The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-03-21
THE RAILROAD BILL.

which other taxes are levied for county purpsoses
levy special tax upon all the real ana PERSONAL
property within said county subject to taxation
Tor the purpose OF meeting the whole amount OF
interest to become due Wilhn said yeal upon sad
County bords. In making said levy SAID board
shall designate the number OF cents on cach one
hundred dollars Of said taxable property whlch
shall be so taxed for said pupcse. and the tax so
WED shall be known ana uesiSnateu us INC Naii
Road Tax.
SEC. II. The tax so levied shall be assessed
and collected at the same time, ny The the same
officers, and in the same manner as other county
taxes are levied and ollected for which SAID o.
fcers and the County Treasurer, for dsbulse-
ments. shall receive the same rate OF compcnsa.
ton as is allowed by law for the collection and
disbursement Of other county taxes The tax
collector upon the collection OF said tax snail
give to each tax ,yer separate receipt "hlcn
shall show upon its lace the amount OF rall ROAD
tax 80 paid by him. These receipts shall be
printed and 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 Il separate fund to he called the Rall hoad
Fund of which lund he shall keep u separate ac-
count.
SEC II. The Board OF Supervisors shall pro-
vide for the prompt payment OF the Interest on
said county bonds rs the same falls due and for
this purpose they shall. as nearly as possible at
.
per centnge of tax necessary to be levied to meet
said interest for the next succeeding year, and
shall fix the levy 1T said amount Should there
for any reason be deficiency in the Rail Fund,
derived from said tax for the pay meni OF any IN
tcrest as it falls due. ii shall be the duty OF said
Board to provide for the payment of said inter
est ont of the General Fund OF said County. and
in such they shall in their next levy provide
a sunicitn Mt fund to pay the accluiIg annual IN
terest and also. to reimburse the General Fund
with the amount so taken from the same to pay
said interest
SEC 49, 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 10y said
county: and said money shall he used by the said
Board OF Supervisors for the payment OF interest
on said County Bonds in like manner as mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund hv the said Rail
Road Company ,hall eqal 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 yearsrom the
time of issuing said county bonds. the said board
of Supervisors shall provide Sinking Fund for
the purpose of securing the payment OF the
principal OF said bonds at their Nit urty; and for
this purpose they shall impose such special tax as
they may deem necessary and the moneys 9risin 2
thereform together with all the moneys received
from said Rail Road Company not applied to
payment of interest shall he applied toward the
redemption of said.bonds in such manntras said
Board may deem most eXpedient for the interests
of said county.
SEC. II. The interest accruine upon the Rlilroad
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 rcqur, d to be paid in money to
tl,,f 1,,l al far fp,p
ed collection be taken within said period by the
county
SEC. u.s. At the time within the said period of
three years when the Interest upon the bonds
given by the Rail Road Company 10 the County
shall fall due. the Rail Road Company shall issue
a number of shares OF iull 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
us hereinafter provided.
SEC. 10. Upon the presentation and delivery to
said County Treasurer Of one or any number OF
the Rail Road Tax Receipts mentiont Il in Section
eleven. by any holder OF the same. showing the
payment by the holder Of sand receipts or his
ASST gnors. OF one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver to such person one share of the full
paid stock deposited it'll him by said company
and SAID person shall be The owner thereof. The
said tax receipts shall be transferable by indorse
ment aud my he presented for exc hangp by any
iudorscc. or il Endorsed in blank by the bearer
OF the same. The Treasurer shall EXCHANGE full
paid stock for said tax receipts at the rate of o m
share OF stock, for each hundred doilar of tlA
receipts so long as said tax receipts shall be pre-.
sentrd Tor exchange. If any holder shall present
to the Treasurer receipts amounlil Q to more than
one hundred dollu but not amounting inthe az
gregatc to an even number Of hundl os Of dollar
the Treasurer shall issue shares OF stock for the
even hundreds, and arcceWt signed hy him lorthe
fractional sum. such receipts shall be tranSlera-
bic and cXchtngcahlet for stock in the same manner
as the Rail Road Tax Receipts.
SEC 20. SO soon as the Tax Collector shall
have made his returns in each year, the Count y
IreaSui TT shall estimate Whether he amount OF
Rail Road Tax collected Tor which Rail Road tlx
receipts have been given exceeds the pal value OF
the tu paid stock which has been d, posted with
him by the Rail Il, I'D Company and in the event
that 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.
plny shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stoc
| to meet aid excess.
SEC. 81. The County Treasurer shall recent &c
the Rail Road Company for all the 81 och received
by him from said Rail Road Company. and 81.
preserve all receipts received by him in exchan q,
| Tor stock. as his vouchers for said exchange. ana
shall at the same time of receiving such recent,
write "Canceled' on the face OF cat h, and sb;l
| in Il book kept for that purpose keep an account
of the stock received and the tax receipts ex
changed for stock
SEC. %. At the end of three years from the
time of issuing said bonds provided for in thi.
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 lull
amount of stock which during said period has
| been exchanged TO" said railroad tax receints
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for the
collection ana disbursements of said railroad
/ 4 Il hall i