The Placer herald., 1863-03-14
THE RAILROAD BILL.
AN ACT
AN ACT
To authorize the County of Placer to Loan
its credit to ''rhe Sacramento, Placer
and Nevada Railroad Company" to thu
amount of 100000.

| The People of the State of California rep
resented IN Senate and assembly, do enact as
oHoWS:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Board Of Directors and President shall make writ
ten application 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 the
bonds Of said county in the total sum of 500 900,
it snail ne lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions
SEC. u Upon the recci OF said petition from
said Sacramento, Placer and Nevada Railroad
Company, the Board Of Supervisors shall enter
! tain the same. and in order TO ascertain whether
the people of said county 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 special
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. 3. The lid 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
notice of said election to be published for the
period of four weeks next before the day Of said
election in two or more newspapers published in
said county, which notice shall specify the time of
said election, the object Of the same the PROPOSE
| ton to 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 Tor said purpose at the last preceding gene
raj election. They shall also appoint Judges and
! inspectors of said election and cause notice there
OF to be given us in other elections authorized by
| law. No compensation shall De 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
f"s" or the words "Rliroad Loan No. Said
election shall be conducted and the returns there
OF Shall be made out and transmitted to the
County Clerk within the time and in the manner
! prescribed by law at 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. If upon the canvassing Of said returns
| it shall be found that of the votes cast at said
election having written or printed upon them the
words Railroad Loan, Yes" or the words Rail.
road Loan, No." majority have written or print
ed upon them ''Rlilroad Loan, No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but if majority of
the votes so cast shall have written or printed
upon them the words "Ralroad Loan. Yes' then
the Board of Supervisors shall issue the bonds of
said county. i'll the manner hereinafter prescribed
SEC. &. When it shall be ascertaincd in the
manner prescribed in section five OF this Act that
| the maj ority of the votes cast at said election
| having written printed on them the words
RAILROAD Loan, Yes" or "Railroad Loan. Nou
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-
quested by the President and Board of Direc tors
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 be requested by said Railroad
| Company; they shall express upon their face the
ture of the same and object for which thew ire
| issued; shall be payable in twenty years from
their date shall bear interest at the rate of eight
per cent per annnm, payable semannually on
the first days Of July and January OF each year,
| and shall have interest coupons attached express
sing the rate and time of payment of interest as
| above specified. Both bonds and coupons shall
| be made payableat the Office of the Treasurer in
| said county.
SEC. l. Said bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county. and shall have the coun.
| ty seal affixed to each and every bond. The
coupons shall be signed by the Treasurer of said
| county. Both bonds and coupons shall be made
payable to the 'Sacramcnto Placer and Nevada
| Railroad Company or bearer and each bond shall
bear upon its back certificate signed by the
| President OF the Board of Supervisors and the
President OF said Railroad Company setting forth
that it is duly and formally issued as contempla-
ted by law. Said bonds shall be transferable by
| delivery and whenever SO executed and issued
| shall he the bonds OF the County OF Plac r. and
shall bind said county to the payment OF the prin-
cipal and interest as therein expressed
SEC 8. Whenever the bonds of the county of
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 the
| 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 hear
ing the same rate of interest, and interest PAYABLE
| ut the same periods as the bonds of the county
| so executed and issued Said Rlroad bonds
| shall be made payable to the county of Placer or
its order and shall be signed by the President
| and Secretary OF the Company. aud counersigned
by the Vice President OF the Company, and each
shall bear the seal of said company, and interest
| coupons shall be attached. corresponding in date
amount, rate and time of payment, with the con-
pons attached to said county bonds, which con-
pons shall be signed by the Treasurer of said
Company.
SEC .. The said Railroad Company shall at
the time desi gnated in the last section. by and
through its proper officers. execute under the
seal Of said Company second mortgage upon
all the property, real and personal and franchises
of said Company, then owned and possessed and
thereafter to be acquired by said company. as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
wnicn st'u mortgage snail De ana express upon
its face that it is subject to the mortgage of said
Company, made and delivered to Lester L. Rob-
inson and Francis l.. A. Phoebe bearing date first
of September, eighteen hundred and sixty-one
and of record in said county, but Shall not he sub
Ject to any other mortgage or incumbrance upon
said property. The bonds of Placer County shall
only be delivered to said Rail Road Compony
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 TO- The mortgage provided for in the
last section shall provide by its terms for IA sink
ing fund to be reserved from the revenues of said
Company, sui1ic lent to secure the payment of the
principal Al d interest Of the bonds of said Com.
pany so given to the County, at maturity and
| shall d Dlplpa the rpvpnups IF thu Common, =