The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-04-11

to the payment of the interest falling due on
said bonds: Second-the ''Railroad Fund" TO
the redemption of said bonds as hereinafter pro-
vided
SEC IL. If there shall be collected as much
interest tax in any one year sum greater than
is required to pay the annual interest on said
bonds issued under the provisions of this Act.
then the said RAILROAD Commissioners shall
pass over such surplus into the Railroad Fund.
SEC. II. 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
mssioners and in the event that those funds
prove inadequate the said Commissioners are
authorized and required to make such contracts
and arrangements rs may be necessary for the
payment OF said interest, and the protection of
the faith of said County.
SEC. -. Whenever at any time there shall
be in the said Railroad Fund a sum of money
amounting to three thousand dollars upwards,
the said Commissioners shall advertise in Il pub
lie newspaper, published in said county. for
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 aud shall pay aud liquidate as far us the
bonds presented under said proposals shall
have the lowest value proposed. at which they
may be lquidated; 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 30 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 bear
interest and provided, whenever there may be
schicicnt in said Railroad Fund for the eXn guish-
meni Of the bonds issued under the provisions
of this Act, it shall be the duty of the said Com
msyioners TO advertise, in like manner for the
space of four weeks Tor 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. II. 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 16. 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 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; prov ded
however. that the penal sums of such bonds to
each of such Commissioners shall not exceed
eight thousand dollars. The said Commissioners
SHALL when so required execute the said bonds
in the same manner as 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. or any other per
sons to cast all votes representing the Capital
Stock so subscribed by them. and they shall bv
order made by them for that purpose have full
power to sell, transfer and assign sud Capital
Stock any part thereof, taken by them
under the provisions of this Act, whenever on Il
submission to the qualified voters of said County,
at any County or General election, OF PROPOSE
| ton to sell the slme. minority OF votes cast
thereat shall approve OF such sale.
SEC 8. The Board of Supervisors shall have
all the rights and powers appertainine to other
subscribers to such Capital Stock. and shall re-
ceive all of the dividends, issues, and profits
arising from such subscription to said Capital
Stock and shall set apart and transfer the same
| n her with thn a m, hn maid Inv
Company to said County from time to time to the
said Railroad Fund, to be applied by the said
Railroad Commissioners to tho payment of the
interest on the bonds issued as herein provided
and the redemption of the principal thereof in
the manner provided in Seclon 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--..nd
the other half to the General Fund.
SEC. q. 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 lii,
BILE for any OF the debts OF liabilities of said
Company, beyond the amount so subscribed and
this provision as to the liability of said County
shall be part of and he 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 to
the Capital Stock of said Company than that
provided for by this Act
SEC. 20. This Act shall he taken and deemed