The Placer herald., 1863-03-14
THE RAILROAD BILL.


levy special tax upon all the real and personal.
property within said county subject to taxation
Tor 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 so taxed for said purpose. and the tax SO
levied shall be known and designated as the Rail
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 disburse-
ments. shall receive the same rate of compensa-
ton as 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 payer separate receipt whch
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. 49, 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 a separate ac-
count.
SEC. IA. The Board of Supervi sorS 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 as possible at
the time of making the annual levy, estimate the
per centage of tax necessary to be levied to meet
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
terest as 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 extlevy provide
Il sufficient fund to pay the accruing annual in
terest and also. to reimburse the General Fund
with the amount so taken from the same to pay
said interest.
SEC. Is. 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 ofintercst
on said County Bonds in like manner asthe mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Rail
to fail due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board.
SEC. lG. At the expiration of five yearsfrom 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 maturity; and for
this purpose they shall impose such special tax as
they may deem necessary. and the moneysarsing
thereform 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 eXpedient for the interests
of said county
SEC. II. The interest accruing 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 tstolc-
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 fall due. the Rail Road Company shall issue
a number 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
rs hereinafter provide
SEC. 10. Upon the presentation and delivery to
said County Treasurer of one or any number OF
the Rail Road Tax Receipts ment iont0 in Section
eleven, by any holder of the same. showing the
payment by the holder Of said receipts. or his
lssl9nors, 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 with him by said company
and said person shall be the owner thereof The
S'iu icCtiptS sUttll Uc ny lnuOrSe
ment and may be presented for exchange by any
ndorsec, or If indorsed in blank, by the bearer
oil the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of ont
share OF stock for each one hundred dollars of ia,
receipts 50 long as said tax receipts shall be pre-
sented Tor exchange. II any holder shall present
to the Treasurer receipts amountin to more thar
one hundred dollars but not amounting inthe az
grcgntc to an even number of hundreds of dollars
the Treasurer shall issue shares of stock for the
even hundreds, and receipt signed by him fortht
fractional sum. Such receipts shall be transfcra
bic ana eXchangeablefo for stock in thesamc manner
as the Rail Road Tax Receipts.
SEC. 20. SO soon us the Tax Collector shall
have made his returns in each year, the Count,
Treasure r Shall estimate whether the amount OF
Rail Road Tax collected for which Rail Road tn,
receipts have been given exceeds the parvalne o
the full paid stock which has been deposited with
MN by the Rail Read 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
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stocl
to meet said excess.
SEC. II. The County Treasurer shall recent (,
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 exchanp,
Tor stock, rs his vouchers for said exchange. an,
snail at The same time Of receiving such receint
write "Canceed' on the face of each, and shall
IN book kept for that purpose keep an account
0, Tue 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 this
Act. the County Treasurer shall credit the Raj
Road Company upon the interest due. or to be
come que upon its said bonds, with the full
amount OF STOCK which during said period has
been exchanged ior said railroad tax reccints
less an amount equal to the sums allowed and
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 lor me interest thus paid and any shares of
III the interest upon said railroad bonds I'M IN
sald date shall not have been fully paid by the
exchange OF stock rs aforesaid the balance shall
6e immediately due from said Company to the
county ana shall be paid in cash, andits payment
may ne enforced by the foreclosure of the mort.
gage given by said cOmDonv