The Placer herald., 1863-01-17
THE RAILROAD BILL.

which other taxes are levied for County purposes
levy special tax upon all the real and 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 sad
County bonds. In making said levy said board
shall designate the number OF cents on each one
hundred dollars of said taxable property which
shall be taxed for said pun pose, and the tax
levied shall be known and designated US the Rail
Road Tax
SEC Il. The tax so levied shall be assessed
and collected nj the same time. by the the same
officers, and in the same manner as other county
taxes are levied and collected for which said Of
fcers and the County Treasurer, for disIursS-'
ments shall receive the same rate Of conpensA-
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 ii separate receipt which
shall show upon its face the amount OF rnil road
tax paid by him. These receipts shall bs
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 IRON 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 II separate sc-
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 Cue. and tor
this purpose they shall, as nearly as possible as
the time of making the annual levy. estimate the
per centage OF tax necessary to be levied 10 meet
said interest for the next succeeding year, ard
| shall fix the levy ut said amount. Should there
for any reason be Il deficiency in the Rail Fund.
derived from said tax for the pay mcnt OF any in
ercst it falls due. ii shall be the duty OF taid
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 next levy provide
n sufficient fund to pay the accruing ANNUAL in
tercst. and also, to reimburse the General Fund
with the amount 50 taken from the sane to pay
said interest.
SEC. 10. In addition to the moneys arArg
from the Rail Road Tax aforesaid. the County
Treasurer shall also place in said Fuld all ontys
paid into the Treasury of said county by said
Rail Road Company, for interest or principal
upon the bonds of said company held Ivy said
county; and said money shall he used by the said
Board OF Supervisors for the payment of intertst
on said County Bonds in like manner the mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund Ivy The said Rnil
Road Company shall eqal the amount OF interest
to fab due upon the said County Bords for the
ensuing year. no Rail Road Tax shall Le levied
| by said Board.
SEC. l6. AT the expiration of five ycpIs fl m the
time of issuing said county bonds The said board
of Supervisors shall provide Il Sinking Frnd for
the purpose of securing the payment of the
principal of said bonds at their maturity; and for
this purpose they shall impose such ,pecia tax rs
they may deem necessary. and the moneys rising
theretorm together with all the moneys received
| from SAID Kali ROAD company not aplIltU 10
| payment of interest shall be applied ttwnld tho
! redemption of said bonds in such marltr us spiA
| Board may deem most cxpcdient for the interests
of said county
SEC. IL. The interest accruing 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 expila alton OF said
three years be required to be paid in money 10
the county, nor shall any proceedings for its foc,
ed collection be taken within said period ly tho
county.
SEC. Is. At the time within the said rcri,d Of
three years when the interest upon the Londs
given by the Rail Road Company to the County
shall fall due. the Rail Road Company Ahull issue
a 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 ard delivery to
said County Treasurer of one or any hunl or Of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder Of the same. SLOWING Tie
payment by the holder Of said receipts. or his
ussignors, OF one hundred dollars of the Ruil
Road Tax herein provided for the said Treasurer
shall deliver to such person share of the full
paid stock deposited with him by said company,
and said person shall lie the owner thereof. The
said tax receipts shall be transferable hy indoIse-
ment and may be presented for exchange by any
| indorsce or If indorsed in blank by the bturer
| OF the same. The Treasurer shall EXCHANGE full
paid stock for said tax receipts at the rate of one
share OF stock for each one hundred dollars of tux
receipts SO long as said tax receipts shall be pre-
sentcd for exchange. II any holder shall pltstnt
to the Treasurer receipts amounting to mere thnn
one hundred dollars but not amounting in the pp-
gregate to an even number Of hundrt DIS of dollars
the Treasurer shall issue shares Of stock for the
even hundreds, and receipt signed by him ltrths
fractional sum. Such receipts shah be transfers.
bic and cxchangcabe for stock in til, 81 II manner
as the Rail Road Tax Receipts.
SEC. 70. SO soon the Tax Collector fhnll
have made his returns in each year. the County
Treasurer shall estimate whether the amount Of
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par value of
the full paid stock which has been dc POSTED with
him by the Rail Re nd Company; and in the event
that there be such excess, he shall notify enid
Rail Road Company Of the fact and Of tie
amount of said excess. and said Rail Road Com
pany shall Immediately issue and Gcposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC. Il. The County Treasurer shall recent to
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 exchange
for stock. rs his vouchers for said exchange and.
shall at the same time of receiving such receipts
write "Cancelled'' on the face of each, and shall
in a book kept for that purpose keep an account
of the stock received and the tax rtccipts ex.
changed for stock
SEC. %. At the end of three years from the
time OF issuing said bonds, provided 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 full
amount of stock which during said period has
been exchanged for said railroad tax receipts,
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for Tho
collection and disbursements of sniI railroad
taxes. and shall return to said Company the cou.
pons for the interest thus paid aud any shares OF
stock. which may be in his hands uneXchanccd--
If the interest upon said railroad bonds up to.
said date shall not have been fully paid ly the
exchange of stock us aforesaid, the balance shall
be Immediately due from said Company to the
County and shall be paid in cash, and its PAYMENT
be eulCrcnl by the Inrccln sncn nI no