The Placer herald., 1863-01-10

!
amount Of 100000.
| The People Of the State of California rep
resented IN Senate and assembly, do enact as
| toliooS:
| SEQ l. Whenever the Sacramento. Placer and
Nevada tilroad Company by and through its
Board of Direct ors and President shall make writ
ten nnplicatton to the Board of Supervisors OF the
! county Of Placer at 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 tho
bonds of said county in the total sum Of 5 900
ii Shall be lawful for said county TO issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
SEC. 2. Upon the receipt Of said petition from
said Sacramento, Placer and Nevada Railroad
Company, the Board Of Supervisors shall enter
tain the sumo, and in order TO ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said COMPANY,
said Board of Supervisors shall within sixty days
after the receipt of said petition order spe, i.u
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 by the
qualified voters OF said county
| SEC g. The nd 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
making said order. Said Board shall cause u
notice of said election to be published for the
perod Of four weeks next before the day OF said
|
said county. which notice shall specify the time OF
said election the object Of the same, the PROPOSE
ton 10 be voted upon, and the places where the
polls will be opened on said day for said cleo
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 aud
inspectors of said election and cause notice there
of to be given rs in other elections authorized ny
law No compensation shall oe 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 Railroad Loan,
Yes" or the words "Railroad Loan, No. Said
election Shall be conducted and the returns there
of shall be nude out aud transmitted to the
County Clerk within the time and in the manner
prescribed by law ut general elections. On the
fifteenth day 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 canvassng of said returns
it sha II be found that OF the votes cast at salt
election having written or printed upon them the
words ..RailroAd Loan, Ges.' or the words Grail
road Loan. No. a majority have written or print
cd upon them 'R tilroad Loan, No, y then the dut
of the Board OF Superv sors in the premise
shall cease and determine; but if majority o
the votes so cast shall have written or printe,
upon them the words RAILROAD Loan, Yes" thei
the Board of Supervisors shall issue the bonds o
said county in the manner hereinafter prescribed
d
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 word.
"Ruilroad 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-
ouested by the President and Board of Directors
, | of said Railroad Company, to prepare and issue
to said Railroad Company the bonds Of said
county 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 he 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
pcr cent per annum, payable Semi-annualy on
, the first days Of July and January OF each year
. and shall have interest coupons attached expires
sing the rate and time of payment of interest a.
above specified. Both bonds and coupons shall
be made payable at the office OF the Treasurer il
said county
SIC. T. S,id bonds shall each be signed by b
President of the Board OF Supervisors and tn
Treasurer OF the county, and shall have the coun
ty seal affixed to each aud every bond. Tn
coupons shall he signed by the Treasurer of sal,
county. Both bonds and coupons Shall be mad
PAYABLE to the sacramento, Placer and Ncvad
| Railroad Company or bearer, and each bond shall
bear upon its back certificate signed by tn
President of the Board of Supervisors. and th
President of said Railroad Company, setting fort
}, thai, it is duly and formally issued as contempa
ted by law. Said bonds shall be transferable b.
Il delivery and whenever 50 executed and issued
shall be the bonds OF the County of Placer, an,
n shall bind said county to the payment of the prin
cipal and interest as therein expressed.
SEC. S. Whenever the bonds Of the county o
= 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 tn,
President of the Board 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 same time, bear
ing the same rate OF interest. and interest ayablt
, at the same periods as the bonds OF the county
so executed and issued. Said Railroad bonds
shall be made pay tble to the county Of Placer, OF
its order. and shall be signed ny the Presiden
and Secretary of the Company aud countcrsgne,
by the Vice President OF the Company, and eacl
= shall bear the seal of said company, and intercs
! coupons shall be attached, corresponding in date
amount, rate and time of payment, with the cou
pons attached to said county bonds, which cou
pons shall be signed by the Treasurer OF salt
Company.
SEC 8. The said Railroad Company shall a
the time designated in the last section, by an,
through its proper officers, execute under tn
seal of said Company, second mortgage upo
all the property, real aud personal and franchise
c OF said Company then owned and possessed ant
thereafter to he acquired by said company, II
security for the payment OF said railroad bond
and coupons as prescribed in the last section
Z which said mort gage shall be and express upol
its face that it is subject to the mortgage of sale
Company. made and delivered to Lester l.. Rob
lnson and Francis l.. A. Phoebe, bearing date first
of September, eighteen hundred and sxty-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 shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. to
! the President OF the Board of Supervisors. of the
bonds and mortgage of the Rail Road Company
, as prescribed in this Act.
SEC. 10. 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
Company, sufficient to secure the payment of the
princpal ard interest of the bonds of said Com