The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-02-28
THE RAILROAD BILL.

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 SAID
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 SO
levied shall be known and designated as the Rail
Road TAN
SEC. Il. The tax so levied shall be assessed
and collected at the same time, by The the same
officers, and in The same manner rs other county
taxes are levied and collected. for which said Of
fcers and the County Treasurer, for disburse-
ments. shall receive the same rate OF compcnsa-
ton rs 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 p lyer separate receipt which
shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall he
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 from other
moneys in the Treasury and shall keep the same
in Il separate fund to be called the Rail Road
Fund, of which fund he shall keep separate ac
count.
SEC. IA. The Board OF Superv isors 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 us possible at
the time of making the annual levy, estimate the
said interest for the next succeeding year, and
shall fix the levy at said amount. Should there
for any reason be a deficiency in the Rail Fund,
derived from said tax for the pay ment OF any in
tercst rs 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 neNtlevy provide
Il sul1ici, Mt fund to pay the accrning annual in
tercst and ALSO to reimburse the General Fund
with the amount so 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-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund hy the said Rail
Road Company shall eqal The amount OF interest
to fail 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 ye2rstrom 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
they may deem necessary and the moneys rising
theretorm 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 eXpediont for the Interests
OF said county.
SEC. II. The interest accruin 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 its olc
ed collection be taken within said period by the
county
SEC. is. At the time within the saidpcriod of
three years when the intercs, upon the bonds
given by the Rail Road Company TO the County
shall fall due. the Rail Road Company shall issue
a nnmbcr 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 and delivery to
said County Treasurer Of one or any number OF
the Rail Road Tax Receipts mentontu in Section
eleven, by any holder of the same. showing the
payment by the holder of said receipts. or his
aseignors, of one hundred dollars OF the Rail
Road Tax herein provided for. the said Treasurer
shall deliver to such person share of the full
paid stock deposited Nith him by said COMPANY
aud said person shall be the owner thereof. The
said tax receipts shall be transferable by indorse-
mcnt and may De presented for exchange by any
indorsce, or if Endorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
PAID stock Tor said tax rece pts at the rate of one
share OF stock, for each one hundreddolars of tax
receipts 50 long us said tax receipts shall be pre-
scented tor exchange. II any holder shall present
to the Treasurer receipts amounting TO more than
one hundred dollars but not amounting inthc az
gregate to an even number OF hundreds of dol lars
the Treasurer shall issue shares of stock for the
even hundreds. and receipt 81 ened by him forthe
fractional sum. Such receipts shall be tranSiera-
bic and eXch,ngrablelor stock in hesame IN amer
as the Rail Road Tax Receipts.
SEC. ~ 50 s00n as the lax Collector shall
have made his returns in each year. the County
Treasurer shall estimate whether the amount Of
Rail Road Tax collected for " hich Rail Road tax
receipts nave been given exceeds HE par value of
the fun paid stock which has been Il, posted with
him by the Rail Read Company: and in the event
that there be such excess, be 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 full paid stock
to meet said excess.
SEC. ~ The County Treasurer shall receipt 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, as his vouchers for said exchange. ana
shall at the same time of receiving such receipts
write "CAncellcd" on the face of each and shall
IN II book kept for that purpose keep an account
of the stock rcceiv ed and the fax rac,nto ~,
changed for stock.
Tune OF issuing said bonds, provided for in this
Act the County Treasurer shall credit the Rail
Road Company upon the interest due. or TO he
come due upon its said bonds, with the fun
amount OF stock which during said period has
been exchanged TO" said railroad tax reccints
less an amount equal to the sums allowed md
paid to said Tax Collectors and Treasurer for the
collection and disbursements of said railroad
taxes and shall return to said Company the cou-
ponS Tor 'he interest thus paid and any shares of
Ilh m ha i,h -.
II the interest upon said railroad bonds nm to
sald date shall not have been fully paid bv the
exchange OF stock AS aforesaid the halonce sb,lI
be immediately due from said Company to Ihe
county ana shall be paid in cash, andits payment
may be enlo creed ny the foreclosure of the mort
gage given by said cOmpony