The Placer herald., 1863-04-25

| TO the payment OF tle interest l'liiIlS duc vi
said bonds; Second-the ''Railroad Fund" tt
the redemption of said bonds as hereinafter pro
vided.
SEC. l. If there shall be collected as mucl
| interest tax in any one year IA sum greater thar
is required to pay the annual interest on said
bonds issued under the provisions of this Act
then the said Railroad Commissioners" shall
pas 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
mssoners. and in the event that those funds
prove inadequate, the said Commissioners are
authorized and required to make such contracts
and arrang ements rs may be necessary for the
payment OF said interest, and the protection Of
| the faith of said County.
SEC. b. Whenever at any time there shall
be in the said Railroad Fund a sum of money
amounting to three thousand dollars or upwards
the said Commissioners shall advertise in pub
| lie newspaper, published in said county. for a
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 lqudate as far az the
Railroad Fund then on hand shall extend. such
bonds presented under said proposals as shall
have the lowest value proposed. at which they
may be lqudated; provided. the same shall not
be more than the par value thereof and provi-
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 TO the number of their issue of which
| the said Commissioners shall give four weeks
notice Of the number of the bonds to be paid
after which time such bonds shall cease to beau
interest and provided, whenever there may be
scficicnt in said Railroad Fund for the extinguish
ment 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. IA. Whenever any bonds shall have been
paid and redeemed by the said Commissioners
| they shall mark the same cancelled" over their
signatures as 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
said Commissioners an Interest Tax Account
and Railroad Fund Account, and shall balance
the same quarterly on the first Monday of Janu-
airy, April, July and October.
Sec. l6. 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 or salary is not fixed by law
for the services herein required, be allowed by
the Board OF supervisors a reasonable COmpenS l.
ton therefor. to be paid by said County as other
fees or salaries are paid, and the Board of Super
visors 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 required execute the said bonds
i'll the same manner rs other official bonds are
executed and to be approved by said Board of
Supervisors and filed in the Off e Of the County
Clerk
Sec, II. The said Board of Supervisors shall
have authority to authorize Committee Of any
one, or more OF their number, any other per
sons to cast all votes representing the Capiial
Stock 50 subscribed by them. and they Shall by
order made by them for that purpose have full
power to sell, transfer and assign said 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.
al any County or General election, OF a PROPOSE
ton to sell the same. a minority OF votes cast
thereat shall approve OF such sale
SEC. 8. The Board Of Supervisors shall have
all the rights and powers appcrtaiung to other
subscribers to such Capital Stock and shall re-
ceive all Of the dividends issues. and profits
arising from such subscri pton to said Capital
| md oh nf ~
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 Comm ssoners to the payment of the
interest CD the bonds issued as herein provided,
and the redemption of the principal thereof in
the manner provided in Section Thirteen of this
Act, and after the full payment of said bonds and
the interest on the same, the said dividends
issues and profits arising from such Stock sub
scription, shall be applied as follows: one half
thereof to the School Fund of the County--lnd
the other half to the General Fund
SEC. 10. 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 said 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 as to the liability OF said County
shall be a part of and be expressly stipulated in
all contracts made by said Company for the con-
struction and equipment OF said road, and in
case the said Company shall fail or refuse to
make such stipulation in all Of their said con-
tracts, then the said Board of Supervisors shall
have power to declare the said subscription void
and OF no effect and may recover from said
Company any previous payments that may have
been made thereon at the time Of such refusal -
And the said Board of Supervisors shall never
make any other or farther subscriptions &c
the Capital Stock Of said Company than that
provided for by this Act
SEC. 90 This Act shall be taken and deemed
u public Act and shall be in force and take
effect from aud after its passage.
Approved April 2, 1868.