The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-03-07
THE RAILROAD BILL.

which other taxes are levied for County purpsoses
levy a special tax upon all the real ana PERSONAL
property within said county subject to taxation
for 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
hundred dollars Of said taxable property whlch
shall be so taxed for said purpose. and the tax so
levied shall be known and designated us lpe nall
Road Tax.
SEC. L. The tax so levied shall be assessed
and collected at the same time, by the the same
officers, and in the same manner as other county
taxes are levied and collected, for which said OIL
fcers and the County Treasurer, for disburse-
ments shall receive the same rate OF compcnsa-
ton as is allowed by law for the collection and
disbursement Of other county taxes. The tax
collector upon the collection OF said tax shall
give to each tax payer separate receipt whlch
Shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall be
printed and all similar in form; differing only in
name date and amount.
SEC. -. The County Treasurer shall separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in separate fund to be called the Rail Road
Fund of which fund he shall keep separate ac-
count.
SEC. IA. The Board of Supervisors shall pro-
vide for the prompt payment of the interest on
said county bonds, as the same falls due. and Tor
this purpose they shall, as nearly rs possible at
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 at said amount. Should there
for any reason be Il deficiency in the Rail Fund,
derived from said tax for the pay ment Of any in
terest us it falls due. it shall be the duty of 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 neXtlevy provide
a suficit mt fund to pay the accruing annual in
terest. and also to reimburse the General Fund
with the amount 50 taken from the same to pay
said interest.
SEC. 10. 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 by said
county; and said money shall be used by the said
Board of Supervisors for the payment of interest
on said County Bonds in like manner as the mo-
ney 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 fall due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. Is. At the expiration of five yearsfrom the
time of issuing said county bonds the said board
of Supervisors shall provide a 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
y.
therelorm together 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 manneras said
Board may deem most eXpedient for the interests
of said county.
SEC. II. The interest accrune 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 be required to be paid in money to
the county, nor shall any proceedings for itsfolc
ed collection be taken within said period by the
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 fail 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 Of
said interest, and shall deposit said stock with
the Treasurer of said county for his disbursement
as hereinafter provided
SEC. 10. Upon the presentation anddelvcry to
said County Treasurer of one or any number of
the Rail Road Tax Receipts mentioneo in Section
eleven. by any holder OF the same showing the
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 Treasurer
snail deliver 10 such person one share of the fun
paid stock deposited with him by said company,
and said person shall be the owner thereof The
said tax receipts shall be transferable bv indorse
lndorSce. or ii Endorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of one
share oil stock, Tor each one hundred dollars of tax
receipts SO long as said tax receipts shall be pre-
scented tor exchange. If any holder shall pre- sent
to the treasurer receipts amounting to more than
one hundred dollars but not amounting intbe az
Eregate TO an even number OF hundreds of dollars
the Treasurer shall issue shares of stock for the
even hundrcds and arccclpt signed by him lorthe
fractional sum- Such receipts shall be transfera-
bic and eXchangeable for stock in thesame manner
as the Rail Road Tax Receipts.
SEC. 20. 50 soon us the Tax Collector shall
nave made ms returns in each year, the County
Treasurer shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tn X
receipts nave been given exceeds the par value of
the full paid stock which has been deposited with
him by the Rail Read Company; and in the event
mat 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 deposit with
said Treasurer sufficient additional fin maid stock
to meet said excess
SEC u. The County Treasurer shallreceipt to
the kall Road Company for all the stock received
by him from said Rail Road Company. and sh, II
preserve all receipts received by him in exchange
lor stock. rs his vouchers for said exchange. and
shall at the same time of receiving such rncnints
write 'CAncelled' on the face of each and shall
IN u book kept for that purpose keep an acconnt
OF the stock received and the tax reccints ey.
changed for stock Va
SEC ~ At the end of three years from the
time OF issuing said bonds, provided for in this
Act. the County Treasurer shall credit tbn Ri
load Company upon the interest due. or 70 he
come due, upon its said bonds with the fun
amount of stock which during said period has
been exchanged for said railroad tax receints,
less an amount equal to the sums allowed and
pald to SAID Tax Collectors and Treasurer for the
collection and disbursements of said r,ilroad
taxes and shall return to said Company the con.
pons Tor the interest thus paid and any shares of
stock which may be in his hands uneycbanred -
II the interest upon said railroad bonds nm to
sai " aate shall not have been fully paid by the
exchange OF stock as aforesaid, he balance shall
be Immediately due from said Comnonv to no
County and shall be paid in cash, and its payment
may be enforced by the foreclosure of the mort