m; pucr
as the Rail Road Tax Receipts
SEC. 20. SO soon as the Tax Collector shall
have made his returns in each year, the County
Treasurer shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road fax
receipts have been given exceeds the par vuluc of
the full paid stock which has been dc posted with
him by the Rail Re 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 Rotd Gem.
pany shall Immediately issue and terosit with
said Treasurer sufficient additional fun paid etc, l.
to meet said excess
SEC Il. The County Treasurer shall recent 10
the Rail Road Company for all the stock received
by him from said Rail Road Company and shall
preserve all receipts received by him in cxchurpe
for stock, as his vouchers for said exchange, and
shall at the same time of receiving such rcr,ipt.
write 'Cncclled' on the face of rat h. and ,LnlT
in Il book kept for that purpose keep an account
of the stock received and the tax rQceints cx-
changed for stock.
SEC ~. At the end of three wears from ,hc
time of issuing said bonds pro, idcd for in this
Act. the County Treasurer shall credit the Rail
Road Company upon the interest due or TO be
come due, upon its said bonds, with The fulp
amount of stock which during said period has
been exchanged for said railroad tax rcceipts.
less an amount equal to the sums allowed arl
paid to said Tax Collectors and Treasurer for the
collection and disbursements Of said railroad
taxes and shall return TO said COMPANY the con-.
pons for the interest thus paid and any shares OF,
stock which may be in his hands uneNchanoed.
II the interest upon said railroad bonds I'M ta
said date shall not have been fully paid Ly the
exchange OF stock AS aforesaid, the balance shall
be Immediately due from said Con pany to the
County and shall be paid in cash. and its raymcnt
may be enforced by the foreclosure Of the mort.