The Placer herald., 1863-02-21
THE RAILROAD BILL.

ItVy sUUCTdT
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 winch
shall be so taxed for said purpose. and the tax so
levied shall be known and designated as The hail
Road TaX
SEC. II. The tax so levied shall be assessed
and collected at 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 disbulsc-
ments shall receive the same rate OF compensa-
ton us 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 Il separate receipt which
shall show upon its face the amount OF rail ROAD
tax so paid by him. These receipts shall he
printed aud ali similar in form; differing only in
name, date and amount.
SEC 10. The County Treasurer shall separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in a separate fund to he called the Rail Road
Fund, of which fund he shall keep separate ac-
count.
SEC. II. The Board OF Supervisors shall pro-
vide for the prompt payment of the interest on
said county bonds. as the same falls due. and for
this purpose they shall, as nearly as 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 deficiency in the Rail Fund.
derived from said tax Tor the pay mcnt OF any in
tcrest as ii falls due. il 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 they shall in their next levy provide
a suffci, mt fund to pay the accruing annual IN
tercst. and also, to reimburse the General Fund
with the amount so taken from the same to pay
said interest.
SEC. l5 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 Superv sors 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 by the said Rail
Road Company shall coal the amount OF interest
to fall 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 yeorsfrom the
time Of issuing said county bonds the said board
of Supervisors shall provide Il 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 Hrisng
thrrclorm ogelh her 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 eXpedient for the interests
OF said county.
SEC II. The interest accrune upon theRailroad
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 itsfolc
ed collection be taken within said period by the
county.
SEC. is. At the time within the said period of
three years when the interest upon the bonds
given by the Rail Road Company to the County
shall fail due the Rail Road Company shall issue
a number of shares OF full paid stock of said
company equal in value at pan to Tie amount OF
said interest, and shall deposit sad stock with
the Treasurer Of said county for his disbursement
as hereinafter provided
SEC. 10. Upon the presentation arddelvery to
sad County Treasurer of one or any number Of
the Rail Road Tax Receipts mcntiontt in Section
eleven. by any holder OF the same. show ing the
payment by the holder OF said receipts or his
aS,lgnors. OF one hundred dollars OF the Rail
Road lax herein provided tor. the said Treasurer
shall deliver to such person one share OF the full
paid stock depos ted v it'll him by said COMPANY,
and said person shall be The owner thereof. The
said tax receipts shall be transferable by indor,e-
ment and mly he presented for exchange by any
indorscc. or ii inuolsed in blank ly the bearer
OF the same. The Treasurer shall tNClal &c full
paid stock for said tax receipts al the rate of one
share oil Stock Tor each one hundred dollars of tax
receipts so long as said tax receipts Shall be pre-
scented Tor exchange. II any holder shall pre,cn,
to the Treasurer receipts amountil TO more than
one hundred dollars but not amounting il the ar
greEatc 10 an even number OF buEdl,d> OF dollars
the Treasurer shall issue sharts OF sIock for the
even hundreds, and receipt signed by him itrthe
fractional sum. such receipts ,hal be iran sierra
biz and T. de il,
as the Rail Road Tax Receipts.
SEC. ~. so soon as the lax Coll 'ctor shall
have made ms returns in each year, The County
TrelSulr TT shall estimate whether NE amount Of
Rail Road Tax collected for which Raj Road tax
receipts have been given tXUcods the par value of
the luil paid stock which has been Il, posted with
him by the Rail Il, I'D Company: and in the event
thlt there be such excess, he 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. II. 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, rs his vouchers for said exchange. ana
shall at the same time of receiving such REGENTS
write "Cancelled' on the face of each and shall
III 4 book kept for that purpose keep an account
OF the stock received and the tax reccints cy
changed for stock.
SEC r. At the end of three years from the
time OF issuing said bonds, provided for in this
Act. he.County Treasurer shall credit the Rail
Road Company upon the interest due. or TO he
come due, upon its said bonds, with the full
amount OF stock which during said period has
becn exchanged 10" said railroad tax receipts
less an amount equal to the sums allowed and
pald to said Tax Collectors and Treasurer for the
collection and disbursements of said railroad
taxes. and shall return to said Company the con.
ponS Tor the interest thus paid and any shares of
T 81 Whlch may be in his hands uneXchanged--
Ii the interest upon said railroad bonds up to
sad date shall not have been fully paid by the
exchange OF stock us aforesaid the balance shall
he Immediately due from said Con panv to tha
county ana shall be paid in cash, andits payment
may he emf reed by the foreclosure IF tho mott,